(MENAFN- The Peninsula) International Islamic (QIIB) recorded a full-year net profit of QR826m for 2014, up 10.1 percent from a year ago. The Islamic lender's total revenue stood at QR1.52bn during the period.
The Board of Directors has proposed to distribute a cash dividend of 40 percent of the bank's capital (QR4 per share) to shareholders subject to the approval of the Qatar Central Bank. The Board has also proposed to the shareholder's General Assembly to issue additional Tier 1 Sukuk up to equivalent of QR3bn to support the bank's capital requirements for future growth and expansions.
The earnings per share (EPS) reached QR5.45 in 2014. The results were announced after a meeting of the Board of Directors, chaired by Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, to discuss the final financial statement for the year ended December 31, 2014.
Commenting on the financial results, Sheikh Dr Khalid, Chairman and Managing Director of QIIB, said that the results reaffirm QIIB's ability to continue to grow and strengthen its financial position. "The results strongly confirm the bank has made good growth across all portfolios of its business and succeeded in realizing its strategy, which is commensurate with the rich opportunities available in the Qatari economy. The national economy is seeing a fresh revival and has become prosperous under the wise leadership of H H the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani."
He said QIIB would continue to focus on the domestic market, which has many mega projects under implementation. The bank will continue its policy of focusing on the Qatari market as QIIB believes it is the bank's responsibility to fully engage in nation building and support the national economy.
In line with the vision laid out by the Government of Qatar, the local economy is being managed well, which has provided it immunity from the fluctuations of the global economy. Sheikh DR Khalid emphasised on QIIB's commitment to various kinds of project financing, be it large projects related to infrastructure, other major development plans or small and medium enterprises.
This will help QIIB realise its strategy of actively getting engaged in national economic development and realise the expectations of its shareholders and customers.
Abdulbasit A Al Shaibei, Chief Executive Officer, QIIB, said the operating income earned by the bank in 2014 stood at QR1.51bn compared with QR1.45bn in 2013. Customer deposits reached QR26.6bn at the end of 2014, from QR24.4bn at 2013-end, representing a growth rate of 8.9 percent. Financing assets showed a growth rate of 14.8 percent in 2014 compared with in 2013.
Abdulbasit said the bank's total assets stood at QR38.4bn at 2014-end, up 12.8 percent from a year ago. Total shareholder equity stood at QR5.4bn in 2014, compared with QR5.1bn in 2013. Capital adequacy ratio under Basel II stood at 16.27 percent at 2014-end compared with 18.86 percent at 2013-end.
Abdulbasit said that 2014 represented another year of success and growth for QIIB, where the bank was able to take full advantages of various opportunities available within the banking system and the overall Qatari economy. He expressed full optimism and confidence about 2015. Going forward, QIIB would continue its growth trajectory, he said.
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