Net Profit up by 20.9% YoY to QAR388mn (52.2% QoQ)
Net profit sharing (Inc from Financing Activities - Depositors Profit Sharing) up 20.8% YoY to QAR383mn (up 44.9% QoQ)
Investment income increased 34.1% YoY to QAR167mn (26.6% QoQ)
Operating expenses up by 42.5% YoY to QAR195mn
Total assets increased by 1.2% QoQ (18.4% YoY) reaching QAR65.7bn
Total financing recorded at QAR31.9bn increasing by 7.8% QoQ (up 28.9% YoY)
Total Investment-holders increased by 8.4% QoQ (up 16.8% YoY) to QAR30.0bn
Analyst comments:
QIB's came up with a strong all round performance and beating our profitability expectations of QAR360mn. The 20.9% YoY jump in profit has come on account of higher operating income. Investment income was up 34.1% YoY while fee income recorded a very strong growth of 69% YoY. However, the results were partially impacted by heavy provisioning for financial investments (QAR71.3mn), which was quite high for the second quarter running. Although, balance sheet growth was moderate (up1.2% YoY), both lending and deposit mobilization were quite strong, increasing by 7.8% and 8.4% QoQ respectively.
Digvijay Tanwar, CFA
Senior Financial Analyst
Research & Publications
Global Investment House
t: (965) 2295 1275
f: (965) 2295 1299
e: dtanwar@global.com.kw
w: www.globalinv.net
P.O.Box: 28807 Safat, 13149
Kuwait
© Press Release 2012
