DUBAI: Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, more than tripled its fourth-quarter net profit, beating analysts' expectations.
QIB made a net profit of 364.9 million riyals ($100.2 million) during the three months to Dec. 31, according to Reuters calculations, compared with 110.6 million riyals in the same period a year ago. Analysts polled by Reuters had, on average, forecast a net profit of 316.5 million riyals for the quarter.
Reuters calculated the quarterly profit based on financial statements from the bank.
Its full-year profit for 2013 was 1.34 billion riyals, up from 1.24 billion riyals in 2012, according to a bourse filing on Monday. QIB added in the statement that its board had recommended a cash dividend of 4 riyals per share for 2013.
This is higher than the 3.75 riyals per share paid for the previous year.
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