International Islamic posts QR272.3m H1 profit

July 11, 2010 - 9:55:31 pm

DOHA: International Islamic (QIIB) posted net profit of QR272.3m in the first half (H1) of 2010 ended June 30 compared to QR 255.2m in the corresponding period last year, showing a 6.7 percent growth.

Announcing the H1 results QIIB Chairman and Managing Director, Sheikh Dr Khalid bin Thani Al Thani (pictured left) said the results show that International Islamic has maintained its planned growth and further strengthened its position in the local banking sector, which has greatly benefited from Qatar’s economic development.

The H1 results of the bank, he said, clearly indicate QIIB’s strength and its prospects for achieving even better performance in future. “It is clearly the result of hard work of all those involved. In that process they have ensured that our shareholders got decent returns and customers excellent service,” he said.

Highlighting the positive impact of the policies followed by the government in safeguarding the local economy, Sheikh Dr Khalid said, “These back-ups have paid off and created a stable base for growth of the banks, International Islamic in particular.”

He reiterated QIIB’s commitment to maintain strong growth, for which it has adopted strategic plans and focusing on utilising competent human resources, the bank will seek growth opportunities, both in the local market and abroad, so that the local economy as well as the bank will benefit.

QIIB Chief Executive Officer, Abdulbasit A  Al Shaibei (pictured right) said the bank’s H1 performance was consistent with the rapid development of the Qatari economy which is now seen as the best performing in the region and outside.

He noted that the bank earned a total income of QR528.1m of which QR416.2m from financing activities, showing 19 percent growth compared to the corresponding period last year.

The bank’s total assets stood at QR18.4bn at the end of June, 2010 compared with QR16.6bn in the corresponding period in 2009, showing an increase of 11 percent.

The bank’s financing portfolio rose to QR 11.8bn in June, 2010 compared to QR 10.1bn in the corresponding period last year. This represents an increase of 16 percent.

The bank’s long term deposits rose to QR10.8bn in June, 2010 compared to QR9.1bn in June last year. This represents an increase of 18 percent. International Islamic’s Capital Adequacy Ratio was 23.23 percent which was well above the Basel II requirements.

In terms of proposed expansion plans within Qatar, Al Shaibei said, “We are continuously adding branches to our local network based on customer requirements. Several new branches across the country are under consideration. A new branch will be formally opened at Al Khertiyat shortly. Our expansion plans are in parallel with the country’s economic development and the requirements of our customers.”

As a customer-centric bank, International Islamic believes in extending modern banking tools to customers. In this context, Al Shaibei said the bank has implemented systems and procedures which are backed by the latest hardware and software.

He also highlighted the strong emphasis given by International Islamic in developing the national workforce within the bank noting that the bank focus significantly on recruiting Qataris and training and accommodating them in suitable positions within the bank. “We provide excellent career opportunities for Qataris,” Al Shaibei added.

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