Qatar's largest sharia-compliant bank sees 27% surge in Q2 profits

Qatar Islamic Bank (QIB) beat the average forecast of analysts as it reported a 27 percent jump in second-quarter net profit on Tuesday. The Islamic lender made a net profit of 494.7 million riyals ($131.9 million) during the period, compared with 389.8 million riyals in the same period a year ago. The lender did not provide a detailed breakdown of its earnings. Qatar Islamic Bank posted net profit of 895.1 million riyals in the first half of the year, higher than 725.2 million riyals it reported a year-ago, according to its statement to the bourse.