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QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani.
DOHA: Qatar Islamic Bank (QIB) has announced a net profit of QR1.24bn for the year 2012.
QIB Board of Directors has proposed a 37.5 percent profit distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.
Total assets have increased by 25.6 percent compared to December 31, 2011 and now stand at QR73.2bn.
Financing activities continue to be the major growth driver and have now reached QR43.1bn having added QR13.5bn, representing a 45.7 percent growth over the past one year.
Customer deposits of the bank have registered a strong growth of 55 percent and now stand at QR43.1bn, reflecting a well-balanced financial position.
Total income for the year reached QR3.1bn, which is 16 percent higher than QR2.68bn generated last year, reflecting strong growth in the bank’s core operating activities.
Financing income has grown by 17 percent to reach QR2.08bn at the end of 2012 compared to QR1.77bn for 2011. Net fee income was QR417.2m compared to QR300m in 2011.
This strong operating performance has enabled the bank to strengthen its financial position by allocating QR502m towards improving the provision coverage on financial investments and financing activities compared to QR194m in 2011.
Total shareholders’ equity of the bank reached QR11.5bn as at December 31, 2012, helping it maintain its healthy capital adequacy ratios.
QIB’s healthy capitalisation and strong asset has enabled Fitch Ratings to affirm QIB Long-term Issuer Default Rating at ‘A’ with a Stable Outlook.
Standard & Poor’s has also assigned counterparty credit ratings of ‘A-‘ long-term and ‘A-2’ short-term, with a stable outlook on the long-term.