Jan 23 2012 |
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QIIB net profit jumps 17pc to QR653m
DOHA: Qatar International Islamic Bank 's ( QIIB ) net profit jumped to QR653m, a growth of 17 percent, for the year ending 2011.Announcing the results, QIIB Chairman and Managing Director Sheikh (Dr) Khalid bin Thani bin Abdullah Al Thani said the results indicate the bank has improved its overall performance and equipped it to play a major role in the Qatari economy. QIIB is working towards achieving the top position in Islamic banking, he added.
The full year results were announced after a meeting at the QIIB Board of Directors here yesterday. The Board recommended to the General Assembly of shareholders the distribution of dividend 35 percent of it's paid up capital equivalent to QR3.5 per each share.
Sheikh Dr Khalid said the bank had been able to achieve many milestones in 2011 and grow in line with the development of Qatar's economy, which is witnessing unprecedented expansion and is growing rapidly. The country's banking sector is now playing a dominant role in supporting the development of the Qatari economy.
Sheikh Dr Khalid said: "Last year, we focused on the Qatari economy and chose the best from these. These proved good for our community and shareholders. Our 2011 results clearly indicate this. At the same time, we try to make use of the best opportunities outside Qatar even as we pursue very sound risk management policies. At QIIB , we give utmost priority to risk management and are averse to risky assets."
He said Islamic banking has gained prominence, particularly after the closure of Islamic windows of conventional banks. The number of Islamic banking customers is increasing as a result for the remaining full Islamic banks.
The bank CEO Abdulbasit A.Al Shaibei said QIIB 's financing portfolio grew to QR10.6bn at end of 2011 compared with QR9.2bn in 2010. The total assets stood at QR23.4bn in 2011 compared with QR18.2bn in 2010.
The shareholders equity reached QR4.9bn at end of 2011 compared with QR3.8bn in 2010.The capital adequacy as per Basel-II was 24.4 percent in 2011.
Abdulbasit A.Al Shaibei said the bank would continue to support all national building projects across various sectors. The bank remains committed to meet the needs of small and medium enterprises (SMEs) that are vital to the development of the national economy.
On projects outside Qatar, Abdulbasit A.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.
Speaking about 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," Abdulbasit A.Al Shaibei said.
© The Peninsula 2012
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