QIIB net profit grows by 10pc in H1

 22 Jul 2014 - 7:02

Sheikh Dr Khalid bin Thani Al Thani (left) and Abdul Basit A Al Shaibei.

DOHA: International Islamic’s (QIIB) financial portfolio grew by 25.7 percent for the first half of 2014 (H1, 14) compared to the same period in 2013. The Bank’s net profit rose by 10 percent on year-on-year in H1,14.
Announcing the Bank’s first half financial results here yesterday, Sheikh Dr Khalid bin Thani Al Thani, Chairman and Managing Director, International Islamic noted the Bank’s net profit at the end of the first half of 2014 stood at QR402m against QR365m during the same period last year.
The Bank’s customer deposit recorded strong growth of 22.5 percent compared to a year ago and the total assets rose by 14.9 percent on year-on-year.
Sheikh Dr Khalid said: “These results are a reflection of the fact that International Islamic has consolidated its position and achieved excellent growth rates and these are clearly in line with the economic boom witnessed by Qatar in all areas.”
“We are moving steadily towards further progress and profitability and formulating a vision for advanced banking, based on many years of hard work and great efforts. These have resulted in a broad base of customers who have put their trust in our bank. Clearly, this is a measure of confidence over our outstanding results and innovative products and services.”
He said the bank attaches great care to actively participate in the financing of various projects, especially in the light of Qatar’s economic boom. Maximum attention is given to small and medium enterprises (SMEs), whereby real, tangible efforts are being made by the bank to finance the activities of these companies.
Sheikh Dr Khalid stressed the need for the bank to scale up to greater heights, achieve higher rates of growth, and benefit from the renaissance of Qatar’s economy. 
This year, the international rating agency “Fitch” raised International Islamic’s Long-term Issuer Default Ratings (IDR) to ‘A’ from ‘A-’ with a stable outlook. Moody’s affirmed International Islamic bank’s A3 ratings with the outlook upgrade to ‘Positive’ from ‘Stable’.
International Islamic CEO Abdul Basit A Al Shaibei, said the total assets stood at QR 36.1bn in H1, compared with QR 31.4bn a year ago, up by 14.9 percent.
Earnings per share (EPS) stood at QR2.66 compared with QR2.42 in the same period last year.
International Islamic’s financing portfolio stood at QR20.9bn in H1, compared with QR16.7bn in the corresponding period last year, representing a 25.7 percent year-on-year growth.
The total deposits jumped to QR25.9bn from QR21.1bn, or 22.5 percent year-on-year growth. Abdul Basit said the capital adequacy under Basel II stood at 17.85 percent. “In the first half of this year, we have made substantial efforts at various levels, which were clearly evident in our balance sheet. We are delighted that our efforts have been appreciated both within and outside Qatar,” he said.
The first half of the year saw the launch different products to satisfy customer’s expectations, including HNW Customer’s. This year, International Islamic has plans to open more branches in order to meet the needs of the bank’s growing customer base. To meet customer needs, more products and services are also planned to be launched. Additionally, more ATMs will be set up at strategic locations across the country.
The Peninsula