Registering growth across various portfolios of its core banking business, International Islamic posted a first half net profit of QR366mn, up 7.5% on QR340mn earned in the same period last year.
Announcing the bank’s H1 results here yesterday, International Islamic chairman and managing director Sheikh Dr Khalid bin Thani al-Thani the first half results confirmed “the bank’s ability to effectively engage” in the transformation of Qatar’s economy, which offers “exciting” investment and financing opportunities.
“Recently, a lot of projects have been announced, many of which are infrastructure-related and in excess of $100bn. This gives a strong impetus to various business sectors, particularly the banking industry. We at International Islamic are committed to continue financing various projects,” Sheikh Dr Khalid said.
He thanked the executive management and employees for their sincere effort that enhanced the performance of the bank and achieved growth rates that matched the expectations of the shareholders.
International Islamic deputy CEO Jamal al-Jamal said the bank’s total assets stood at QR31.4bn in June compared with QR23.7mn in the same period last year, which indicates a growth of 33%.
The net operating income at the end of the first half of this year stood at QR675mn compared with QR582mn in the same period last year, a growth of 16%. Earnings per share (EPS) amounted to QR2.42 per share on June 30 compared with QR2.25 on June 30, 2012.
He said International Islamic’s financing portfolio grew to QR16.7bn in H1, 2013 compared with QR11.2bn in the corresponding period last year, a growth of 50%.
Deposits totalled QR22.6bn in the first half of this year and represent 29% growth compared with the same period last year.
Sheikh Khalid: ‘exciting opportunities’. Al-Jamal: ‘satisfactory results’.
The bank’s capital adequacy ratio stood at 19.13% in H1 this year.
“We are satisfied with these results and hope we will be able to better our performance in view of heightened activities in various sectors of the national economy. The increase in the number of projects that are being implemented in our country, provides a robust scenario for the banking sector,” al- Jamal said.
He said the bank would continue to focus on the local market and support various projects in the country as International Islamic firmly believes it is the bank’s moral duty to contribute to the national economy, first and foremost. Also, the support extended to the Qatari market fits well within the policy laid down by the bank’s Board of Directors.
He said the first half of this year saw an expansion in the bank’s domestic network with a new branch being opened at the Barwa Village, Al Wakrah. The bank hopes to launch more branches this year. The countrywide ATM network has also increased to include various regions in Qatar.
Currently, the branch network includes some 16 branches and more than 75 ATMs across Qatar.
“We have focused on the development of our electronic banking channels and launched International Islamic Corporate e-Banking service during the second sector. This adds a qualitative dimension to the services being provided to our valued customers,” al- Jamal said.
In the area of human resources, the deputy CEO said International Islamic continued to focus on skills development, building expertise and recruiting, training and placing Qataris in various positions within the bank. Also, well-structured training programmes have been designed to encourage Qatari talent within the bank.