Qatar Islamic Bank's nine-month net profit up 14% to $692mln

Total assets were up 6.7% y-o-y

  
Qatar Islamic bank is pictured in Doha, Qatar, June 11, 2017.

Qatar Islamic bank is pictured in Doha, Qatar, June 11, 2017.

REUTERS/Naseem Zeitoon

Qatar Islamic Bank (QIB), said its nine-month 2021 net profit rose 14 percent year-on-year (y-o-y) to 2.52 billion riyals ($692 million).

The Islamic lender made impairment provisions of 1.19 billion riyals for the period ended 30 September 2021 compared with 961 million in the same period last year, it said in a statement on Sunday.

Total income for the period was 6.12 billion riyals compared with 5.96 billion riyals for the same period in 2020. Income from financing and investing activities came to 5.33 billion riyals, marginally lower y-o-y due to lower market interest rates.

Operating expenses for the period fell to 797 million riyals from 822 million riyals in the year-ago period on cost efficiencies.

Total assets were up 6.7 percent y-o-y at 186 billion riyals driven by growth in financing and investment activities, it said.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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