qib masraf alrayan report q2 profit rise
Last Updated : GMT 07:25:12
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Last Updated : GMT 07:25:12
Arab Today, arab today

QIB, Masraf Al-Rayan report Q2 profit rise

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Arab Today, arab today QIB, Masraf Al-Rayan report Q2 profit rise

QIB, Masraf Al-Rayan report Q2 profit rise
Dubai - Arab Today

Qatar's two largest Shariah-compliant banks, Qatar Islamic Bank (QIB) and Masraf Al-Rayan, reported better than expected increases in second-quarter net profit on Monday.
The results, coming after the profit jump at Qatar National Bank last week, mean three of Qatar's four largest banks by assets have now posted rising profits despite a slowing economy and challenges in the construction sector.
Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, made 562.6 million riyals ($154.5 million) during the three months to June 30, according to Reuters calculations.
The 13.7 percent year-on-year advance in earnings beat the 524.3 million riyals average forecast of five analysts polled by Reuters.
Growth at QIB was driven by a 19.5 percent rise in income from financing and investing to 1.18 billion riyals, according to Reuters calculations.
Qatari banks' performance has been underpinned in recent years by high levels of state spending. But while lenders are having to contend with slimmer state spending in 2016 after the government presented a more austere budget in light of lower hydrocarbon prices, lending remains relatively strong.
Credit growth accelerated in May to its fastest since early 2013, according to central bank data.
QIB's results were also helped by a 22.9 percent surge in net fees and commission income to 135.25 million riyals, Reuters calculated.
Masraf Al-Rayan, Qatar's second-largest bank by market value, reported a 5.4 percent rise in second-quarter net profit, according to Reuters calculations. 
Net profit for the three months to June 30 was 514 million riyals compared with 487.6 million riyals in the same period a year ago, Reuters calculations showed.

Source: Arab News

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