Thursday, 12 April 2012 04:17
DOHA: Qatar Islamic Bank (QIB) yesterday announced a net profit of QR388m, up 20.9 percent over Q1 2011. The core business of the bank has grown strongly in Q1, leading to a 19.9 percent increase in operating income which reached QR777m in the first quarter of 2012 compared to QR648m in the corresponding period last year.
Total equity of the bank reached QR10.6bn by end of the first quarter of 2012, an increase of 2.8 percent compared to corresponding period in 2011. The Return On Average Equity (ROAE) stood at 15.9 percent, and the quarterly earning per share (basic and diluted) at QR1.64 was 13.1 percent higher than EPS of QR1.45 in the first quarter of the previous year.
In the first quarter of 2012 net financing income registered an increase of 7.2 percent YoY, of QR490m as against QR457m in Q1 of the previous year. Fee income was QR99.6m compared to QR59m in the corresponding period last year, an increase of 68.8 percent.
The bank's total assets stood at QR59bn, a strong growth of 18.4 percent compared with the same period a year earlier. The group's Return On Average Assets (ROAA) stood at 2.6 percent, reflecting on efficient asset management.
Financing Portfolio was QR31.9bn in Q1 2012 compared to QR24.7bn for the corresponding period of 2011, a growth 28.9 precent. Domestic Financing represents 98 percent of the Portfolio signaling immunity from adverse global economical changes, and the range and diversity of financing products offered to its customers. Similarly, Investment Portfolio witnessed a buoyant growth of 2.8 percent, increasing from QR. 16.2bn in last year to QR16.6bn resulting from the increase in the financial investments.
Customers Current and Investment Accounts grew by 16.8 percent from QR25.67bn in Q1 2011 to reach QR29.98bn in the same period in 2012. Current accounts has registered record increase by 48.8 percent compared with 1Q 2011 while investment accounts have increased by 7.4%.
QIB Chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani said: "The results of the first quarter show that we are on track to deliver on our business strategy for 2012. We will continue to develop and launch innovative products and services that meet our customers' needs. These first quarter results indicate that 2012 promises to be a year of continued growth, one that lives up to the aspirations and expectations of the bank's shareholders and customers. Our primary objective remains to enhance QIB's position as the domestic leader in Islamic Finance."
© The Peninsula 2012
