(MENAFN- Qatar News Agency) Riding on the net profit of QR 1.24 Billion for the year 2012, Qatar Islamic Bank's (QIB) Board of Directors has proposed disbursing 37.5% profit to its shareholders, subject to approval by the Qatar Central Bank.
This disbursement will be discussed at the next QIB General Assembly meeting, according to a Qatar Exchange notification Monday.
QIB's total assets have increased by 25.6% compared to December 31, 2011 to QR 73.2 Billion. Financing continues to be the bank's major growth driver and the figure has now reached QR 43.1 Billion having added QR 13.5 billion, representing a 45.7% growth since December 31, 2011.
QIB's customer deposits of QR 43.1 Billion represent a growth of 55% compared to December 31, 2011 figure.
The total income for the year ended December 31, 2012 has reached QR 3,111 Million which is 16% higher than QR 2,681 Million reached last year.
Financing income has grown by 17% to reach QR 2,081 Million at the end of 2012 compared to QR 1,775 Million for 2011. Net Fee income was QR 417.2 Million compared to QR 300 Million in 2011 representing a YOY increase of 39%.
"The strong operating performance has enabled the Bank to strengthen its financial position by allocating QR 502 Million towards improving the provision coverage on financial investments and financing activities compared to QR 194 Million in 2011," QIB said.
The total shareholders' equity of the bank was QR 11.5 Billion as of December 31, 2012, helping it to maintain its capital adequacy ratios.
QIB's good capitalization and strong asset has won QIB Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook from Fitch Ratings.
Standard & Poor's has also assigned counterparty credit ratings of 'A-' long-term and 'A-2' short-term, with a stable outlook on the long-term.
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