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Qatar First Bank reported that its net profit for the first quarter of 2022 rose by 2.3 percent to 21 million riyals ($5.7 million) on the back of higher operating income and cost control measures.
The bank’s fee income jumped by 274 percent from 2.3 million riyals last year to 8.6 million riyals, while dividend income rose from 0.9 million riyals to 10.1 million riyals and sukuk income portfolio from 2.6 million riyals to 4.3 million riyals.
The lender has recently received a regulatory approval to proceed with its rights issue to raise the capital to 1.12 billion riyals, representing a 60 percent increase from the current nominal paid-up share capital.
With the capital increase, the bank looks to have a “stronger capital base” to support its strategic growth plan, according to Sheikh Faisal bin Thani Al-Thani, QFB’s Chairman in a statement late Wednesday.
(Writing by Cleofe Maceda; editing by Seban Scaria)
