Sheikh Dr Khalid bin Thani Al Thani & Abdulbasit A Al Shaibei
DOHA: International Islamic (QIIB) has recorded a net profit of QR185.3m for the first quarter that ended on March 31, 2013.
Announcing the Q1 results here yesterday, bank Chairman and Managing Director Sheikh Dr Khalid bin Thani Al Thani said the first quarter net profit showed an increase of 5.6 percent compared with the corresponding period in 2012.
The results attest the fact that International Islamic improved its position, both in the local market and abroad. The bank has gained significantly from the Qatari economy, which is on an upswing thanks to the wise leadership and policies being pursued by the Emir and the Heir Apparent, he noted.
A large number of opportunities exist in the local market in view of the huge projects being taken up by Qatar. International Islamic is working towards participation in financing these projects, whether they are in construction or those that pertain to the small and medium enterprises (SME) segment.
He said the executive management of the bank worked relentlessly to implement the strategy adopted for International Islamic, which is reflected in the first quarter’s results. This will benefit shareholders and customers alike.
International Islamic CEO Abdulbasit A Al Shaibei said, the Bank’s total revenue reached QR336m in the first quarter of this year compared with QR307m in the same period in 2012, an increase of 9.4 percent.
The bank’s total assets stood at QR29.3bn in Q1 compared with QR 23.3bn in the same period last year. The financing portfolio reached QR15.6bn in the first quarter as opposed to QR10.5bn in Q1, last year.
Deposits totalled QR20.4bn in the first quarter of this year, which shows an increase of 20 percent compared with the same period last year.
The capital adequacy ratio under Basel II stood at 18.7 percent. This indicates the prudent policies pursued by the bank in terms of risk management.
Al Shaibei said the results indicated that the bank would be able to maintain stable performance in the upcoming period.
“We are optimistic about the future. All indicators point to the fact that Qatar’s economy will maintain its current growth trajectory. The local economic growth will provide adequate opportunities for us,” he said and added the Bank would stay focused on providing financing for all projects. “We will always support our economy. We want to participate in all sectoral developments,” Al Shaibei said.
On Qatar’s 2013/14 budget allocation, he said it is the largest so far. A huge outlay has been provided for various big projects and all sectors. “We hope the budget will remain the catalyst for further growth in all spheres,” Al Shaibei said.
He said the bank would continue to provide best products and services to its customers.
A lot of focus is on the local market. A few more branches will be opened across the country this year.
He said the Bank will set up more ATMs at places that suit customers. The bank will also continue to develop its electronic channels – both for its corporate and retail customers.
Al Shaibei said the Bank is committed to identify, train and place Qataris in suitable positions within the bank cadre.
“This year we received a lot of CVs from promising young Qataris, both male and female. We have conducted interviews with them, and going to provide good training and placement within International Islamic.”