Feb 21 2012 |
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QIB's2011 net profit up 8% to QR 1.365 Billion
24% increase in total equity and QAR 29.6 bn the volume of the financing portfolioQIB has achievednet profits reaching QR 1.365 billionfor the year 2011, an increase of 8% compared to 2010.
The core business of the bank has grown strongly, leading to an18% increase in net operating income which reached QR 2.68billion at the end of 2011 compared to QR 2.28billion in the corresponding period of last year.
The bank's total equity reached QR11.2billion by end of 2011, an increase of 24% against same period of 2010.
Return on Average Equity (ROAE)stood at16%,andat the end of2011. Earnings per share (EPS)- basic and diluted -at QR 5.87wason par with thesame period of the previous year.
Unrestricted Investment Account (URIA) holders' share of profit was QR410million compared to QR447million in 2010 a decrease of 8%. Also Sukukholders' share of profit was QR105.8million at the end of 2011 compared to QR24.5million in 2010. This is a testament to QIB's balanced funding strategy and the continued support and confidence of the bank's customers.
Total Assets of thebank stood at QR58.3billion, a growth of 12.4% compared with QR51.9billionin 2010. The group Return on Average Assets (ROAA)stood at 2.5%, reflecting an efficient asset management strategy.
The value of the Financing Portfolio wasQR29.6billion at the end of December 2011 compared to QR29.3billion for the corresponding period of 2010. Domestic Financing represents a total of 98% of the overall portfolio, whichindicates a high level of immunity from adverse global economic changes, as well as the range and diversity of thefinancing products offered to our customers.The Investment Portfolio witnessed very buoyant growth of 173.3%, increasing from QR6.2billionlast year to QR16.9billion this year, resulting from the risk-free investment in government Sukuk.
Customers Current and Investment Accounts were QR27.7billion at the end of 2011compared to reach QR30.4billion in the same period of 2010.
The strong results recorded for the year 2011 confirm that QIB has successfully implemented its business plan for the fourth year of its five-year strategy (2008-2012). These results reflect the bank's capabilities, its sound financial and risk management and a wise adaptation to the local and international financial developments, which has had a positive impact on shareholders and customers.
The announcement of the financial results comes on the back of a strategic transformation programme that the bank is implementing with a view to restructuring both its local operations and its affiliates in order to build a strong banking group with regional and international presence offering Islamic financial solutions that meet the expectations of its shareholders, customers and strategic partners.
In 2011, QIB has succeeded in launching top products and banking solutions for personal and corporate customers, as well as new banking initiatives to serve new customer segments. QIB has also developed its alternative channels by leveraging the latest banking technologies and expanding the services of this sector to better serve its customers.
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© Press Release 2012
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