Reflecting growth across the balance sheet, International Islamic (QIIB) posted a half yearly net profit of QR340.1mn, up 5.5% on QR322.3mn registered in the same period last year.
The bank’s total assets stood at QR23.7bn in H1, 2012 compared with QR22.2bn in the same period last year, representing an increase of 7%.
The results were announced by QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani after a meeting of the bank’s Board of Directors here yesterday.
He said QIIB’s first half performance highlighted the “success of team work” led by the bank’s executive management. The “good position” currently enjoyed by the bank based on “value-led” banking, would help it remain “among the best” in Qatar and the region.
The QIIB Board of Directors has clearly laid out a strategy for the bank, based on the best practices in the banking industry with strong emphasis on modern risk management procedures.
Sheikh Dr Khalid hoped the bank would be able to continue to maintain its good performance as the local market presented “unparalleled” opportunities. All forecasts say Qatar will be able to maintain the momentum of its robust economic growth.
QIIB Chief Executive Officer, Abdulbasit A al-Shaibei said the bank’s net operating income in the first half of this year amounted to QR581.9mn compared with QR566.2mn in the same period in 2011.
The earnings per share (EPS) were QR2.25 in H1, 2012 compared with QR2.19 in the same period last year.
The bank’s financing portfolio grew up to QR11.4bn in the six-month period that ended on June 30 compared with QR10.2bn at end of the same period in 2011, representing an increase of 13%.
QIIB’s customer deposits grew by 11% to total 17.5bn in June 2012.
The bank’s capital adequacy ratio under Basel II was 22.39 % in H1, 2012.
While expressing satisfaction at the bank’s performance, al-Shaibei stressed on the importance of “bettering the performance” in future.
“Our focus is on the local market, because opportunities are clearly available here. This is in tandem with our financing policy, particularly risk management,” al-Shaibei said.
QIIB, he said, plans to open more branches and ATMs in new areas across Qatar in line with the bank’s policy of “reaching out to customers wherever they are”.
Al-Shaibei also stressed QIIB’s “commitment” to recruit, train and employ Qataris in various cadres across the bank. This process is ongoing and the bank presents good growth opportunities for right candidates, he said.
Currently, some 24 Qataris, both female and male, are being trained to take up various positions in the bank.
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