QIB Posts QR 2.16 Billion Profit in 2016

Doha, January 18 (QNA) - Qatar Islamic Bank (QIB) announced that the bank has achieved net profit of QR 2.16 billion for the fiscal year 2016 compared to QR 1.95 billion for the year 2015, thus marking an increase by 10.3 percent over last year, and basic earnings per share reached QR 8.55 compared to QR 8.06 in December 2015. In line with the improved profitability, QIB board of directors proposed a profit distribution to shareholders of 47.5 percent of the nominal share value (QR 4.75 per share), subject to approval of Qatar Central Bank and general assembly. Total assets of the bank has increased by 10 percent compared to 2015 and now stands at QR 139.8 billion driven by a robust growth in the financing activities that have now reached QR 98.2 billion having added QR 10.7 billion, representing a 12-percent growth over 2015, customer deposits of the bank have registered a positive growth of 4 percent compared to 2015 and now stand at QR 95.4 billion. Total income for the year ended Dec. 31, 2016 was QR 5.49 billion registering 22 percent growth compared to QR 4.51 billion for 2015. Income from financing and investing activities has grown by 22 percent to reach QR 4.76 billion at the end of 2016 compared to QR 3.89 billion for 2015, reflecting a healthy growth in the bank's core operating activities. "These record financial results reflect the successful implementation of the bank's strategy and the commitment to continuously deliver value to all our stakeholders despite the enduring challenging global and regional economic conditions. While growing the business, our key priority remains to continue strengthening the key risk performance metrics through a proactive and conservative financial and risk management approach," QIB Chairman HE Sheikh Jassim bin Hamad bin Jassim bin Jaber Al-Thani. "Our strategy is closely tied with Qatar's National Vision 2030 and the government's commitment to investments in the country's infrastructure, the diversification of the economy and the development -of a strong private sector. (QNA)