Mubasher: Qatar Islamic Bank (QIB) on Wednesday reported a 19.01% year-on-year increase in profits in the fourth quarter of 2018 and recommended the distribution of cash dividends at 50% of the share’s nominal value at QAR 5 per share.
Net profits surged to QAR 749.97 million ($206.07 million) in Q4-18, from QAR 630.19 million ($173.16 million) in the corresponding period in 2017, according to a filing to the Qatar Stock Exchange (QSE).
For the full year 2018, QIB’s profits grew 14.5% to QAR 2.76 billion from QAR 2.41 billion in the prior year.
Earnings per Share (EPS) amounted to QAR 10.79 at the end of 2018, from QAR 9.31 in the same period of the previous year.
The bank’s total assets grew 2% year-on-year to QAR 153.2 billion, backed by the growth of its main banking activities, QIB said in its statement.
Total income for 2018 levelled up 11.3% year-on-year to QAR 6.89 billion, while finance and investment revenues surged 10.2% to QAR 6.02 billion.
In Q3-18, QIB’s net profits rose 13% to QAR 2.01 billion from QAR 1.77 billion in the year-ago period.
QIB’s stock fell 0.69% to close at QAR 159 on Wednesday.
