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Tribune News Network
Doha
International Bank of Qatar (ibq) reported a 14 percent increase in net profit for the first quarter of 2017. The bank's operating income grew by 17 percent year-on-year.
Total assets of the bank grew by 4 percent to QR33 billion, demonstrating a healthy growth, ibq said in a press release on Saturday.
The bank's net interest margin improved, while its fees and commission revenues showed a significant improvement on 2016.
Commenting on the bank's performance, Omar Bouhadiba, ibq Managing Director said,"This set of results is the outcome of ibq's long established strategy of strong customer focus, conservative risk management, high service standards and quick decision-making that allows it to respond to its client needs at very short notice."
He added,"In the long term, our goal is to adapt to a rapidly changing environment, seize market opportunities as they come, and stay all the time very close to the clients. We do not compromise on customer service, regulatory requirements or the development of human capital, which we see as key for continued growth."
Meanwhile, corporate banking, which closed some significant transactions in the infrastructure field, and private banking were the main growth drivers this quarter, ibq said.
ibq's asset quality remained solid as shown by a non-performing loan ratio of 1.17 percent , an improvement on last year.
