QInvest, a leading Islamic financial institution in Qatar, has reported a net profit of QR15 million for the first quarter of the year, as compared to $14 million during the same period last year.

The bank generated revenues of QR98 million($27 million) across all three of its business lines. Operating profit was maintained at QR51 million (US$14 million) while the bank’s assets stood at QR4,580 million ($1,258 million) at the end of the first quarter.

Tamim Hamad Al-Kawari, chief executive officer of QInvest, said: “The first quarter of 2017 has shown the significant opportunities available in our markets. We are seeing very strong deal flow across all our divisions and continue to connect Middle Eastern investors to transactions across the world. We are currently in the market with the Magnolia Fund, which is seeing significant demand from our clients, and we launched the QInvest SQN Income Fund, which is now fully subscribed.”

The Group completed a number of transactions and advisory mandates during the first quarter. The firm launched the QInvest SQN Income Fund in collaboration with SQN Capital Management, a global investor and fund manager. The Fund, a Sharia’a compliant closed-ended fund, provides a unique opportunity for investors to access income generating equipment leasing assets in developed markets. It is already oversubscribed, having gained significant traction with investors.

QInvest also announced its joint bid with Atlas Merchant Capital LLC to take Panmure Gordon private and reposition the company as a key boutique investment bank in the UK market.

QInvest completed the acquisition of two real estate assets in the US, both as part of the Group’s US multifamily residential investment strategy that is currently being offered to investors.

QInvest advised on several transactions during the first quarter of the year. These included acting as sole advisor to a consortium of investors on the acquisition of a $1.12 billion stake in Arab Bank Plc. The Bank also acted as lead book runner on a number of Sukuk issuances including Dar Al Arkan’s five-year $500 million unsecured Sukuk issuance, and Ezdan Holding’s five-year $500 million Sukuk issuance. – TradeArabia News Service