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QIIB profits rise 11.6% in Q4-17

QIIB profits rise 11.6% in Q4-17
During 2017, the lender’s net profits grew 6% year-on-year to QAR 832 million
International Islamic
QIIK
-1.35% 10.93 -0.15

Mubasher: Qatar International Islamic Bank (QIIK) on Wednesday reported a 11.6% year-on-year increase in its profits during the fourth quarter of 2017.

Qatar's third largest listed Islamic bank by assets made profits of QAR 132.1 million ($36.3 million) in Q4-17, compared to QAR 118.4 million ($32.5 million) in the same period a year earlier, according to the bank’s statement to the Qatar Stock Exchange (QSE).

During 2017, the lender’s net profits grew 6% year-on-year to QAR 832 million, while its total assets jumped 9.6% to QAR 46.6 billion, the statement showed.

“The growth in the net profit of QIIB is in consistence with the strength of the Qatari economy and its ability to face various challenges,” Abdullah Bin Thani, QIIB vice-chairman, said. 

Earnings per share (EPS) amounted to QAR 5.50 in 2017 from QAR 5.18 the year before.

QIIB’ profits went up 5.06% to QAR 700.12 million in the first nine months of 2017 versus QAR 666.39 million the prior-year period.

The bank’s total revenues grew 8.8% to QR1.9 billion at the end of 2017 compared to QR 1.7 billion in 2016, the statement revealed.

Moreover, QIIB’s board recommended a cash dividend of QAR 4 per share which equals 40% of the bank’s issued capital.