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HIGHER PROVISIONS BOOKED

Qatar Islamic Bank Q1 net plunges 25pc

Doha, April 29, 2013

 

Qatar Islamic Bank (QIB), the country's second-largest lender by market value, has reported a 25 per cent drop in its first-quarter net profit after booking higher provisions to meet loan losses.
 
The Islamic lender made a net profit of QR291.1 million ($79.99 million) during the first quarter, a company statement said, compared with QR387.7 million in the same period a year ago.
 
The results widely missed the average forecast of four analysts who expected the bank to make a net profit of QR368 million for the first quarter in a Reuters poll.
 
The bank allocated QR96 million in provisions during the first quarter, compared with QR85 million in the prior-year period, the statement said.-Reuters



Tags: Qatar Islamic Bank |

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