Qatar Islamic Bank reports 17 per cent rise in profit

21 July 2011

Profit hits $193m in second quarter

Qatar Islamic Bank (QIB) has reported a 17 per cent increase in profit in the second quarter of 2011, rising to QR703m ($193m) compared to QR602m in the same period of 2010.

The rise in profit was attributed to an increase in investment income, which rose from just QR48m in the first half of 2010, to QR311m in the same period of 2011. Financing income fell from QR906m to QR863m and fee income fell from QR186m to QR125m.

Total assets fell from December 2010, to QR50.1bn at 30 June 2011 from QR51.8bn at the end of 2010.

Customer deposits have also fallen over the past six months, from QR30.3 at the end of 2010 to QR26bn at the end of June 2011.

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