Qatar International Islamic Bank (QIIB) disclosed its financial results for the full year 2014, showing that it achieved total revenues of QR 1.52 Billion, while its net profit amounted to QR 826 Million, an increase of 10.1% compared with 2013.
The earnings per share (EPS) reached QR 5.45 in 2014, a QIIB press release said on Sunday, adding that the Board of Directors proposed to the bank’s General Assembly to distribute a cash dividend of 40% of the bank’s capital (QR 4.0 per share) to shareholders subject to the approval of the Qatar Central Bank.
The results were announced after a meeting of the Board of Directors, chaired by HE QIIB Chairman and Managing Director Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani to discuss the final financial statement for the year ended on 31 December 31, 2014. In addition, the Board of Directors proposed to the Shareholder’s General Assembly to issue additional Tier 1 Sukuk up to equivalent of QR 3.0 Billion, which to support the bank’s capital requirements for future growth and expansions.
Commenting on the 2014 financial results, HE Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani said: “The results strongly confirm the bank has made good growth across all portfolios of its business and succeeded in realizing its strategy, which is commensurate with the rich opportunities available in the Qatari economy. The national economy is seeing a renaissance and has become prosperous under the wise leadership of HH the Emir Sheikh Tamim bin Hamad Al-Thani.” He said QIIB would continue to focus on the domestic market, which has many mega projects under implementation. The bank will continue its policy of focusing on the Qatari market as QIIB believes it is the bank’s responsibility to fully engage in nation building and support the national economy.
In line with the vision laid out by the Government of Qatar, the local economy is being managed well, which has provided it immunity from the fluctuations of the global economy.
HE Dr Sheikh Khalid emphasised on QIIB’s commitment to various kinds of project financing, be it large projects related to infrastructure, other major development plans or small and medium enterprises. This will help QIIB realise its strategy of actively getting engaged in national economic development and realise the expectations of its shareholders and customers.
He thanked efforts made by the bank’s top executive management and employees in implementing the bank’s plans, achieving growth, and providing comprehensive services to its clients. This has placed the bank in a good position and helped it consolidate its position as a leader in Islamic financing in Qatar and the region, Sheikh Dr Khalid said.
QIIB Chief Executive Officer Abdulbasit A. Al Shaibei said the operating income earned by the bank in 2014 stood at QR 1,515 Million compared with QR 1,458 Million in 2013. The customer deposits reached QR 26.6 Billion at the end of 2014, compared with QR 24.4 Billion at 2013-end, representing a growth rate of 8.9%, he said, adding financing assets showed a growth rate of 14.8% in 2014 compared with in 2013.
Al Shaibei said the bank’s total assets stood at QR 38.4 Billion at 2014-end. This shows a growth of 12.8% compared with in 2013. “Total shareholder equity stood at QR 5.4 Billion at 2014-end compared with QR 5.1 Billion in 2013. Capital adequacy ratio under Basel II stood at 16.27% at 2014-end compared with 18.86% at 2013-end.” QIIB CEO said 2014 represented another year of success and growth for QIIB, where the bank was able to take full advantages of various opportunities available within the banking system and the overall Qatari economy.
The bank continued to participate in financing various projects in Qatar, he said, and noted that it did not spare any effort in getting involved or supporting the national economy.
While focusing on the national economy, the CEO said: “QIIB studied foreign markets carefully. We will look for safe opportunities abroad that provide good returns for the bank and its shareholders alike, in compliance with the bank’s investment policies.” He pointed out that in 2014 Moody’s affirmed QIIB’s A3 ratings with the outlook changing to ‘positive’ from ‘stable’. The year also saw the international rating agency Fitch raising the bank’s Long-term Issuer Default Ratings (IDR) to ‘A’ from ‘A-‘ with a stable outlook.
Source : Qatar News Agency
