The Islamic lender made a net profit of 470 million riyals ($129.1 million) during the period, Reuters calculated based on financial statements, compared with 360.3 million riyals in the last three months of 2013.
QIB did not provide a quarterly breakdown so Reuters calculated the figure for the fourth quarter based on comparing the latest announcement with previous financial statements.
Five analysts on average forecast a net profit of 333.3 million riyals for the period in a Reuters poll.
Net profit for 2014 gained 20 percent year-on-year to 1.6 billion riyals, Sunday's statement said.
The bank's board had proposed a cash dividend of 4.25 riyals per share for 2014, up from the 4 riyals a share it paid for 2013, the statement added.