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QIB’s Q2 profit grows 14.7%, above expectations – QNB

QIB’s Q2 profit grows 14.7%, above expectations – QNB
QNB
QNBK
-0.07% 14.20 -0.01
QIB
QIBK
-0.26% 19.00 -0.05

Mubasher: Qatar National Bank (QNB) Financial Services on Tuesday announced that Qatar Islamic Bank’s (QIB) profits went up against analysts’ expectations of 11% for the second quarter of 2018.

QIB’s net profits grew 14.7% to QAR 704.75 million in Q2-18, compared to QAR 614.65 million in Q2-17.

The brokerage arm of the largest bank in the Middle East and Africa maintained QIB’s price target at QAR 104.

“Total revenue was in-line as the company’s reported QR1.16bn vs. our estimate of QR1.11bn. Revenue was flat YoY but up by 5.7% QoQ. The growth in profitability was mainly attributable to provisions and impairment dropping by 31.5% YoY and 17.3% QoQ,” the statement highlighted.

QNB Financial Services noted that the flat performance of QIB's revenue on a yearly basis was due to flat net interest and investment income arising from margin pressure.

Revenues of the Gulf state's largest sharia-compliant lender by assets grew 5.7% quarter-on-quarter in the period between April to June.

As for the first half of 2018, QIB’s revenues increased 6.7% year-on-year to QAR 3.37 billion.

By 11:25 am Qatar time, QIB’s stock declined 0.49% at QAR 121.40.