QFB reports QR20.6m profit in first quarter

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange, announced yesterday a net profit attributable to shareholders of QR20.6m, compared to a loss of QR191.6m during the same period in 2020.

Qatar First Bank has also achieved significant gains from disposal of equity valued QR66.9m resulting from income of sale of products and private equity investment exits being the main drives of these gains, mainly exiting investments in CMRC Limited in theW first quarter of 2021. QFB has also increased its other income sources by 355 percent, achieving QR7.7m for the period ended 31 March 2021, compared to QR1.7m for the same period last year.