Qatar Islamic Bank 2012 Profit Drops 9.5% on Higher Provisions

Qatar Islamic Bank (QIBK) registered a decline of 9.5% in terms of profit last year. Meanwhile, the biggest Shariah-compliant lender in the country raised provisions against bad loans. According to a recent statement, the net income was 1.24 billion riyals ($341 million). In comparison to that, it was 1.37 billion riyals in 2011. Estimations of seven analysts pointed at a profit of 1.46 billion riyals. In 2012 the bank raised provisions from 194 million riyals in 2011 to 502 million riyals.

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