International Islamic nets QR750m profit

January 24, 2014 - 5:17:23 am

International Islamic Chairman and Managing Director Sheikh Dr Khalid bin Thani Al Thani & International Islamic CEO Abdulbasit A Al Shaibei

DOHA:  International Islamic’s annual net profit reached QR750m for the full year 2013, reflecting a growth of 10.5 percent from a year ago. The bank earned total revenue of QR1.5bn in 2013, International Islamic Chairman and Managing Director Sheikh Dr Khalid bin Thani Al Thani announced here yesterday.

The announcement came after a meeting of the bank’s Board of Directors (BOD) presided over by Sheikh Dr Khalid, to discuss the bank’s 2013 financial results. 

The bank’s earnings per share reached QR4.96 compared to QR4.49 in 2012. The Board of Directors recommended to the ordinary annual general meeting of shareholders the distribution of a cash dividend of 37.5 percent of the nominal value share, means QR3.75 per share, compared with QR3.5 per share in 2012. The dividend distribution is subject to Qatar Central Bank approval.

Sheikh Dr Khalid said the results showed the bank has made good growth across all portfolios of its business. This means International Islamic continues to maintain its integral part in the growth of Qatar economy in all spheres. 

International Islamic’s strategy is to participate in the financing of various projects and sectors, especially in mega projects such as the infrastructure upgrade, in line with Qatar National Vision 2030. 

Qatar has now become the main hub for growth and investments in the region. In light of this growth, International Islamic faces the challenges of meeting the needs of the larger economy. 

Sheikh Dr Khalid said International Islamic’s Board of Directors always maintained a strategy to participate in all scales of projects – large, medium and small. By participating in these projects, the bank has benefited, and thus has been able to meet its shareholder’s aspirations. 

“This has been guided by an honest policy in risk management,” he said. The bank would be able to perform better in future and hope growth would be even stronger in the years ahead. 

He thanked all efforts made by the bank’s top executive management and employees in implementing bank plans, achieving growth, and providing comprehensive service to clients. 

International Islamic CEO Abdulbasit A Al Shaibei said the bank achieved a total income of QR1.45bn last year compared with QR1.18bn in the previous year, reflecting a growth of 23.2 percent. Customer deposits totaled QR24.4bn in 2013, up 24.3 percent by the year-end, compared with QR19.6bn at the end of 2012. 

Financing assets grew to QR19bn compared with QR14.7bn in 2012 reflecting a rise of 29.6 percent.  The bank’s total assets stood at QR34.4bn at the end of 2013, a growth of 20.5 percent. Total shareholder equity stood at QR5.3bn, and the capital adequacy ratio under Basel II stood at 18.9 percent in 2013-end.

The results again confirmed that the bank maintained its stable growth. The bank has always been on a stable growth trajectory. This growth reflects our involvement in various sectors of the Qatari economy. Financing sector led other sectors in growth, Abdulbasit said.

He said 2013 was a year that presented a lot of opportunities to the bank. “We participated in financing various projects in Qatar. We also took part in investment opportunities abroad and these were done based on feasibility studies and backed by a good risk management policy. Because of this, we have registered an impressive growth and performance, which we believe will continue in future.”

International Islamic focused on the local market in 2013, because there are lot of opportunities and stability in Qatar. “We want to support Qatar economy. But this does not mean we will ignore opportunities outside. We will look for safe opportunities abroad that provide good returns for the bank and its shareholders alike,” he added.

The year 2013 witnessed steady customer growth for the bank.  In view of this, the bank has opened new branches that offer comprehensive services to customers.  The bank has plans to open dedicated branches for its VIP customers.

The Peninsula

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