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196167
Wed, 07/20/2011 - 22:04
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QIB s 2011 First?half Net Profit Up 17%
QIB s 2011 First?half Net Profit Up 17%
Doha, July 20 (QNA) - Qatar Islamic Bank (QIB) has announced a net profit of QR703 million for the first half of 2011, an increase of 17% compared to the same period in 2010.
The core business of the bank has grown strongly, leading to a 14% increase in operating income which reached QR1.3 billion in the first half of 2011 compared to QR1.1 billion in the corresponding period of last year, QIB said in a statement on Wednesday..
The bank s total equity reached QR10.6 billion by end of the first half of 2011, an increase of 26% against same period of 2010.
Quarter on Quarter (QOQ) net profit was QR382 million, up by 27% compared to QR301 million
in the equivalent period last year. The jump in net profit was the result of the growth in investment income which amounted to QR311 million in the first half compared to QR48 million for the corresponding period and this significant increase was backed by strong recoveries.
Return on Average Equity (ROAE) stood at 15%, and the first half earnings per share (EPS) basic and diluted at QR3.08 was 9.2% higher than EPS of QR2.82 in the same period of the previous year, the statement said.
In the first half of 2011, net financing income was QR863 million and fee income QR125 million compared to QR906 million and QR186 million respectively in the same period of 2010.
Unrestricted Investment Account (URIA) holders share of profit was QR188 million compared to QR236 million in 2010. QIB showed a robust growth in URIA of 14%, rising to QR19.78 billion in the first half of 2011 as compared to QR17.32 billion in same period of the preceding year, according to the statement.
Total Assets of the bank stood at QR50.14 billion, a strong growth of 11% compared with the 2010 figure. The group Return on Average Assets (ROAA) stood at 3%, reflecting an efficient asset management strategy.
The value of the Financing Portfolio was QR24.7 billion in first half of 2011 compared to QR28.6 billion for the corresponding period of 2010.
Domestic Financing represents a total of 97% of the overall portfolio, which indicates a high level of immunity from adverse global economical changes, it added.
The Investment Portfolio witnessed very buoyant growth of 179%, increasing from QR6 billion last year to QR16.7 billion this year, resulting from the risk free investment in government sukuk.
Customers Current and Investment Accounts grew by 2.6% from QR25.4 billion in first half of 2010 to reach QR26 billion in the same period of this year, said the statement.
Commenting on the results, QIB Chairman, HE Sheikh Jassim bin Hamad bin Jassim bin Jabr al Thani said, "The strong results recorded for the first half of 2011 reflect the fundamental strength and sound financial management which has been, and remains, a hallmark of QIB. The results are the product of a successful work plan that is in line with QIB s ongoing five year strategy which aims to enhance growth locally and internationally, establish a strong and balanced financial position, maintain an efficient banking risk management and expand the local network even further".
"The announcement of the results comes on the back of a strategic transformation programme that the bank is implementing with a view to restructuring both its local groups and its affiliates abroad in order to build a strong banking group with regional and international presence that meets the expectations of its shareholders, customers and strategic partners , added QIB Chairman.
QIB was established in 1982 in order to provide banking services in accordance with the provisions of Islamic Shari a. The Bank carries out banking services, investment and financing activities through various Islamic modes of financing. (QNA)
Doha, July 20 (QNA) - Qatar Islamic Bank (QIB) has announced a net profit of QR703 million for the first half of 2011, an increase of 17% compared to the same period in 2010.
The core business of the bank has grown strongly, leading to a 14% increase in operating income which reached QR1.3 billion in the first half of 2011 compared to QR1.1 billion in the corresponding period of last year, QIB said in a statement on Wednesday..
The bank s total equity reached QR10.6 billion by end of the first half of 2011, an increase of 26% against same period of 2010.
Quarter on Quarter (QOQ) net profit was QR382 million, up by 27% compared to QR301 million
in the equivalent period last year. The jump in net profit was the result of the growth in investment income which amounted to QR311 million in the first half compared to QR48 million for the corresponding period and this significant increase was backed by strong recoveries.
Return on Average Equity (ROAE) stood at 15%, and the first half earnings per share (EPS) basic and diluted at QR3.08 was 9.2% higher than EPS of QR2.82 in the same period of the previous year, the statement said.
In the first half of 2011, net financing income was QR863 million and fee income QR125 million compared to QR906 million and QR186 million respectively in the same period of 2010.
Unrestricted Investment Account (URIA) holders share of profit was QR188 million compared to QR236 million in 2010. QIB showed a robust growth in URIA of 14%, rising to QR19.78 billion in the first half of 2011 as compared to QR17.32 billion in same period of the preceding year, according to the statement.
Total Assets of the bank stood at QR50.14 billion, a strong growth of 11% compared with the 2010 figure. The group Return on Average Assets (ROAA) stood at 3%, reflecting an efficient asset management strategy.
The value of the Financing Portfolio was QR24.7 billion in first half of 2011 compared to QR28.6 billion for the corresponding period of 2010.
Domestic Financing represents a total of 97% of the overall portfolio, which indicates a high level of immunity from adverse global economical changes, it added.
The Investment Portfolio witnessed very buoyant growth of 179%, increasing from QR6 billion last year to QR16.7 billion this year, resulting from the risk free investment in government sukuk.
Customers Current and Investment Accounts grew by 2.6% from QR25.4 billion in first half of 2010 to reach QR26 billion in the same period of this year, said the statement.
Commenting on the results, QIB Chairman, HE Sheikh Jassim bin Hamad bin Jassim bin Jabr al Thani said, "The strong results recorded for the first half of 2011 reflect the fundamental strength and sound financial management which has been, and remains, a hallmark of QIB. The results are the product of a successful work plan that is in line with QIB s ongoing five year strategy which aims to enhance growth locally and internationally, establish a strong and balanced financial position, maintain an efficient banking risk management and expand the local network even further".
"The announcement of the results comes on the back of a strategic transformation programme that the bank is implementing with a view to restructuring both its local groups and its affiliates abroad in order to build a strong banking group with regional and international presence that meets the expectations of its shareholders, customers and strategic partners , added QIB Chairman.
QIB was established in 1982 in order to provide banking services in accordance with the provisions of Islamic Shari a. The Bank carries out banking services, investment and financing activities through various Islamic modes of financing. (QNA)
