Qatar Islamic Bank posts QR1.3bn profit

20/01/2010 00:00 AST

Qatar Islamic Bank (QIB) has posted a net profit of QR1.3bn for the year ended December 31, 2009, the bank’s preliminary financial statement posted on Qatar Exchange website showed yesterday.

The bank recommended a profit distribution in the form of 60 percent cash dividends; equivalent to QR6 per share subject to Qatar Central Bank (QCB) and Annual General Meeting of QIB shareholders’ approval. The AGM is expected to be convened on March 10.

Qatar’s sovereign wealth fund took a second five percent stake in Qatar Islamic Bank’s capital in December, amounting to QR956m, according to a statement on the bourse website.

The move was the second stage of measures announced in 2008 by the Qatar Investment Authority (QIA) to buy 10-20 percent of listed banks’ capital to shore up the banking sector.

In December, QIB said it had exposure to a Dubai World Islamic bond maturing in 2017 worth QR54m ($14.84m).

“The repercussions of property crashes were less manifested in the Qatari banks,” said Keith Edwards, head of asset management at Doha-based investment company The First Investor.

“Generally they’ve been better off than many other banks in the region,” he said.


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