QIB not exposed to Saudi Saad, Algosaibi Groups

NO EXPOSURE: Qatar Islamic Bank says not exposed to troubled Saad and Algosaibi groups. (Getty Images)

Qatar Islamic Bank SAQ, the Gulf’s biggest Islamic lender, confirmed on Tuesday it has no exposure to Saudi Arabia’s troubled Saad and Algosaibi groups.

The bank plans to focus on funding oil, gas and infrastructure projects, CEO Salah Mohammed Jaidah told a news conference in Doha.

He added that 96 percent of the bank’s earnings came from its mainline lending and fee-based businesses, compared with 75 percent in 2008. Non-performing loans meanwhile accounted for 2.5 percent of total loans.

The news came as the bank reported a 32 percent leap in profits over Q1 to QR812.6 million.

Jaidah noted that income from financing operations climbed 52.3 percent to QR845 million, while total assets grew 32.3 percent to QR35.6 billion.

Meanwhile, customers' current and savings accounts grew 30.3 percent to QR20.2 billion from QR15.5 billion in H1 2008.

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