Qatar Islamic Bank’s annual general assembly has approved the board of director’s recommendation to increase the limit of the QIB Sukuk Programme in dollars from $3bn to a maximum of $4bn.
The general assembly also approved the renewal of the QR7.5bn limit for the Additional Tier 1 (AT1) Perpetual Sukuk, of which QR4bn has been utilised, during the bank’s ordinary and extraordinary general assembly held at the Four Seasons Hotel yesterday.
The general assembly also approved the board’s recommendation to increase in percentage ownership of non-Qataris in QIB’s capital from 25% to 49%, as well as the distribution of 50% cash dividends at QR5 per share.
Speaking before the general assembly, QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said QIB will continue to focus on the Qatari market in 2018, “given the significant opportunities this market provides.”
He said QIB will continue to offer new products to satisfy existing customers and attract new ones. The bank will also invest extensively in advanced technology, digital banking services, and the additional IT assets needed to turn QIB into a “successful digital institution.”
“Amid these significant developments, 2017 was a good year of prosperity and growth for QIB. Its assets increased by 7.5% compared to 2016, reaching QR150.4bn. Customer deposits grew by 6.7% compared to 2016, and now stands at QR101.8bn. Total income amounted to QR6.199bn, representing a 13% growth over the previous year,” he said.
Sheikh Jassim noted the bank was able to maintain the ratio of non-performing financing assets to total financing assets at 1.2%, “one of the lowest in the banking industry.”
It also continued to pursue a conservative impairment policy with coverage ratio of the non-performing financing assets reaching 107% as of the end of 2017. QIB’s net profit in 2017 amounted to QR2.40bn, a growth rate of 11.6% compared to 2016, he said.
“Last year was a challenging period considering the current situation and with its emerging effects on the financial and banking sector, which QIB has been able to face with high capabilities.
“QIB continued its journey with full confidence, exceeding all expectations and achieving results that boosted its position as the best Islamic financial institution locally and at the regional level. Over the past four years, QIB achieved 16.5% annual average growth rate in profits, which is higher than the market average,” he said.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Congo Republic becomes Opec oil cartel's newest member
Opec agrees modest hike in oil supply after Saudi and Iran compromise
It’s time for Kuwait: Regulator pushes reforms for MSCI upgrade
Opec edges closer to raising oil output; Iran agreement is key
Washington’s ‘capricious’ trade actions will hurt US workers, China warns
Toyota cutting marketing, sales costs to fuel research
Higher oil prices, reforms, infrastructure push seen driving Qatar economy this year
Korean cars grab top quality honours
JSW Steel plans bid for ArcelorMittal’s unit