DOHA: International Islamic’s (QIIB) net profit rose 12.8 percent to QR159m in the first quarter (Q1) of 2011, while the bank’s operating revenues amounted to QR275m.
The bank’s Q1 results which were disclosed by Chairman and Managing Director, Sheikh Dr Khalid bin Thani Al Thani (pictured) yesterday after a board meeting, shows the bank maintained its growth and also improved performance across various portfolios.
Sheikh Dr Khalid said the first quarter results clearly underscore the fact that QIIB has become a leader in Islamic banking and a key contributor to the Qatari economy.
He added that QIIB benefitted from the rapid expansion of the Qatari economy, which is now the fastest growing in the world. Many opportunities exist in the performing Qatari economy, he said.
Sheikh Dr Khalid stated that QIIB’s strategy is clear; the bank focuses on the local economy, which had outperformed other countries in the region and elsewhere in the world, but the bank has also set its sight on opportunities abroad that are risk-free.
He noted that a range of sectors in the Qatari economy are now promising. They include the Small and Medium Enterprises (SMEs) as well as the construction sector.
The bank recently signed an agreement with the Qatar Development Bank on a pioneering project, the Al Dhameen that will boost bank lending to the SMEs.
The Chairman said the bank would like to utilise its knowledge, expertise and skills in Islamic banking both within and outside Qatar, in each of the ventures the bank has been associated with. This, he said, would bring benefits to its customers and shareholders alike.
QIIB Chief Executive Officer, Abdulbasit A Al Shaibei said the bank earned a total operating revenues of QR275m in the first quarter of this year compared to QR253m in the corresponding period in 2010, showing an increase of 9 percent. The deposits totalled QR14.5bn in the first quarter of this year compared with the year ended December 2010 totalling QR13.1bn.
Al Shaibei said the bank’s total assets stood at QR20.2bn in the first quarter of 2011 compared with the year ended December 2010 amounting to QR18.2bn. The shareholders equity stood at QR4.5bn in the first quarter of 2011 .
Al Shaibei said the bank intends to keep participating in more projects in Qatar that will speed up national development, noting that QIIB started 2011 on a strong footing. The results showed the bank is on the right track and is set on a firm foundation that facilitates future growth, said Al Shaibei.
Many new products and services have already been added and this would continue. The bank has also seen an increase in its customer base. The bank’s success is a result of the team effort of its dedicated employees, he said.
He added that the Qatari economy provide opportunities in a range of sectors, which have opened new windows of opportunity for banks. The local banks could participate in these and derive benefits, he pointed out.
He said the bank looks forward to exciting development in 2011 with plans to open new branches and ATMs across Qatar. The bank will continue to invest in latest technology that drives its systems and processes in line with Islamic banking requirements, he said, noting that QIIB will align itself with the Qatar National Vision 2030 that provides the framework for sustainable development.