QIIB nets QR679m profit in 2012

January 23, 2013 - 7:19:59 am

Sheikh Dr Khalid bin Thani Al Thani  & Abdulbasit Al Shaibei

DOHA: International Islamic (Qatar International Islamic Bank) recorded a strong growth across all portfolios for the year 2012. Announcing the bank’s full year results , after the Board of Directors’ meeting, the Chairman and Managing Director Sheikh Dr Khalid bin Thani Al Thani  said yesterday.

International Islamic has once again consolidated its strong position in Shariah-based banking  activities and achieved strong growth with total assets increasing by 22.3 percent from 2011 to 2012.

The results showed International Islamic achieved total revenue of QR1.18bn, up 5 percent, in the year ending on December 31, 2012. The Bank’s net profit in 2012 recorded QR679m, up four   percent  compared with 2011.The earnings per share (EPS) amounted to QR4.49 in 2012 as against QR4.38 in 2011. 

The Board of Directors recommended to the General Assembly of shareholders to approve a cash dividend of 35 percent of the bank capital i.e. QR3.5 per share.

Sheikh Khalid said International Islamic’s results were good and they clearly mean that the Bank is on the right path, implementing the desired strategy that focuses on growth and capitalises on opportunities, both locally and abroad. The 2012 financial results also reflect the Bank’s sound policies in risk management. The Banks’ success has been driven by Qatar’s overall success in various economic spheres as the nation continues the pursuit of its 2030 vision, he said. 

Sheikh Khalid hoped the future would present even better opportunities for the Bank. International Islamic has a lot of productive work at hand that need to be completed in view of Qatar undertaking many significant new projects as well as the development of the Small and Medium Enterprises (SME) segment in the country. He stressed the Bank’s commitment to supporting and developing SMEs in the country. “We take care of our small businesses; we will continue to assist them. We will also make optimum use of our opportunities, if they are good for the Bank, particularly from the risk management perspective.”

On the Bank’s s successful Sukuk issuance last year, Sheikh Khalid said  it was oversubscribed by more than 7 times. It shows strong investor interest in both International Islamic and the sound platform on which the Bank has been built.  

International Islamic’s CEO Abdulbasit Al Shaibei said the Bank maintained growth in all areas in 2012.  The Bank’s deposits totalled QR19.6bn in 2012, an increase of 18.6 percent.

The assets totalled QR28.6bn in 2012, up 22.3 percent with total financing assets increasing by 38.6 percent over the same period. The shareholder equity amounted to QR5bn in 2012.The impressive results are an indication of the growth achieved by the national economy last year, which presented a lot of opportunities for the Bank, he said. 

Al Shaibei said Qatari banks are the leaders in the region. The local banks are in good financial position, particularly taking into account the global economic and financial situation. International Islamic has seen its customer numbers grow last year with the creation of a lot of new products and services by the Bank as well as new opportunities for SMEs. 

The Peninsula