QIB records net profit of QR1.33bn

January 19, 2011 - 10:44:08 pm

DOHA: Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced a recorded net profit of QR1.33bn for the year 2010. The QIB Board of Directors proposed a 50 percent cash profit distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.

The profit is mainly from operating revenues that reached QR2.353bn, while total assets were at QR51.8bn by end of 2010 compared to 39.3bn in 2009, showing 32 percent growth. In addition, ROAA was at 2.9 percent, to further consolidate the Bank’s Financial Utilization Adequacy.

Total Equity reached QR9.2bn by end of 2010 - an increase of 1.7 percent compared to the same period in 2009, whereas ROAE was at 17.9 percent and the earning per share was at EPS: QR6.20 share.

QIB’s Chairman, Sheikh Jassim bin Hamad bin Jabor Al Thani said of the 2010 results, “During 2010, QIB was able to cope very efficiently with all financial and economic challenges. Its five-year strategy extending from 2008 to 2012 aims at enhancing QIB positioning on both local and global scale while maintaining a sound and balanced financial standing and effective banking risk management.”

“QIB adopted well-balanced strategies to secure adequate provisions that meet Basel 2 standards thus safeguarding our financing and investment portfolios. This policy also included complying with leading industry ratios and reducing non-performing loan ratio at 0.96 percent.”

He added that QIB is looking at a new era of growth and development. “Currently, QIB Board of Directors is working on an advanced strategic plan to expand our international banking and investment activities in line with the bank’s five-year strategy and fulfill the aspirations of our shareholders, customers and investors,” he said.

Net Financing Income at QR1.863bn compared to 1.816 for the same period in 2009 (growth 3 percent). Net fee income is QR289m, a growth rate of 12percent, compared to QR259m in 2009. This reflects the ability of QIB to attract new customers due to its well-developed banking services and innovative solutions meeting customers’ requirements.

Account holders’ share of profit was QR447m in 2010 compared to QR510m in 2009.

The bank’s financing portfolio recorded QR29.3bn in 2010 compared to 22.7bn at the end of 2009 showing a growth of 29 percent with domestic financing representing 97 percent of the portfolio. The investment portfolio reached QR6.1bn in 2010 compared to QR4.6bn in the same period last year, showing 32 percent growth.   THE PENINSULA