International Islamic H1 profit up 10% to QR402mn

Registering growth in all portfolios of its core business, International Islamic posted a half yearly net profit of QR402mn, up 10% on H1, 2013.

The bank registered a net profit of QR365mn in the first half of last year.

International Islamic chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani al-Thani expressed delight at the bank’s performance in the first half (H1) of this year.

Sheikh Dr Khalid said, “These results are a reflection of the fact that International Islamic has consolidated its position and achieved excellent growth rates. These are clearly in line with the economic boom seen by Qatar in all areas.”

“We are moving steadily towards further progress and profitability and formulating a vision for advanced banking, based on many years of hard work and great efforts. These have resulted in a broad base of customers who have put their trust in our bank. Clearly, this is a measure of confidence over our outstanding results and innovative products and services.”

He said International Islamic attached top priority to small and medium enterprises (SMEs), whereby real, tangible efforts were being made by the bank to finance the activities of these companies.

This year, the international rating agency Fitch raised International Islamic’s Long-term Issuer Default Ratings (IDR) to ‘A’ from ‘A-’ with a stable outlook.

Moody’s affirmed International Islamic bank’s A3 ratings with the outlook upgrade to ‘Positive’ from ‘Stable’.

International Islamic CEO Abdulbasit A al-Shaibei said the bank’s total assets stood at QR36.1bn in H1, 2014 compared with QR31.4bn at the end of the corresponding period last year, which shows a growth rate of 14.9%.

Earnings per share (EPS) stood at QR2.66 in June this year compared with QR2.42 in the same period last year.

International Islamic’s financing portfolio stood at QR20.9bn in the first half of this year that ended in June, compared with QR16.7bn in the corresponding period last year, which represents a growth of 25.7%.

The bank’s total deposits rose to QR25.9bn in June this year compared with QR21.1bn in the corresponding period in 2013, representing an increase of 22.5%.

Capital adequacy under Basel II stood at 17.85%.

Al- Shaibei said, “These results confirm our status and that the bank continues to grow well. We are quite optimistic about achieving better results, in view of the business-friendly environment in Qatar, which provides great opportunities.

“At International Islamic, we are motivated by Qatar National Vision 2030, which propels us to further growth. It is our duty to contribute to the national economy and increase the banking sector’s share in the national income.

“In the first half of this year, we have made substantial efforts at various levels, which were clearly evident in our balance sheet. We are delighted that our efforts have been appreciated both within and outside Qatar.

“We have received the covetous award for the ‘Best Islamic Bank in Qatar in 2014.

“We have been chosen for the award based on our financial stability, good profitability, strong continuous growth, asset quality and strong compliance with standards and regulations of Islamic banking transactions over the recent years and the steady customer base.”

This year, al-Shaibei said, International Islamic planned to open more branches in order to meet the needs of the bank’s growing customer base. To meet customer needs, more products and services are also planned to be launched. Additionally, more ATMs will be set up at strategic locations across the country.

In respect of human resources, the CEO said International Islamic attached top priority to spot, recruit, train and place young Qataris, both male and female in various cadres of the bank. Qataris will be properly trained and equipped to take up responsible positions including supervisory cadre in the bank.