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Qatar Islamic Bank

Source: Taib Bank

Quarterly Result Update

• Qatar Islamic Bank (QIB) reported total operating income of QAR 1,114.1 million during 1H11, up 22.8% YoY.
• Net profit increased 16.9% to QAR 703.28 million from QAR 601.56 million.
• We have revised our FY2011E total operating income downwards by 3.4% on lower-than- expected financing income. According, our net profit estimate stands 2.1% lower.
• We are revising our rating to NEUTRAL from OVERWEIGHT recommendation with a target price of QAR 84.00, implying an upside of 5.4%.

Operating Income
During 1H11, total operating income grew 22.8% to QAR 1,114.10 million from QAR 907.07 million in the year-ago period. Income from financing activities declined 4.8% YoY to QAR 863.25 million, while unrestricted investment account holders’ share of profit dipped 20.3% to QAR 188.45 million. Accordingly, net financing income increased 0.7% to QAR 674.81 million from QAR 670.05 million. Meanwhile, nonfinancing income rose 85.3% YoY to QAR 439.20 million, benefiting from higher net investment income of QAR 311.25 million versus QAR 47.85 million in the same period prior year. However, net income from commission and fees declined 34.8% YoY to QAR 114.60 million, while gains from foreign exchange operations fell 0.2% YoY to QAR 13.36 million.

Profitability
Net profit grew 17.0% YoY to QAR 703.28 million from QAR 601.56 million during 1H10. Adjusted annualised EPS increased to QAR 5.95 from QAR 5.09 in the equivalent period prior year.

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