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Tribune News network
Doha
Qatar International Islamic Bank (QIIB) has reported annual net profit of QR832 million for 2017, an increase of 6 percent, compared to 2016. The bank's earnings per share stood at QR5.50.
The board of directors have recommended to the general assembly to distribute cash dividends of 40 percent or QR4 per share to shareholders, subject to Qatar Central Bank approval, a press statement said on Wednesday.
Sheikh Abdullah bin Thani bin Abdullah al Thani, QIIB Vice-Chairman, said,"The bank's results and its remarkable growth are consistent with the strength of the Qatari economy and its ability to face various challenges it has confronted with. The Qatari economy has proven to be rock solid and firm, driven by diligent planning and systems and procedures."
He added,"At QIIB, we remain committed to the Qatari economy and are putting all our strengths and resources to the provision of necessary financing for projects, whether they are infrastructure related or otherwise. We consider this as a duty and not an option as the Qatari economy offers attractive opportunities that are not available in any other economy in the region."
Sheikh Abdullah expressed confidence that QIIB will continue in the growth trajectory and maintain profitability in the period ahead as its strategy has demonstrated its ability to anticipate potential challenges, ensured strength and stability in the bank's financial position and minimised risks.
"Enhancing returns to shareholders, improving the overall working environment, increasing innovation and expanding growth opportunities will remain constant goals for QIIB and we will work with full force to benefit from the various market factors and transform challenges into opportunities for the bank, the shareholders and customers equally," he added.
QIIB CEO, Abdulbasit Ahmad al Shaibei, said the total revenues of the bank amounted to QR1.9 billion at the end of 2017 compared to QR1.7 billion in 2016, which represent a growth of 8.8 percent, as customer deposits increased to reach QR32.5 billion in 2017 compared to QR26.6 billion in 2016
He said QIIB's total assets increased by end-2017 to reach QR46.6 billion, with a growth of 9.6 percent compared to 2016. The shareholders equity stood at QR6.8 billion by end-2017, while Capital Adequacy under Basel III ratio to 17.87 percent, which indicates the strength of QIIB's financial position amid various risks.
Shaibei said,"The financial results achieved by QIIB in 2017 are in perfect alignment with efforts made to implement the plans set by the bank's board of directors and adapt quickly to the various market factors and challenges in 2017, especially those linked to the unjustified blockade on Qatar."
He said the strength of the Qatari economy and its ability to overcome various challenges and obstacles, shielded the country's banking system from any adverse effects as a result of the blockade.
"The government's policies have turned the blockade into an opportunity and the actions taken by the Qatar Central Bank have contributed to the financial stability of the sector and helped the sector overcome any effects or consequences of the blockade.
"We have found that the growth in various items provisioned in our budget confirms these facts,"he added.
