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Tribune News Network
Doha
International Bank of Qatar (ibq) has posted a net profit of QR432 million in the first nine months of 2017, registering an increase of 16 percent when compared with the net profit for the same period last year, the bank announced on Monday.
The bank also announced that its operating income had gone up 13 percent in the first nine months.
"The performance in total operating income was delivered on the back of core underlying transactions emanating from our strong client franchise.
"Corporate Banking delivered a stellar set of nine month results by advancing its net profit 27 percent on 2016 results with retail banking and private banking also generating positive returns, despite the current climate," the bank said in a statement.
"The bank's expenses remain in line with expectations with the cost income ratio showing a 10 percent reduction from last year, as ibq continues to relook and reshape its cost structure where appropriate while keeping pace with technology, complying to the highest security standards and safeguarding client's data and assets," the statement said.
Commenting on the bank's performance in first nine months, ibq Managing Director Omar Bouhadiba, said,"This is a credible set of results for ibq considering the unique challenges we are facing in today's environment. These results prove yet again that ibq's revenue streams are sustainable and strong.
"The positive momentum is clear. The past few months have only confirmed that Qatari banks remain solid with adequate liquidity, experienced management and strong capital ratios."
