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Qatar International Islamic Bank reported on Monday a 6 percent rise in net profit for 2018 and an 11.3 percent rise in fourth quarter earnings (Q4).
Net profit for the year 2018 amounted to 882.1 million Qatari riyals ($242.24 million), compared to 832.2 million Qatari riyals for 2017. Net profit for Q4 2018 was 147.01 million Qatari riyals, versus 132.09 million Qatari riyals in the same period a year earlier.
“QIIB (Qatar International Islamic Bank) delivered a result roughly in line with its Islamic banking peers in Qatar,” Akber Khan, senior director of asset management at Qatari-based Al Rayan Investment, told Zawya by email.
Qatar Islamic Bank, another Islamic bank and the country’s largest sharia-compliant lender by assets, last week posted a 14.52 percent increase in yearly net profit for 2018 and a 19 percent rise in year-on-year Q4 net profit. (Read more here).
Al Rayan Investment’s Khan added that Qatar International Islamic Bank’s results showed “an absence of balance sheet growth in Q4, yet healthy profit growth leading to mid-single digit EPS (earnings per share) growth for the full year,” adding that fee income and spreads were weak but “cost control certainly impressed”.
EPS amounted to 5.46 Qatari riyals for 2018, rising from 5.35 Qatari riyals for 2017.
The bank’s board of directors have recommended a dividend of 40 percent of the issued capital (4.0 Qatari riyals per Share) subject to Qatar Central Bank’s approval of the financial statements.
QIIB’s net income for 2018 amounted to 2.078 billion Qatari riyals, compared to 1.86 billion Qatari riyals for 2017.
The bank’s shares dropped 0.27 percent on Tuesday, while Qatar’s stock market index edged 0.34 percent higher. So far in 2019, QIIB’s shares have gained 5.04 percent in value.
According to data from Eikon, one analyst has a ‘hold' rating on the bank’s stock, and one analyst has a ‘sell’ rating.
Elsewhere in the region, Dubai’s index added 1.23 percent on Monday, Abu Dhabi’s index gained 0.61 percent, Saudi Arabia’s index rose 1.35 percent, Kuwait’s premier market index dropped 0.58 percent while Oman’s index edged 0.15 percent lower and Bahrain’s index dropped 0.84 percent.
(Reporting by Gerard Aoun; Editing by Michael Fahy)
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© ZAWYA 2019
