(MENAFN - The Peninsula) Qatar International Islamic Bank (International Islamic) recorded a solid net profit of QR204m for the first quarter of 2014, up 10.2 percent compared with QR185m posted in the same period in 2013.
Announcing the financial results yesterday, Sheikh Dr Khalid bin Thani bin Abdullah bin Thani Al Thani, Chairman and Managing Director of Qatar International Islamic Bank, said there has been a continuous improvement in all operations of the Bank which is reflected in the noticeable growth of International Islamic's total income along with the bank's customer base.
The bank has contributed to and is a strategic participating member of the Qatari economy, which is very strong and growing rapidly. "The Bank's growth is in tandem with Qatar's development," Sheikh Dr Khalid said.
There are plenty of growth opportunities in the Qatari economy and that International Islamic is making all efforts to make the best use of these opportunities and translate them into further growth for the bank and its shareholders. "These growth opportunities will provide a momentum for all sectors of the economy especially with the approval of the fiscal year 2014-15 budget by the Emir H H Sheikh Tamim bin Hamad Al Thani. The budget is the largest ever in Qatar's history and focuses significantly on upgrading the country's infrastructure. An outlay of QR87.5bn has been provided for completion of some existing projects and to undertake new projects."
International Islamic's strategic plan is line with the bank's expectations and maintains the prescribed schedule. "The good financial performance of the bank motivates all of us to work even harder and use opportunities both within Qatar and outside to promote growth in accordance with the appropriate due diligence, particularly in the area of market risk. International Islamic continues to do well in managing the risk of its financing and investing portfolios," Sheikh Dr Khalid said.
On his part, International Islamic CEO, Abdulbasit A Al Shaibei said the bank's total income in the first quarter of 2014 reached QR362.2m compared with QR335.9m in the corresponding period last year.
International Islamic's total assets reached QR34bn in the first quarter compared with QR29.3bn in Q1, 2013. The financing portfolio increased to QR19.9bn year-on-year from QR15.6bn in the corresponding period in 2013, reflecting a growth of 27.5 percent. Deposits totalled QR24.7bn, a growth of 21 percent over the corresponding period in 2013.
The bank's capital adequacy under Basel II stood at 18.3 percent. This indicates International Islamic is in a very strong and sound position.
Al Shaibei said the financial results for the first quarter indicate that the bank's growth has been continually improving since it was established in 1991. He added that the bank is working hard to achieve growth in all areas as well as working on enhancing the standing of International Islamic within the Islamic financing market.
International Islamic maintains its competitive edge in the market and the bank's growth confirms this. The bank's financing portfolio is diversified across various segments and sectors of the economy.
The bank has taken a special and active interest in the latter segment (SMEs), which is in line with the National Vision, as the bank believes it to be a very important component of the national economy, he said.
In the recent IPO of Mesaieed Petrochemical Holding Company, International Islamic was 'Receiving Bank' and actively participated in the process. A large number of investors, numbering nearly more than 35,000 applied through International Islamic. This confirms the trust and confidence both customers and shareholders have in International Islamic.
While great opportunities lie in the Qatari economy, the bank is setting itself a challenge to maintain further growth and actively engage in various sectors of the national economy.
Financing forms a key part of the national economic development, which the bank fully realises, Al Shaibei said.