Qatar Islamic Bank made a first quarter net profit of 350.2 million riyals ($96.26 million), down about 23 percent from the year-earlier period.

Net income in the three months to March 31 was 350.2 million riyals compared with 455.56 million riyals in the first quarter of 2008, the company said in a statement on the Doha bourse Web site.

Earnings per share (EPS) were 1.74 riyals as of March 31, versus 2.48 riyals in the same period in 2008.

EFG-Hermes' forecast in a Reuters survey earlier this month was 430 million riyals. - Reuters