Posted on January 21, 2011
Board proposed to distribute 50% Cash Profit to Shareholders.

QR 51.8 bn assets at growth rate of 32% & 49% increase of deposits

Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced a recorded net profit of QR 1.334,5 billion for the year 2010. QIB Board of Directors proposed a 50 percent Cash Profit Distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.

The profit is mainly from operating revenues that reached 2.353 billion QR, while total assets were at 51.8 billion by end of 2010 compared to 39.3 billion in 2009, a growth rate of 32 %. In addition, ROAA was at 2.9%, to further consolidate the Bank’s Financial Utilization Adequacy.

Total Equity reached QR 9.2 billion by end of 2010 - an increase of 1.7% compared to the same period in 2009, whereas ROAE was at 17.9% and the earning per share was at (EPS: QR 6.20 share).

His Excellency QIB’s Chairman, Sheikh Jassim bin Hamad - bin Jabr al Thani commented on the 2010 results, “During 2010, QIB was able to cope very efficiently with all financial and economic challenges. Its five-year strategy (2008-2012) aims at enhancing QIB positioning on both local and global scale while maintaining a sound and balanced financial standing and effective banking risk management.”

“QIB adopted well-balanced strategies to secure adequate provisions that meet Basel 2 standards thus safeguarding our financing and investment portfolios. This policy also included complying with leading industry ratios and reducing non-performing loan ratio at 0.96%,” added His Excellency.
“QIB is looking at a new era of growth and development. Currently, QIB Board of Directors is working on an advanced strategic plan to expand our international banking and investment activities in line with the bank’s five-year strategy and fulfill the aspirations of our shareholders, customers and investors.

QIB seeks to play a greater role in Qatar’s economy, which is growing at such an amazing rate. This can only be achieved through serious and well-planned efforts to increase QIB share in the Qatari financial market, whose services and investments are expected to develop at an even higher rate in view of the World Cup 2022,” said His Excellency.

His Excellency Sheikh Jassim concluded, "We, at QIB, value the enormous support that the banking sector is receiving from our wise government under the leadership of His Highness the Emir, Sheikh Hamad bin Khalifa al Thani and His Highness the Heir Apparent. We appreciate the wise policies of Qatar Central Bank, which encourage the development and stability of banks in the country. We are also grateful to our shareholders and customers for their trust and confidence – they are the centre of attention of QIB’s Board of Directors and the Executive Management".