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Sheikh Dr Khalid bin Thani bin Abdullah Al Thani & Abdulbasit A Al Shaibei
DOHA: Qatar International Islamic Bank (International Islamic) announced the results of its third quarter performance that represents the period up to September 30, 2012, which show the bank made good growth across the balance sheet.
The bank’s net profit for the period reached QR531m compared with QR504m in the same period last year, representing a growth of 5.4 percent.
The results were announced by International Islamic 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.
International Islamic’s Q3 results clearly establishes the bank in a good position and represents its ability in making full use of the opportunities that exist in the Qatari economy, Sheikh Khalid said.
The bank was able to effectively meet various challenges in the global and regional economies and was able to increase its assets impressively.
International Islamic’s third quarter performance highlights the success of team work led by the bank’s Executive Management and our bank wishes to stay the course. The good position currently being enjoyed by International Islamic based on value-based, customers driven bank, will help it remain amongst the best banks in Qatar and the region.
Sheikh Khalid said the International Islamic Board of Directors has clearly laid out a strategy for the bank, based on Shariah-based banking and with total stress on modern risk management procedures.
He hoped the bank would be able to continue to maintain its good performance because the local market presents unparalleled opportunities. All forecasts highlight the fact that Qatar will be able to maintain the momentum of its robust economic growth. Clearly, there are plenty of opportunities for us, as a bank, in the Qatari market. Efforts must be made to make the full use of these.
International Islamic Chief Executive Officer Abdulbasit A Al Shaibei said: “The bank’s third quarter results were in line with the overwhelming success of its recent $700m five-year sukuk, which was oversubscribed more than seven times with an order book in excess of $5bn, driven by interest from regional and international investors alike.”
“The bank’s total assets reached QR24.5m in the third quarter of this year compared with QR22.2m at the end of last year, total financing portfolio reached QR 12.6m compared with QR10.6m at the end of the last year,” Al Shaibei added.
The earnings per share (EPS) were QR 3.51 in the third quarter of this year compared with QR3.32 in the same period last year.
The bank’s capital adequacy ratio under Basel II was 22.1 percent in the third quarter of this year.
He said the International Islamic’s good results reflected the bank’s successful financing policy, particularly in relation to liquidity and risk management.
Al Shaibei said Qatar’s economy presented good opportunities for investors. International Islamic is looking forward to making use of these opportunities. Huge projects are being taken up in view of the Qatar’s economic expansion, attracting many investors.
International Islamic is working hard to increase its customer base, launch new products and services and open new branches and install new ATMs across the country.
International Islamic will continue to build solid relationship with customers outside Qatar. The bank worked together with investors in the Middle East, Asia and Europe as it launched the $700m five-year Sukuk. The issue was oversubscribed, driven by interest from regional and international investors.
Al Shaibei also spoke about the bank’s human resource policy, which he said centres on developing cadres across the bank with focus on Qataris. The bank provides excellent opportunities for Qataris and has a good training programmer to recruit and employ nationals and provide them opportunities for future growth.