Qatar Islamic Bank reports 46 per cent rise in profits

23 October 2008
Qatar Islamic Bank (QIB) has reported a 46 per cent increase in profits during the third quarter of 2008 to QR1.25bn ($344m).

The bank also said its investment portfolio had grown by 488 per cent to QR6.1bn, compared to QR4.1bn at the end of September 2007.

Total assets grew 65.7 per cent during the period to QR30.1bn.

The results show that QIB has yet to be hit by the credit crunch.

Deposits at the bank grew by 54.7 per cent, to QR16.4bn, although its financing activities grew by 65.7 per cent to QR17.9bn.

Research firm Cheuvreux recently said it thought investing in QIB was a better prospect than Al- Rajhi and Dubai Islamic Bank currently, and that as the Qatar Investment Authority moves to take 10 to 20 per cent stakes in each Qatari bank, QIB would benefit from explicit links to the government.

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