QIB posts 7.6% profit increase to $368m

Bank sees increase in business volumes across all segments
QIB posts 7.6% profit increase to $368m
Qatar Islamic Bank (QIB)
By Beatrice Thomas
Mon 20 Jan 2014 11:01 AM

Qatar Islamic Bank (QIB) has posted a 7.6 percent increase in net profit for 2013 to QR1.34bn ($368 million).

Announcing its full-year results, QIB chairman Sheikh Jassim bin Hamad bin Jassem bin Jaber Al Thani said in line with the improved profitability, the board approved a profit distribution of 40 percent of the nominal share value (QR4 per share) to shareholders against 37.5 percent distributed last year.

The financial results for 2013 along with the proposed distribution are subject to approval of Qatar Central Bank and QIB’s General Assembly.

In a results statement, the bank said total assets had increased by 5.7 percent in a year to QR77.4bn, while financing activities continued to be the major growth driver and had now reached QR47.1bn, up 9.3 percent on last year.

QIB said total income for the year reached QR3.14bn, 1.3 percent higher than the QR3.11bn generated last year, and was led by growth in financing and investing activities.

Total shareholders’ equity also increased by QR386m to reach QR11.86bn, helping the bank to improve its capital adequacy ratio to 16.5 percent.

“The Bank has increased business volumes across all market segments, which had positive impact on QIB’s end of year financial results, solidifying its position as a leading bank in Qatar,” Sheikh Jassim said. “QIB has managed to implement successful risk management during 2013 strengthening all prudential ratios and building a strong foundation for future business expansion.”

He added: “QIB keeps on supporting the local economy, investing in local talent and continues to be a good corporate citizen by supporting government initiatives and donating to the ones in need.”

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