QIB shares dive, bank reports lower net profit
- Qatar: Monday, January 21 - 2013 at 15:44
The Doha-based QE 20 Index finished Monday trading 0.20% lower at 8,608.05 points. Qatar Islamic Bank or QIB plummeted 4.63% to hit QR72.10 points. Earlier in the day, QIB said the preliminary financials for the year 2012 revealed a net profit of QR1.24bn, down from QR1.36bn in 2011. Total assets of the bank increased by 25.6% year-on-year, amounting to QR73.2bn. On Jan. 1 2012, the Qatar Central Bank banned Islamic windows at conventional banks in the Gulf state, triggering a flow od Shari'ah-compliant assets from conventional to Islamic banks last year. The QIB board of directors proposed a 37.5% profit distribution to shareholders, subject to the approval of the Qatar Central Bank and to be discussed in the next meeting of QIB general assembly.
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