Qatar Islamic Bank Q4 net more than triples, beats expectations

DUBAI Mon Jan 20, 2014 1:05am EST

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DUBAI Jan 20 (Reuters) - Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, more than tripled its fourth-quarter net profit, beating analysts' expectations.

QIB made a net profit of 364.9 million riyals ($100.2 million) during the three months to Dec. 31, according to Reuters calculations, compared with 110.6 million riyals in the same period a year ago.

Analysts polled by Reuters had, on average, forecast a net profit of 316.5 million riyals for the quarter.

Reuters calculated the quarterly profit based on financial statements from the bank. Its full-year profit for 2013 was 1.34 billion riyals, up from 1.24 billion riyals in 2012, according to a bourse filing on Monday.

QIB added in the statement that its board had recommended a cash dividend of 4 riyals per share for 2013. This is higher than the 3.75 riyals per share paid for the previous year. (Reporting by David French; Editing by Andrew Torchia)

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