QIIB Announces Financial Results for First Half of 2017

Doha, July 23 (QNA) - Qatar International Islamic Bank (QIIB) announced the financial results of the bank for the first half of 2017 where it has earned net profits of QR 465.3 million compared to QR 443.1 million in the same period last year, and has therefore witnessed a growth of 5 percent and Earnings per Share (EPS) amounted to QR 3.07. HE Chairman and Managing Director of QIIB, Sheikh Dr Khaled bin Thani bin Abdullah Al-Thani said the results indicates that the bank could take advantage of the Qatari economy force achieving constant growth. His Excellency added, "QIIB forms part of the Qatari banking sector, which supports and contributes to the development of different economic sectors, all constituting an integral system that boosts the national economy. We are reaping today the fruits of our strategy, which we implemented a long time ago, and focused on the local market. In addition, it closely follows the national labor market with a view to achieve the objectives of the bank and of its partners. This is how we could maintain a stable growth pace and the lowest possible levels of risks in addition to our central goal, which is to contribute to building our nation and serving our people". QIIB Acting CEO Jamal Al Jamal stated, "The revenues of the bank for the first half of the year 2017 reached QR 910 million compared to QR 817 million in the same period last year, which means that the bank has achieved a growth rate of 11.4 percent. QIIB's total assets reached QR 45.9 billion at the end of the first half of this year compared to QR 42.3 billion in the same period in 2016, which means that the bank realized a growth rate of 8.5 percent ". "The size of QIIB funding portfolio increased at the end of the first half of the year 2017 to reach QR 28.7 billion compared to QR 26.7 billion in the same period in 2016, which means that the bank has registered a growth rate of 7.5 percent. With regard to capital adequacy (Basel III), it reached 17.60 percent, and reveals QIIB's strength and the usefulness of its policy in terms of risk mitigation". Externally Al Jamal said, "The first half of this year witnessed a great development as Umina Bank in Morocco saw commencement of its operational activities. The bank is the result of a partnership among QIIB, the Moroccan Real Estate and Tourism Loan Bank (CIH), and the Deposit and Management Fund (CDG).The bank's operations were launched through branches in Casablanca and Rabat, and will be expanded to different regions of Morocco, providing innovative and world scale banking products and solutions to customers across the kingdom". Qatar National Cement Co. disclosed its reviewed financial statements for the period ending on June 30, 2016, showing the net profit is QR 168.097 million compared to net profit amounting to QR 251.696 million for the same period of the previous year. The Earnings per Share (EPS) amounted to QR 2.57 for the period ended June 30, 2017 to EPS amounted to QR 3.85 for the same period of the previous year. (QNA)