QIIB posts QR679mn profit for 2012 with growth focus

Sheikh Dr Khalid (left) and al-Shaibei: focus on local and overseas growth opportunities.Capitalising on a strategy focusing on growth and tapping opportunities within Qatar and outside, International Islamic (QIIB) posted a net profit of QR679mn in 2012, up 4% on 2011.The bank achieved total revenue of QR1.18bn in 2012, according to financial results announced by QIIB chairman and managing director Sheikh Dr Khalid bin Thani al-Thani yesterday.QIIB’s total assets jumped 23% in 2012 compared with the previous year and reached QR28.6bn, Sheikh Dr Khalid said. Earnings per share (EPS) amounted to QR4.49 in 2012 compared with QR4.38 in 2011.He said the bank’s board of directors at their meeting yesterday recommended to the general assembly of shareholders to approve a cash dividend of 35% of the QIIB capital, which amounts to QR3.5 per share.Terming the results “good” Sheikh Dr Khalid said they meant QIIB was on the “right path, implementing the desired strategy that focuses on growth and capitalises on opportunities, both locally and abroad.”The results also reflect the bank’s “sound policies” in risk management, he added.He said the bank’ success has been driven by Qatar’s overall growth in various economic spheres as the nation continues its pursuit of the 2030 Vision. This has become possible because of the wise policies being pursued by HH the Emir, Sheikh Hamad bin Khalifa al-Thani and HH the Heir Apparent Sheikh Tamim bin Hamad al-Thani.Sheikh Dr Khalid hoped the future would present even better opportunities for the bank as International Islamic has a lot of productive work at hand that needs to be completed in view of Qatar undertaking many significant new projects as well as the development of the small and medium enterprises (SME) segment in the country.  He stressed the bank’s commitment to supporting and developing SMEs in the country.“We take care of our small businesses; we will continue to assist them. We will also make optimum use of our opportunities, if they are good for the bank, particularly from the risk management perspective.”Regarding the bank’s successful sukuk issuance last year, Sheikh Dr Khalid said not only was the targeted amount of $700mn raised, but it was oversubscribed by more than seven times. “That showed strong investor interest in both International Islamic and the sound platform on which the bank has been built, besides indicating its robust health,” Sheikh Dr Khalid said.International Islamic CEO Abdulbasit A al-Shaibei said the bank maintained growth in all areas in 2012. Operating revenue was QR1.18bn in 2012, which shows an increase of 5% compared with 2011. Deposits totalled QR19.6bn in 2012, up 18.6% on 2011. Shareholders’ equity amounted to QR5bn in 2012, al-Shaibei said.“The capital adequacy ratio under Basel II was 18.66% and is a clear reflection of International Islamic’s robust risk management policies,” he said. The results were an indication of the growth achieved by the national economy last year, which presented a lot of opportunities for the bank, he added. Local banks are in good financial position, al-Shaibei said, particularly when taking into account the global economic and financial situation.International Islamic saw its customer numbers grow last year with the creation of a lot of new products and services as well as new opportunities for SMEs, he said. Al-Shaibei said the bank harnessed modern technology and placed adequate focus on employing more Qataris. “We also stress on our corporate social responsibility (CSR) initiatives and our community outreach programmes, which include sporting and other social activities that contribute to nation building,” he said.