Qatar Islamic Bank profit rises to QR2.16 billion in 2016

Qatar Islamic Bank

Qatar Islamic Bank (QIB) has earned a net profit of QR2.16 billion for the fiscal year 2016 compared to QR1.95 billion for the year 2015. It shows an increase by 10.3% over last year, and basic earnings per share reached QR8.55 compared to QR8.06 in December 2015, the Qatar News Agency (QNA).

In line with the improved profitability, QIB board of directors proposed a profit distribution to shareholders of 47.5% of the nominal share value (QR 4.75 per share), subject to approval of Qatar Central Bank and general assembly.

The total assets of the bank increased by 10% compared to 2015 and now stands at QR139.8 billion driven by a robust growth in the financing activities that reached QR98.2 billion, showing a 12% growth over 2015. Customer deposits registered a growth of 4% and now stand at QR95.4 billion.

The total income last year (2016) was QR5.49 billion, registering 22% growth compared to QR4.51 billion for 2015. Income from financing and investing activities rose by 22% to reach QR4.76 billion, compared to QR3.89 billion in 2015, reflecting a healthy growth in the bank’s core operating activities.

Commenting on the 2016 performance of the bank, QIB Chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani said, “These record financial results reflect the successful implementation of the bank’s strategy and the commitment to continuously deliver value to all our stakeholders despite the enduring challenging global and regional economic conditions. While growing the business, our key priority remains to continue strengthening the key risk performance metrics through a proactive and conservative financial and risk management approach.

“Our strategy is closely tied with Qatar’s national Vision 2030 and the government’s commitment to investments in the country’s infrastructure, the diversification of the economy and the development of a strong private sector.

 Al Khalij Bank net profit QR427 million

ANOTHER Qatari bank, Al Khalij Commercial Bank, earned QR427 million net profit during 2016, it was announced in a press release.

The board of directors expressed its satisfaction with the banks’s performance and recommended to the annual general assembly the distribution of a cash dividend of 7.5% of the nominal share value, or QR0.75 per share.

Earnings per Share for the year were QR1.07. The total assets increased 7% and reached QR 60.6 billion compared to QR56.6 billion in 2015. Al khalij France S.A.’s represented 9% of the group’s total assets. Loans and advances grew to QR35.2 billion, 5% higher than the previous year while deposits rose 4% and were QR32.2 billion in 2016 compared to QR31 billion in 2015. Loans to deposits ratio was 109%. Investment securities stood at QR15.6 billion.

Commenting on the results, the Chairman and Managing Director of the bank, Sheikh Hamad bin Faisal bin Thani Al Thani said, “Our year end results fall within our expectations for the year 2016, due to numerous regional financial conditions. We are in a fortunate position given Qatar’s overall financial strength and ability to rise above the various challenges experienced by the global markets this year.”