International Islamic posts QR420m net profit

October 18, 2010 - 3:54:57 am

Doha: International Islamic (QIIB) posted a net profit of QR420m  at the end of the third quarter compared with QR 397m  in the same period last year, registering a growth in earning of six percent.

QIIB Chairman and Managing Director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani Al Thani said the results indicated the continued growth and profitability of the bank and the successful realisation of the various projects planned.

Khalid said this is clearly a reflection of the fact that the bank has been contributing significantly to the national economy, which is witnessing rapid growth under the wise leadership and guidance of the Emir, H H Sheikh Hamad bin Khalifa Al Thani. The phenomenal performance of the bank has become possible because of the active involvement of various departments within QIIB and the policies being pursued by the bank’s Executive Management in providing superior service to customers and decent returns to shareholders.

While QIIB would tap all opportunities for growth, the bank would stay focused on Qatar, where there is plenty of room for growth and scope to further support the national economy. A focus area would be risk management.

QIIB Chief Executive Officer, Abdulbasit A Al Shaibei said the bank’s results for the third quarter that ended on September 30, 2010 were a clear reflection of the bank’s profitability and confirmation of the sound policies being pursued by the bank. These have helped the bank stay on a firm ground and maintain the pace of its growth.

Shaibei said the total income earned by QIIB reached QR806.7m at the end of September compared with QR701m during the same period last year representing an increase of 15 percent.

Income from financing activities grew 15 percent compared with the same period last year. Total assets at the end of third quarter 2010 stood at  QR18.2bn compared to QR14.8bn, a growth of 23 percent.

The financing portfolio of the bank registered growth and reached QR12.7bn at the end of the third quarter compared to QR10.4bn in the same period last year. This shows an increase of 22.3percent.

Total deposits stood at  QR12.2bn the end of the third quarter 2010 compared to QR9.2bn during the same period last year. This indicates a growth rate of 32 percent.

The bank’s Capital Adequacy Ratio based on Basel-II was 23.3 at the end of the third quarter.

Shaibei said QIIB maintained its performance because of its clear focus on the core business – banking. The bank has also been able to enhance its returns by making the best use of the local economy, which is rapidly expanding thanks to the wise leadership of the Emir, H H Sheikh Hamad bin Khalifa Al Thani.

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