Doha, Qatar – October 2018: International Bank of Qatar (ibq) announced its Q3 2018 results which show net profit, excluding one off items of an exceptional nature, up 13% compared to the first nine months of 2017 and net operating income up 8 %. These strong results are driven by core underlying business flows emanating from a strong client franchise. All business segments generated a positive year-on-year total income performance, which contributed to the overall net profit increase and a significant improvement in cost income ratios. Should we include one off items, of an exceptional nature, the net profit growth was actually much higher, reaching 28%.
Key financial highlights of first nine months compared to the same period in 2017:
- Net profit excluding exceptional gains/costs reached QAR 487.5 million, up by 13 %
- Net profit including all exceptional items was QAR 554.7 million up 28%
- Net Operating Income up by 8 % to QR 711.4 million
- Total assets were to QAR 30.6 billion
- Customer loans and advances up by 3 % to QAR 22.5 billion
- Customers’ deposits up by 8 % to QAR 21.4 billion
- Cost income ratio (Excluding exceptional costs) improved to 30.3 % from 34.1 %
- Total expenses reduced by 4%
Commenting on ibq’s first nine months performance, Omar Bouhadiba, Managing Director said:
“The positive revenue momentum is very strong, supported by our exceptional client franchise. Our balance sheet remains well capitalized, and our asset quality strong. Net profits and operating income showed healthy year on year growth. More important than the actual growth, it is the quality and sustainability of our revenue stream which really matters. Our long term objective has always been to deliver sustainable double digit net profits growth and high single digit operating income growth. The support and loyalty of our clients is critical to achieve these goals. Cost management was disciplined as always. In fact, tightly controlled expenses resulted in a significant improvement in cost income ratios. All operating ratios have improved.”
“These results prove yet again the high quality of ibq’s business, supported by our customer’s loyalty, a dedicated team and the continuous support from our board, shareholders and the Qatar Central Bank”, added Bouhadiba.
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