Qatar Islamic Bank Q2 net profit rises, beats estimates | Reuters

Qatar Islamic Bank Q2 net profit rises, beats estimates | Reuters:

Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, beat the average forecast of analysts as it reported a 14.8 percent jump in second-quarter net profit on Sunday, according to Reuters calculations.

It made a net profit of 700.1 million riyals ($192.3 million) during the three months to June 30, compared with 609.7 million riyals in the same period a year earlier, Reuters calculated from financial statements in the absence of a quarterly earnings breakdown.

Three analysts polled by Reuters had forecast on average the bank to make a quarterly net profit of 619.0 million riyals. The bank is the second major Qatari lender to report earnings this quarter after Qatar National Bank, which reported a 6.3 percent gain in second-quarter profit.