QIIB posts QR826mn '14 profit

(MENAFN- Gulf Times) Registering growth across all portfolios of its business, QIIB has posted a net profit of QR826mn in 2014, up 10.1% on the previous year.

The bank's total revenues stood at QR1.52bn in 2014, QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said yesterday.

QIIB's board of directors yesterday proposed to the bank's general assembly to distribute a cash dividend of 40% of its capital, which translates into QR4 a share.

This is subject to the Qatar Central Bank approval.

Earnings per share (EPS) reached QR5.45 in 2014.

Sheikh Dr Khalid said, "The results strongly confirm the bank has made good growth across all portfolios of its business and succeeded in realising its strategy, which is commensurate with the rich opportunities available in the Qatari economy. The national economy is seeing a renaissance and has become prosperous under the wise leadership of HH the Emir, Sheikh Tamim bin Hamad al-Thani."

He said QIIB would continue to focus on the domestic market, which has many mega projects under implementation. QIIB believes it is the bank's responsibility to fully engage in nation building and support the national economy, he said. Sheikh Dr Khalid emphasised 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.

QIIB chief executive officer Abdulbasit A al-Shaibei said operating income earned by the bank in 2014 stood at QR1.51bn compared with QR1.46bn in 2013. Customer deposits totalled QR26.6bn at end-2014, compared with QR24.4bn in 2013, representing a growth rate of 8.9%.

Al-Shaibei said the bank's total assets stood at QR38.4bn in December, 2014; a growth of 12.8% compared with 2013. Total shareholder equity stood at QR5.4bn in December, 2014 compared with QR5.1bn in 2013. Capital adequacy ratio under Basel II stood at 16.27% at 2014-end compared with 18.86% at 2013-end.

Al-Shaibei said 2014 represented another year of success and growth for QIIB as the bank was able to take full advantage of various opportunities available within the banking system and the overall Qatari economy.

The bank continued to participate in financing various projects in Qatar,
he said, and noted that QIIB did not spare any effort in getting involved or supporting the national economy.

While focusing on the national economy, the CEO said, "QIIB studied foreign markets carefully. We will look for safe opportunities abroad that provide good returns for the bank and its shareholders alike, in compliance with the bank's investment policies."
Al-Shaibei said 2014 saw a steady increase in the bank's customer base, reflecting the demand for QIIB's quality service and products. The bank continued to open many new branches and ATMs and strengthened the bank's electronic delivery channels in line with its strategy of reaching out to the customers.