28/01/2016 07:48 AST
Qatar’s major Islamic lender International Islamic (QIIB) recorded a total income amounting to QR1.59bn, with a net profit of QR784.2m for the full year 2015. QIIB’s net profit stood at QR825.8m at the end of 2014.
QIIB has achieved earnings per share (EPS) equivalent to QR5.18 in 2015. The results were announced after the board of directors’ meeting chaired by Sheikh Dr Khalid bin Thani bin Abdullah Al Thani.
QIIB Board of Directors made a recommendation to the Ordinary General Assembly of the bank’s shareholders for distribution of profits equivalent to QR4 per share, unchanged from QR4 per share in 2014.
Disclosing the financial results, QIIB Chairman Sheikh Dr Khalid reaffirmed the bank’s strong financial position and it’s capacity to achieve continued growth. Sheikh Dr Khalid said, “The continuous development achieved by QIIB confirms the active role we are playing in the Qatari economy, which has witnessed, for quite some time, a boom in its various sectors thanks to the support and patronage of H H Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar. We are proud to move in tandem with this boom and we believe we will persist and grow even further.”
“If we look objectively at the results, we will see that development and growth were achieved in various items provisioned in the QIIB budget. The numbers achieved reflect the successful execution of most of the plans and targeted growth rates, although we always seek to exceed expectations as it has a positive impact on the bank and its shareholders alike”.
Sheikh Dr Khalid noted the QIIB’s strategy to focus on the local market is gaining great momentum, in terms of the bank’s active involvement in the execution of development plans and the financing of various projects. These include infrastructure projects and large, small, or medium-sized enterprises, which recently attracted great interest from the bank. QIIB is highly ranked, at the local level, in terms of financing such enterprises and building partnerships with the main goal of supporting and accommodating them.
The bank will remain actively involved in the financing of the various economic sectors, enhancing their performance, and the achievement of interim and strategic objectives so as to serve the development plans and actually participate in the implementation of Qatar National Vision 2030 and its ambitious goals”.
“While focusing on the local market in 2015, the bank profited from highly-beneficial, low-risk foreign opportunities. It also strengthened its partnerships in various regional and international markets. This is clearly reflected on a partnership agreement concluded by QIIB with the aim of applying for the opening of a bank in the Kingdom of Morocco. We hope that QIIB will acquire approval this year in order to initiate the establishment of the new bank,” he said.
“The bank has an optimistic outlook for the future, despite challenges in the global economic landscape. We draw upon the high levels of liquidity and strength of the Qatari economy as well as its strong characteristics, which provide it with the ability to continue growing and achieve good numbers”.
QIIB Chief Executive Officer Abdulbasit Ahmed Al Shaibei pointed out that the bank’s operating revenues reached QR1.59bn in December, 2015 compared with QR1.52bn in 2014, a growth of 4.6 percent. Customer deposits increased at the end of 2015 to QR26.7bn compared with QR26.6bn in December 2014, thus registering a growth of 0.1 percent. He said financing assets grew by 14.8 percent compared to end-2014, whereas QIIB’s assets increased at the end of 2015 to QR40.6bn compared with QR38.4bn in 2014, registering a growth of 5.8 percent. Total shareholders’ equity amounted to QR5.6bn and the capital adequacy in terms of Basel III reached 16.7 percent, which indicates QIIB’s financial stability and efficiency.
Al Shaibei affirmed that QIIB’s r
The Peninsula
Please wait...
