Qatar- QIIB records QR465.3m net profit in first half

(MENAFN- The Peninsula) The Peninsula

QIIB, one of the leading Islamic lenders in Qatar, has recorded an impressive QR465.3m net profit for the first half of 2017 (H1, 17), up 5 percent compared to the same period in 2016. QIIB's assets grew by 8.5 percent to QR45.9bn during the period.
Announcing the financial results, sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB, said the solid 5 percent year-on-year growth in the bank's net profit indicates that QIIB was able to take advantage of Qatar's economic growth.
Sheikh Dr Khalid said, 'We are reaping today the fruits of our strategy, which we implemented a long time ago with a focus on local market. We were able to maintain a stable growth pace and the lowest possible levels of risks….We respond to different types of challenges, and rely on the innovation and renovation and respond to the aspirations of the bank's customers.
QIIB keenly follows national economic developments and our business strategies are in line with the national vision.The bank also ensures the implementation of the various plans and strategies developed at local and foreign levels while applying the best standards accepted worldwide in banking, he said.
QIIB Acting CEO Jamal Al Jamal stated: 'The bank's revenues reached QR910m for the first half of 2017, a 11.4 percent jump, from QR817m reported during the same period last year.
QIIB's total assets reached QR45.9bn compared to QR42.3bn recorded a year ago, reflecting an 8.5 percent growth.
'The size of QIIB funding portfolio increased by 7.5 percent to QR28.7bn from QR26.7bn, he said. QIIB's capital adequacy (Basel III) stood at 17.60 percent reflecting its impressive strength in terms of risk mitigation.
Al Jamal said, 'QIIB results show that the bank succeeded in adapting itself to the different factors of the market, whether in terms of the risks or the competition, whereas the bank could maintain a stable pace of growth for a long time, and maintain strong indicators on the various items of the balance sheet.
'We are into financing different projects and are giving special attention to infrastructure projects, which remains a strategic priority for us. We have made great strides with regard to SME funding, and have a leading position in the local banking sector in terms of funding such enterprises, especially through our effective and fruitful partnership with Qatar Development Bank, knowing that the returns of such projects are greatly reflected on the society.
QIIB is adequately responding to the expansion of its customer base and to the market developments.
On QIIB's foreign operations Jamal said, 'The first half of this year witnessed a great development as Umina Bank in Morocco saw commencement of its operational activities.
The bank is the result of a partnership among QIIB, the Moroccan Real Estate and Tourism Loan Bank (CIH), and the Deposit and Management Fund (CDG).
The bank's operations were launched through branches in Casablanca and Rabat, and will be expanded to different regions of Morocco, providing innovative products.

MENAFN2407201700630000ID1095653777