(MENAFN- The Peninsula) The International Islamic's (Qatar International Islamic Bank or QIIB) net profit stood at QR366m in the first half of 2013 (H1 2013) compared with QR340m for the same period last year, a growth of 7.5 percent.
The Bank's net operating income at the end of the first half of this year increased to QR 675mn compared with QR 582m in the same period last year, up 16 percent.
Total assets of International Islamic recorded a growth of 33 percent during the first half. The assets reached QR 31.4bn during the period compared with QR 23.7bn in the same period last year.
The earnings per share (EPS) amounted to QR 2.42 per share on June 30, 2013 compared with QR 2.25 on June 30, 2012. The value of the Bank's financing portfolio increased to QR16.7bn in H1, 2013 compared with QR11.2bn in the corresponding period last year, up 50 percent.
Deposits totalled QR22.6bn in the first half of this year represents 29 percent growth compared with the same period last year. The capital adequacy stood at 19.13 percent in H1 2013.
Announcing the H1 2013 results, Sheikh Dr Khalid bin Thani Al Thani, Chairman and Managing Director of International Islamic noted the growth in the Bank's revenue and balance sheet confirms International Islamic's ability to effectively engage in the transformation of Qatar's economy, which continues to offer exciting investment and financing opportunities and shows efficient leadership, both locally and globally.
Dr Khalid said: "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 contribute to the financing of various projects."
He thanked International Islamic's 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.
Jamal Al Jamal, International Islamic Deputy Chief Executive Officer noted: "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."
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.
Jamal 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. International Islamic hopes to launch more branches this year. The country-wide ATM network has also increased to include various regions in Qatar.
"We have focused on the development of our electronic banking channels, launching International Islamic Corporate e-Banking service during Q2 2013,adding a qualitative dimension to the services being provided to our valued customers.".
In the area of human resources, the Deputy CEO said the Bank continued to focus on skills development, building expertise and recruiting, training and placing Qataris in various positions within the bank. Also, well-structured training programs have been designed to encourage Qatari talent within the bank.
The bank contributes strongly to economic growth through funding various projects in Qatar. It also has extensive investments inside and outside of Qatar.
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