Qatar Islamic Bank has reported its FY-2022 net profit at 4 billion riyals ($1.1 billion), up 13% over the same period in 2021.

The profit came in well above analysts’ mean estimate of QAR3.7 billion, according to data provider Refinitiv.

Basic earnings per share was QAR1.62 versus QAR1.42 as at 31 December 2021, the bank said in a statement on its website on Monday.

The lender's board has proposed a dividend distribution of QAR0.625 per share at 62.5% of the nominal share value.

Net income from financing activities rose by 8.4% to reach QAR6.5 billion compared to QAR6 billion for the year earlier. Income from investing grew 28.2% to reach QAR1.5 billion, the bank said.

(Writing by Brinda Darasha; editing by Seban Scaria)