Qatar Islamic Bank’s (QIB) net profit rose 14 percent to 855 million riyals ($234 million) in the first quarter of 2022.
Total assets also increased by 6.8 percent to 193 billion riyals during the same period, driven by continued growth in the bank’s financing and investing activities, QIB said in a statement to the Qatar Stock Exchange.
Financing assets reached 127 billion riyals, up by 1.6 percent compared to March 2021, while customer deposits stood at 123 billion riyals. The bank also managed to reduce cost of funding (profit paid to sukuk and unrestricted investment account holders), enabling growth in its net operating income.
(Writing by Cleofe Maceda; editing by Daniel Luiz)