(MENAFN - Gulf Times) Registering growth in all portfolios of the bank's business, Qatar International Islamic Bank (International Islamic) has posted a net profit of QR653mn in 2011, up 17% on the previous year.
Total assets stood at QR23.4bn in 2011 compared with QR18.2bn in 2010. Deposits totalled QR16.6bn in 2011 compared with QR13.1bn in 2010. The bank's financing portfolio grew to QR10.6bn at the end of 2011 compared with QR9.2bn in 2010.
Announcing the results here yesterday, International Islamic chairman and managing director Sheikh Dr Khalid bin Thani al-Thani said the results indicated the bank had improved its overall performance and is equipped it to play a major role in the Qatari economy.
He said the bank's board of directors had recommended to the shareholders' general assembly the distribution of a cash dividend of 35% of the bank's paid up capital, which is equivalent to QR3.5 per share.
Sheikh Khalid said the bank had been able to achieve "many milestones" in 2011 and grow in line with the Qatar's economy, which is witnessing "unprecedented expansion".
ww"Under the wise leadership of HH the Emir, Sheikh Hamad bin Khalifa al-Thani, the future certainly looks bright for the Qatari economy in general and the banking sector in particular," he said.
Sheikh Khalid said: "Last year, we focused on the Qatari economy and it proved good for our community and shareholders as indicated by our 2011 performance.
"At the same time, we tried to make use of the best opportunities outside Qatar even as we pursued very sound risk management policies. At QIIB, we give utmost priority to risk management and are averse to risky assets."
International Islamic CEO Abdulbasit A al-Shaibei said the shareholders equity reached QR4.9bn in 2011 compared with QR3.8bn in 2010. The capital adequacy as per Basel-II was 24.4 % in 2011.
He said the results were consistent with the bank's plans and directions given by the board of directors.
"Our results show we have registered growth across our balance sheet. The bank is now firmly placed among top Islamic banks in the region and the world," the CEO said.
Al-Shaibei said the bank remains committed to meeting the needs of small and medium enterprises (SMEs) that are vital to the development of the national economy.
QIIB is already in an agreement with Qatar Development Bank on a scheme called Al Dhameen, which is to support and nurture the growth of SMEs in the country.
On projects outside Qatar, al-Shaibei said the board has given a clear directive to focus on projects with low risks and decent returns. By actively pursuing this, the bank has been able to secure growth without risks.
On QIIB's human resources policy, he said it has been designed to attract, develop and retain Qataris.
"Quality Qatarisation is the bank's priority. Under an agreement between CNA-Q and QIIB, some 24 Qatar students are studying in the institution with bank's support.
"They will join the bank in various departments after successfully completing a one year comprehensive training at CNA-Q."
Sheikh Khalid, also announcing full year results for Islamic Holding Group, said net profit in 2011 came in at QR4.6mn, compared with 4mn in 2010, a growth rate of 16%.
Total assets of the Group was at QR576.4mn, compared with 173.5mn at the end of 2010, a growth rate of 232%.
The board of directors recommended payment of 13.34% cash dividend to the shareholders, which amounts to QR1 per share.