IBQ’s performance in total operating income, which was up 13% in the third quarter, was “delivered on the back of core underlying transactions emanating from our strong client franchise.”
The bank’s corporate banking segment has registered a 27% growth in its net profit in nine months up to September even as its retail and private banking segments also generated “positive” returns, despite the current climate.
IBQ said its expenses “remained in line with expectations” with the cost income ratio showing a 10% reduction from last year, as it continued to “relook and reshape” its cost structure where appropriate while keeping pace with technology, complying to the highest security standards and safeguarding client’s data and assets.
“Corporate governance remains pivotal especially during the current situation; the bank’s top priorities are to ensure that the bank’s assets remain in good shape and to oversee liquidity and capital management requirements,” IBQ said.
The shape of the balance sheet continues to evolve but the asset quality has remained “stable”, with the non-performing loan ratio at 1.2%.
IBQ’s net interest margin, return on average assets and most operating metrics continued to improve, and the bank’s return on average equity now stands at a healthy 12.7%, compared to 11.4% last year.
On the bank’s first nine months performance, Omar Bouhadiba, managing director said, “This is a credible set of results for IBQ considering the unique challenges we are facing in today’s environment. These results prove yet again that IBQ’s revenue streams are sustainable and strong. The positive momentum is clear. Even though the events in Qatar remain a challenge, the past few months have only confirmed that Qatari banks remain solid institutions with adequate liquidity, experienced management and strong capital ratios. They are perfectly able to overcome any difficulty that may arise from these unusual circumstances.
“I am confident that IBQ will deliver a sound set of results in 2017. We will continue to focus, first and foremost, on meeting the needs of our customers, to deliver the best solutions to their financial requirements, while at the same time ensuring that risk management remains pivotal in driving this positive momentum.”