Posted on January 25, 2014

Qatar International Islamic Bank (QIIB) on Thursday reported a 10.5 percent increase in net profit in 2013 to reach QR750 million, while its total revenues touched QR1.5 billion.

Customer deposits totalled QR24.4 billion in 2013, a growth of 24.3 percent over the deposits of QR19.6 billion in 2012. The bank's financing assets grew to QR19 billion from QR14.7 billion in 2012, a growth of 29.6 percent. Earnings per share increased to QR4.96 from ed to QR4.49 in 2012. The bank has decided to distribute a cash dividend of QR3.75 per share or 37.5 percent of the nominal value of the shares. The dividend declared in 2012 was QR3.5 per share.

Commenting on the results, Chairman and Managing Director Sheikh Khalid bin Thani al Thani said the results reflect the good growth across all portfolios of the bank's business. This proves that international Islamic banking continues to remain integral to the growth of Qatar's economy in all spheres. 

He said the bank's strategy is to participate in the financing of various projects across sectors, especially mega infrastructure projects in line with Qatar National Vision 2030

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"Qatar has now become the main hub for growth and investments in the region. In light of this growth, international Islamic banking faces the challenge of meeting the needs of the larger economy,"the QIIB chairman added.

Chief Executive Officer Abdulbasit A al Shaibei said 2013 was a year of opportunities for the bank. It participated in financing various projects in Qatar, besides ventures abroad. The overseas projects were backed by sound risk management policies.

The bank's total assets stood at QR34.4 billion in 2013- a growth of 20.5 percent, while total shareholder equity stood at QR5.3 billion. The capital adequacy ratio under Basel II stood at 18.9 percent in 2013, he said. About the bank's future plans, Shaibei said the bank is focused on the local market in light of the available opportunities and Qatar's stability. This however does not mean opportunities overseas will be ignored. 

"We will look for safe opportunities abroad that provide good returns for the bank and its shareholders alike," he said.

source: Qatar Tribune