(MENAFN - The Peninsula) Local expansion would be the focus of International Islamic's (QIIB) 2014 strategic plans. As part of the expansion plans, the Bank would open over seven branches across the country, including in the suburbs, Abdul Basit Al Shaibie, CEO, International Islamic has said.
He was talking to the reporters on the sidelines of the bank's Extraordinary General Meeting (EGM) chaired by Sheikh Dr Khalid bin Thani Al Thani yesterday. The meeting approved the agenda to amend the concerned clause of Article 7 to bring down the ownership required for the board membership from 0.50 percent to 0.25 percent. The EGM authorised the chairman to sign the new Article of Association after the amendments.
On the expansion plans Al Shaibie said: "We are continuing our strategy for expanding locally. Our economy is promising. There is huge room for local banks for expansion in terms of geographically and financing. The scope for project financing is immense, especially those projects related to infrastructure.
International Islamic is not keen on overseas expansions at least in 2014. "At the moment we don't have overseas expansion plans for this year".
On the high provision rates of the banks across the board, Al Shaibie said Qatar has a more conservative approach towards provisions. High rate of provisions can also be seen as the healthy sign of a bank, he said.
Al Shaibie noted International Islamic is not 'over exposed' to real estate loans. Qatar Central Bank has issued a new directive to local banks on real estate credits. We are strictly following QCB's directives, he said.
The bank has no immediate plans for capital boost. "We are quite liquid", he added.
The Bank's annual net profit reached QR750m for the full year 2013, reflecting a growth of 10.5 percent from a year ago. The bank earned total revenue of QR1.5bn in 2013. Financing assets grew to QR19bn compared with QR14.7bn in 2012 reflecting a rise of 29.6 percent. The bank's total assets stood at QR34.4bn at the end of 2013, a growth of 20.5 percent. Total shareholder equity stood at QR5.3bn, and the capital adequacy ratio under Basel II stood at 18.9 percent in 2013-end.