Rating agency Capital Intelligence upgrades Qatar Islamic Bank |
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Doha - The international rating agency Capital Intelligence (CI) has upgraded Qatar Islamic Bank (QIB)Qatar Islamic Bank (QIB)
sovereign rating to (AA-) from (A+) for the long term and to (A1+) from (A1) for the short term. The agency also upgraded the foreign currency rating to (A) from (A-) for the long term and to (A2) from (A3) for the short term, while the financial strength rating was upgraded to (A) from (A-) and outlook stable.
CI said the upgrades are the result of improved asset quality (lower NPLs) despite rapid growth, QIBQIB consistently produces the highest profitability in the Qatari market, the sustainability of non-financial and investment income is improving and capital adequacy ratio remains comfortable with another rights issue in Q1 2008.
These upgrades are the result of QIBQIB exceptional profitability in 2007 which crossed QR 1255 million representing 69 percent growth compared to the figures of 2006 which is the highest among Qatari banks. QIBQIB also achieved the highest growth in assets at 104 percent.
The bank enjoyed a 37.9 percent return on average Equity (ROAE) and an outstanding 8.3 percent return on average Assets (ROAA).
This excellent achievement places QIBQIB second among the world's five best Islamic banks, second best bank in Qatar and the 13th largest bank in the Gulf.
QIBQIB CEO, Salah Al Jaidah, said; "This rating reflects the significant growth that QIBQIB has achieved thanks to a successful strategy focused on the development of its activities, expansion in retail and corporate financing as well as undertaking macro investment projects and offering innovative products. All this has been reflected positively on operation returns".
"We look for a better rating by year end, especially with the excellent results achieved in the first half of this year, the first of our strategic Five Year Plan. Our bank is smoothly but confidently stepping up the rating scale despite the strong competition in Qatar and the region."
Over the past few months, QIBQIB has arranged financing worth $ 250m for the Ras Laffan Power and Water Project. This was preceded by $ 145m financing to Qatar Electricity and water Company (QEWC)Qatar Electricity and water Company (QEWC) and other strategic operations.
Besides, the bank signed a Memorandum of Understanding (MoU) with Gulf Oil Co.- Berhard Malaysia, an affiliate of Gulf Oil Co. of Qatar for a possible syndicated financing of a full-fledged oil derivatives project at a cost of $ 5bn North of Perak in Malaysia.
Furthermore, early this year QIBQIB opened the European Finance House early this year and is planning to open other banks in Turkey and Kazakhstan and also expand its activities in Asia through its Asian Finance Bank and in North African markets.
© The Peninsula 2008
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