DUBAI: Qatar Islamic Bank (QIB) reported a 15 per cent increase in first-quarter net profit on Wednesday, edging ahead of analysts’ expectations thanks to strong growth in lending income and deposits.

The largest sharia-compliant lender in the Gulf Arab state by assets made a net profit of 335 million riyals ($92m) in the opening three months of 2014, it said in a statement. This compares with 291.2m riyals in the corresponding period last year.

Eight analysts polled by Reuters gave an average forecast for net profit of 327.7m riyals for the period.

Operating income in the first quarter grew 14pc year on year, driven by a 21pc increase in income from financing activities to 580m riyals, the bank said.

Total lending grew 30pc year on year to 49.2m riyals on March 31.