Qatar Islamic Bank (QIB) reported a 15% increase in first-quarter net profit, edging ahead of analysts’ expectations thanks to strong growth in lending income and deposits.
The largest sharia-compliant lender in the Gulf Arab state by assets made a net profit of QAR 335 million in the opening three months of 2014, it said in a statement.
This compares with QAR 291.2 million in the corresponding period last year.
Eight analysts polled by Reuters gave an average forecast for net profit of QAR 327.7 million for the period.
Operating income in the first quarter grew 14% year on year, driven by a 21% increase in income from financing activities to 580 million riyals, the bank said.
Total lending grew 30% year on year to QAR 49.2 million on March 31.