International Bank of Qatar (IBQ) has reported a 25% rise in net profits to QAR 573 million for the year ending 31 December 2011. The figure compares with profits of QAR 458 million recorded in the previous year.
The 25% increase means that IBQ achieved the 2nd highest year on year growth in profits among all banks operating in Qatar.
Growth was witnessed across all IBQ business lines as total customer deposits enjoyed a considerable rise of 22% on the previous year, finishing at QAR 19.4 Billion while the Bank’s customer loan portfolio reached QAR 16.7 Billion, a 9% increase over 2010. Non-interest income was equally strong compared with the same period in the previous year growing to QAR 233 million, a 32% increase.
Commenting on the results, George Nasra, Managing Director of IBQ said: “We are delighted with what has been yet another very successful year for IBQ.”
Nasra continued: “We are particularly pleased that IBQ was able to achieve such results from its core banking operations while at the same time maintaining high quality loan and investment portfolios.”
“Our partnership with National Bank of Kuwait (“NBK”) has also continued to fuel IBQ’s success with the Bank having seen net profits and total assets growing at an average annual rate of 48% and 45% respectively since the relationship with NBK was established in late 2004”.
“In addition to a strong financial performance last year, we were also very proud to be named Best Retail Bank in Qatar by Arabian Business as well as to be awarded the Best Customer Service Award by Banker Middle East magazine for the fourth year in a row. These two prestigious accolades are testament to our position as one of Qatar’s leading banks.”
IBQ has recently added an additional location to its branch Network with the opening of a new branch in the Lagoona mall and was the first bank in Qatar to comply fully with Qatar Central Bank’s instructions to dispose of its Islamic business.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.