QIB announces a net profit of QR388m up 20.9% over Q1 2011

12/04/2012 22:31 AST

Qatar Islamic Bank (QIB) announced a net profit of QR388m up 20.9% over Q1 2011. The core business of the bank has grown strongly in Q1, leading to a 19.9% increase in Operating income which reached QR777m in the first quarter of 2012 compared to QR648m in the corresponding period last year.

Total Equity reached QR10.6bn by end of the first quarter of 2012, an increase of 2.8% compared to same period in 2011. The ROAE stood at 15.9%, and the quarterly EPS (basic and diluted) at QR1.64 was 13.1% higher than EPS of QR1.45 in the first quarter of the previous year.

The strong results recorded for the quarter reflect the fundamental strength and sound financial management which have been a hallmark of QIB.

In the first quarter of 2012 net financing income registered a healthy increase of 7.2% YoY, of QR490m as against QR457m in Q1 of the previous year .Fee income was QR996m compared to QR59m in same period of last year, an increase of 68.8%.

The bank Total Assets stood at QR59bn, a strong growth of 18.4% compared with the same period a year earlier. The group ROAA stood at 2.6%, reflecting on efficient asset management.

Financing Portfolio was QR31.9bn in Q1 2012 compared to QR24.7bn for the corresponding period of 2011, a growth 28.9%. Domestic Financing represents 98% of the Portfolio signaling immunity from adverse global economical changes, and the range and diversity of our financing products offered to its customers. Similarly, Investment Portfolio witnessed a buoyant growth of 2.8%, increasing from QR16.2bn in last year to QR16.6bn resulting from the increase in the financial investments.

Customers Current & Investment Accounts grew by 16.8% from QR25.67bn in Q1 2011 to reach QR29.98bn in the same period in 2012. Current accounts has registered record increase by 48.8% compared with 1Q 2011 while investment accounts have increased by 7.4%.

Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani, QIB Chairman said, "The results of the first quarter show that we are on track to deliver on our business strategy for 2012. We will continue to develop and launch innovative products and services that meet our customers' needs. These first quarter results indicate that 2012 promises to be a year of continued growth, one that lives up to the aspirations and expectations of the bank's shareholders and customers. Our primary objective remains to enhance QIB's position as the domestic leader in Islamic Finance."

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