The bank’s total assets stood at QR96bn last year, up 24% on 2013. The growth in assets, QIB said, was driven by a “robust” growth in the financing activities that have now reached QR60bn.
Earnings per share (EPS) reached QR6.78, compared to QR5.65 in December 2013. In line with the improved profitability, QIB Board of Directors proposed a profit distribution to shareholders of 42.5% of the nominal share value (QR4.25 a share) compared to 40% last year, subject to approval of Qatar Central Bank and QIB’s General Assembly.
QIB’s customer deposits have registered a strong growth of 32% compared to 2013 and now stand at QR67bn, allowing the bank to improve its financing to deposit ratio to 90%. Total Income in 2014 was QR3.63bn compared to QR3.1bn in 2013, the bank said.
Income from financing and investing activities has grown by 10% to reach QR3.09bn in 2014 compared with QR2.8bn in 2013, reflecting a healthy growth in the bank’s core operating activities.
QIB said it was able to “maintain the ratio” of non-performing financing assets to total financing assets at 1%, one of the lowest in the industry, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework.
QIB continues to pursue the conservative impairment policy with the coverage ratio for non-performing financing assets reaching 101% as of December 2014 up from 94% as of December 2013.
The bank’s total shareholders’ equity reached QR12.5bn last year, an increase of 5% compared with 2013. Total capital adequacy of the bank under Basel III guidelines was 14%, against the minimum limit of 12.5% prescribed by Qatar Central Bank.
QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said, “These positive financial results reflect successful implementation of the Bank’s strategy to grow its financing and investment activities during 2014. The bank has also managed to strengthen the key performance and risk metrics through proactive financial and risk management.”
He added, “QIB remains committed to support the local economy through its innovative Shariah-compliant solutions offered to its large number of corporate customers who are handling major national projects across different sectors. The bank continues to recruit and invest in local talent and fulfil its responsibility as a corporate citizen through its support to a number of social initiatives.”
Sheikh Jassim also expressed his gratitude to QIB’s shareholders and clients for their trust in the bank, and his appreciation to the Board of Directors and employees for their contribution and continuous efforts towards achieving what he termed “positive” results.
QR2bn sukuk planned
QIB has announced plans to issue a ‘Basel III compliant Additional Tier 1 Sukuk’ up to a maximum amount of QR2bn.
This, QIB said, was to “further strengthen the bank’s capital base and support the future business growth”
The sukuk proposal, however, was subject to approval of Qatar Central Bank and the bank’s General Assembly, QIB said last night.
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