Mubasher: Qatar International Islamic Bank (QIIB) announced that its profits jumped 7.1% year-on-year for the first quarter of 2018.

Profits amounted to QAR 253.2 million in Q1-18, up from QAR 236.5 million in the same quarter a year earlier, according to the lender’s statement to the Qatar Stock Exchange (QSE).

Earnings per share (EPS) recorded QAR 1.67 for the first three months ended on 31 March 2018 versus QAR 1.56 for the same period of the prior year.

QIIB attributed the growth in the first-quarter profits to an increase in the bank’s assets by 11.3% to QAR 50.4 billion, in addition to a growth in financing portfolio by 14.5% to QAR 33.6 billion.

Total incomes reached QAR 517 million, Qatar's third-largest listed Islamic bank by assets noted.

For the full-year 2017, QIIB’s profits levelled up 6% to QAR 832.2 million, from QAR 784.8 million in the year before.

By 10:20 am Qatar time, QIIB’s stock inched down 0.17% at QAR 52.40.