ibq’s net profit up 16% at QR432m
24 Oct 2017 - 0:00
The International Bank of Qatar (ibq) has reported a net profit of QR432m for the first nine months of this financial year ended September 30, 2017, up 16 percent compared to the corresponding period last year.
The Bank’s operating income has also surged by 13 percent during the period compared to the same period in 2016.
The performance in total operating income was delivered on the back of core underlying transactions emanating from ibq’s strong client franchise. Corporate Banking delivered a stellar set of nine month results by advancing its net profit by 27 percent on 2016 results with retail banking and private banking also generating positive returns, despite the current climate.
Omar Bouhadiba, Managing Director of ibq, said: “This is a credible set of results for ibq considering the unique challenges we are facing in today’s environment. These results prove yet again that ibq’s revenue streams are sustainable and strong. The positive momentum is clear.”
Omar added: “Even though the events in Qatar remain a challenge, the past few months have only confirmed that Qatari banks remain solid institutions with adequate liquidity, experienced management and strong capital ratios. They are perfectly able to overcome any difficulty that may arise from these unusual circumstances.”
Expressing his firm confidence on the Bank’s performance in future, he further added that ibq will deliver a sound set of results in 2017. “We will continue to focus, first and foremost, on meeting the needs of our customers, to deliver the best solutions to their financial requirements, while at the same time ensuring that risk management remains pivotal in driving this “positive momentum.”
The Bank’s expenses remain in line with expectations with the cost income ratio showing a 10 per cent reduction from last year, as ibq continues to relook and reshape its cost structure where appropriate while keeping pace with technology, complying to the highest security standards and safeguarding client’s data and assets. Corporate governance remains pivotal especially during the current situation: the Bank’s top priorities are to ensure that the bank’s assets remain in good shape and to oversee liquidity and capital management requirements.
The shape of the balance sheet continues to evolve but the asset quality has remained stable, with the non-performing loan ratio at 1.20 per cent. ibq’s net interest margin, return on average assets and most operating metrics continued to improve, and the Bank’s return on average equity now stands at a healthy 12.7 per cent, compared to 11.4 per cent last year.