DOHA: International Islamic recorded a net profit of QR568.4m at the end of the third quarter of 2013 (3Q13), up 7.1 percent compared with the same period in the previous year. The bank’s total assets stood at QR33.1bn at the end of the quarter compared with QR24.5bn in the corresponding period last year, reflecting a growth rate of 34.8 percent.
Announcing the financial results for the period that ended September 30, 2013 here yesterday, International Islamic’s Chairman and Managing Director Dr Sheikh Khaled bin Thani Al Thani noted the bank’s positive results would significantly contribute to the growth of the national economy.
“We are working actively to contribute to the emergence of the national economy, which enjoys the support and patronage of H H the Emir, Sheikh Tamim bin Hamad Al Thani,” he said.
Dr Sheikh Khalid said: “We are engaged in the financing of various projects in Qatar even as we take advantage of the investment opportunities abroad in line with our risk management policy. We focus on the domestic market as Qatar provides lots of opportunities.”
“Our performance is improving all the time. We emphasise on the implementation of strategies that perfectly align with the needs of the market. There are lots of opportunities and growth potential in the market, which will reflect positively not only on the banking sector, but also on the entire economy, going forward.”
Commenting on the results, the Bank CEO Abdulbasit A Al Shaibei said the third quarter results were in line with the bank’s expectations.
“We hope that the period ahead would witness further growth, especially because of the strong indicators in the national economy, which are mirrored on various sectors, particularly banking.”
The total revenues earned by International Islamic at the end of the third quarter amounted to QR1.03bn compared with QR874m in the same period last year, reflecting a growth rate of 18.2 percent.
The bank’s financing portfolio grew by 44.5 percent and reached QR18.2bn compared with QR12.6bn in third quarter of last year. Deposits rose at the end of the third quarter to QR23.9bn compared with QR17.4bn in Q3, 12.
The earnings per share (EPS) amounted to QR3.76 in Q3, 2013 compared with QR3.51 in the same period last year. The capital adequacy ratio under Basel II was 19.7 percent, which indicates the prudent policies pursued by the bank in terms of risk management.
Abdulbasit said the bank continues to strengthen its position and looks forward to further growth in line with the vision of the Board of Directors, especially because of the inherent strength of the national economy and opportunities available.
“The bank remains committed to increasing its customer base. We are keen to design and introduce more products and services that meet the aspirations of our customers and requirements of the national economy. We feel it is our responsibility to nurture and nourish Islamic banking and bring more vitality to products and services,” the CEO said.
He said financing the huge projects in infrastructure and industry in Qatar remains a challenge for the country’s banking industry.
“At International Islamic, we are committed to support and finance various projects that are important and that add value to our national economy. We will actively pursue all such projects,” the CEO said.
On local expansion, Abdulbasit said a number of branches are expected to open at various places in the coming months. This will meet the growing demands for customer-centric Islamic banking in the country.
Additionally, International Islamic has placed a great deal of emphasis on premium banking services through the Internet in addition to the telephone banking facility.
*This article was published by The Peninsula Qatar. Read the original article here.