Qatar Islamic bank profits reach $40 million

The chairman of board directors of the Qatar Islamic Bank, Khaled Bin Ahmed El-Swedi, said today that the bank's profits in 1997 including the depositors' shares are 147.56 million riyals ($40.43 million), compared to 112.47 million riyals in 1996.

He added that the bank's board of directors will suggest to the general assembly on May 16 the distribution of 24 million ryials in profits to the shareholders i.e 12% of the paid capital, which is 200 hundred million riyals.

El-Sweedi stated that the bank has achieved good results during the last year in light of regional and international circumstances and their effects on investment in international markets.

The bank income have increased 19.4% in 1997 over 1996 to reached 242.92 million riyal.