DOHA: International Islamic (QIIB), one of Qatar leading Shariah-complaint banks, yesterday announced its financials for the first quarter ended March 31, 2015 (Q1, 2015). The Bank’s net profit for the period reached QR212.3m ($58.22m), up 4 percent compared to QR204.1m reported in the corresponding quarter in 2014.
Total assets of the Bank increased by 8.8 percent and financing portfolio increases by 16.1 percent compared to the same period last year, according to a statement issued by QIIB.
The earnings per share (EPS) reached QR1.40 compared to QR1.35 for the same period in 2014.
Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board and Managing Director of QIIB, announced the financial results of the Bank for the first quarter. Dr Khalid said: “QIIB continues to grow and achieve outstanding results based on the strength and high liquidity provided by the Qatari economy; thus transforming available opportunities into an ideal environment to achieve greater prosperity and targeted growth results.”
He added: “There is remarkable growth in most of the indicators achieved by the Bank, even as the customer base is expanding at a qualitative pace. We are also implementing our strategy to keep up with the various developments around us and respond accordingly with the highest standards set by the rapidly growing national economy, which is performing well due to the support and care provided by Emir H H Sheikh Tamim bin Hamad Al Thani.”
On the economic outlook, he said, “The current year looks promising and all indicators show that we are moving according to the plans, achieving interim goals that we are working on while adhering to policies, particularly in the area of risks. We also believe that the market factors and dynamics serve our plans well to increase profitability, as we continuously evaluate all domestic and external opportunities and take advantage of the appropriate ones. We will continue to adopt this strategy, which had proven to be successful as reflected in the growth rates we continuously achieve”.
QIIB CEO Abdulbasit Ahmad Al Shaibei said that the total assets of QIIB at the end of Q1 stood at QR37bn against QR34bn in Q1, 2014. QIIB’s financing portfolio stood at QR23.2bn in March this year, compared to QR19.9bn in the same period last year, which shows a growth rate of 16.1 percent.
Customer deposits grew by 1.7 percent and reached QR25.1bn in the first quarter compared
with QR24.7bn in the same period in 2014.
In relation to the financial performance ratios in Q1-2015, the CEO said: “The Bank maintained the non-preforming financing assets ratio at less than 1 percent which is one of the lowest in the banking sector; as well as the cost to income ratio, which remains low at 23.1 percent.”
The capital adequacy under Basel III reached 18.49 percent, which confirms QIIB’s financial strength and stability.
The Peninsula
