Qatar Islamic Bank nets QR1.33bn full year profit

20/01/2011 00:00 AST

Qatar Islamic Bank (QIB), Ahlibank and Dlala Holding have reported a net profits of QR1.33bn, QR412.3mn and QR13.1mn, respectively in full year 2010.

Both QIB and Ahlibank have recommended 50% cash dividends each; subject to approvals from the Qatar Central Bank and the banks’ annual general assemblies.

QIB said the profit was mainly from operating revenues that reached QR2.35bn, while total assets were at QR51.8bn in 2010 compared to QR39.3bn in 2009, registering a 32% growth.

In addition, return on average assets was at 2.9%, further consolidating its financial utilisation adequacy.

Total equity reached QR9.2bn in 2010 showing an increase of 1.7% compared to the same period in 2009, whereas return on average equity was at 17.9%, said a QIB spokesman.

“In 2010, QIB was able to cope very efficiently with all financial and economic challenges … Also adopted well-balanced strategies to secure adequate provisions that meet Basel-II standards thus safeguarding our financing and investment portfolios.

“This policy also included complying with leading industry ratios and reducing non-performing loan ratio at 0.96%,” said QIB chairman Sheikh Jassim bin Hamad bin Jabor al-Thani .

Stressing that QIB was looking at a new era of growth and development, he said currently, the bank is working on an “advanced strategic plan” to expand the international banking and investment activities in line with its five-year strategy.

“Qatar Islamic seeks to play a greater role in Qatar’s economy, which is growing at such an amazing rate.

“This can only be achieved through serious and well-planned efforts to increase QIB share in the Qatari financial market, whose services and investments are expected to develop at an even higher rate in view of World Cup 2022,” Sheikh Jassim added.

Earnings-per-share (EPS) of QIB and Ahlibank amounted to QR6.20 and QR6.48 respectively at the end of December 31, 2010.

Ahlibank also said it had decided to open nomination to the Qatari shareholders to elect six members to the board of directors for the next three years (2011-13).

Dlala Holding, which is the umbrella organisation for both conventional and Islamic brokerage houses as well as investment firm, had suggested 8.5% cash dividend; which is subject to the approval from the general assembly of shareholders.

The broking company’s EPS amounted to QR0.66 in 2010 compared to loss per share of QR0.05 in the previous year.

Gulf Times