Qatar Islamic Bank Q1 Profit Drops 25%

Qatar Islamic Bank (QIB), the Gulf state’s second-largest lender by market value, reported a 25 per cent drop in its first-quarter net profit on Monday after booking higher provisions to meet loan losses.

The Islamic lender made a net profit of 291.1 million riyals ($79.99 million) during the first quarter, a company statement said, compared with 387.7 million riyals in the same period a year ago.

The results widely missed the average forecast of four analysts who expected the bank to make a net profit of 368 million riyals for the first quarter in a Reuters poll.

The bank allocated 96 million riyals in provisions during the first quarter, compared with 85 million riyals in the prior-year period, the statement said.