(MENAFN- The Peninsula) International Islamic's nine-month net profit touched QR625m, up 10 percent compared to a year ago. The bank's financing portfolio grew by 14.8 percent and total assets increased by 14.5 percent during the third quarter compared to the same period of 2013.
Announcing the results yesterday, Sheikh Dr Khalid bin Thani bin Abdullah bin Thani Al Thani, International Islamic Chairman and Managing Director, said customer deposits experienced strong growth of 8.8 percent year-on-year basis.
The results were announced after a meeting of the Board of Directors held under the chairmanship of Sheikh Dr Khalid, which discussed International Islamic's performance in the third quarter of 2014.
Expressing his delight at International Islamic's strong performance, Sheikh Dr Khalid said the results indicated the strength of the bank in the market and great efforts exerted by International Islamic to enhance profitability.
He said the growth of the national economy in various fields motivates the bank to work more and contribute further.
The local market presented promising opportunities; there are many ongoing projects and the general environment is very favourable, he said. "We are doing what requires to be done to contribute to funding these projects based on our policies and strategies. These help us participate in the process of adding value to our national economy. As we focus on the domestic market and rich investment opportunities, we also study any foreign investment opportunities, carefully and with due diligence, and in accordance with the risk management procedures we have in place," Sheikh Dr Khalid said.
"In the period ahead, we look forward to achieving further growth especially in view of the favourable investment conditions provided by the local economy and the great efforts being made by the executive management and the all employees of the bank. These help us face market challenges and raise the quality of work and provide decent returns to our shareholders and excellent service to our customers," Sheikh Dr Khalid said.
Commenting on the results, International Islamic's CEO Abdulbasit A Al Shaibei said the third quarter results were in accordance with the bank's expectations.
"We look forward to further growth in the coming period, especially because we are working with determination to achieve it. The existing market conditions encourage us to go further and remain optimistic," he said.
The CEO said the bank's total financing portfolio grew to QR20.9bn in the third quarter of this year compared with QR18.2bn in Q3, 2013, which shows a growth rate of 14.8 percent. The deposits increased to QR26.3bn at the end of the third quarter compared with QR24bn at the end of the corresponding period last year.
Al Shaibei said the results also showed that the total assets of International Islamic at the end of the third quarter reaching QR37.9bn compared with QR33bn at the end of the corresponding period in 2013, which shows a growth rate of 14.5 percent.
The bank's earnings per share (EPS) stood at QR4.13 in Q3, 2014 compared with an EPS of QR3.76 in the same period last year. Capital adequacy under Basel II stood at (17.29 percent) in the third quarter, which reflects the wise policies being pursued by the bank within the realm of risk management.
Al Shaibei said International Islamic will attach topmost priority to technological adaptation as it strives to develop Islamic banking. This will enable the bank to keep pace with important developments in the sector, globally.
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