IBQ posts 30% rise in 2008 net profit

International Bank of Qatar's MD says company also added branches, launched Islamic service.
IBQ posts 30% rise in 2008 net profit
By Reuters
Sat 07 Mar 2009 11:28 AM

International Bank of Qatar (IBQ), an affiliate of National Bank of Kuwait, saw a 30 percent rise in net profit last year, as the financial crisis slowed down growth in the expanding bank.

Net profit rose to 305 million riyals ($83.8 million) from 234 million in 2007, NBK said in a statement on Saturday. NBK, Kuwait's largest lender by assets, owns 30 percent of IBQ.

IBQ's 30 percent growth in 2008 compared to a 56 percent surge in net profit the previous year, driven by its lending and retail business.

"Our corporate and treasury banking arms have witnessed substantial growth in 2008," said IBQ managing director George Nasra, adding the bank had launched a new corporate identity, added more branches and launched an Islamic banking service.

Customer deposits grew 64 percent to 11.39 billion riyals.

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