- Qatar Islamic Bank’s net profit for Q1 2024 rose by 5.5% to 955 million riyals, although it fell short of analyst projections.
- Despite missing profit expectations, the bank’s total income stood strong at QAR 2.81 billion, indicating solid performance in other areas.
- The bank’s total assets grew by 7.7% year-on-year to reach QAR 192 billion by March 31, 2024, showcasing sustained expansion efforts.
- The net income from financing and investing activities surged by 19% to QAR 2.58 billion, demonstrating significant growth in core operations.
In the first quarter of 2024, Qatar Islamic Bank reported a 5.5% increase in its net profit, reaching 955 million riyals ($262 million).
However, this figure fell short of analysts’ expectations, as per LSEG data, which had projected a net profit of QAR 1.05 billion.
Despite this, the bank’s total income for the period was robust, standing at QAR 2.81 billion, according to a statement released by the bank on Wednesday.
The bank also noted a significant growth in its total assets, which amounted to QAR 192 billion as of March 31, 2024, marking a 7.7% increase year-on-year.
Additionally, net income from financing and investing activities saw a substantial rise of 19%, reaching QAR 2.58 billion.
Furthermore, customer deposits experienced a steady growth, increasing by 4.4% year-on-year to QAR 123 billion.
This data indicates the bank’s continued efforts to strengthen its financial position and expand its operations, despite missing the analyst estimates for net profit in the first quarter of 2024.
