QIIB, Mazaya Qatar, Gulf Warehousing Announce Q1 Financial Results

Doha, April 20 (QNA) - Qatar International Islamic Bank (QIIB), Mazaya Qatar Real Estate Development Company and Gulf Warehousing Company announced their financial statements for the three month period ended March 31, 2016. The QIIB results showed that the Bank achieved a net profit of QAR 223.1 million at the end of Q1-2016 compared with QAR 212.3 million for the same period in 2015, which indicates a growth of 5.1%. HE Chairman of the Board - Managing Director of the QIIB Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani said the results clearly reflected the success of the bank's strategy in continuing to grow and facing market challenges. Announcing the Q1-2016 results, HE Sheikh Dr Khalid said the bank's results in the first quarter confirm that it continues to enhance its financial position and strength and moves forward. The bank was also able to successfully cope with the internal and external factors affecting the market during the last period. He explained that "current large-scale projects in the domestic market are capable of creating significant growth opportunities for many sectors, particularly banking. And with QIIB's focus on the domestic market and specific opportunities with limited risks available externally, continuous growth driven by good figures is achievable and on hand". QIIB CEO Abdulbasit Ahmed Al-Shaibei detailed the bank's results and pointed out that the total revenue for Q1-2016 reached QAR 400.3 million compared with QAR 352.4 million at the end of the same period in 2015, which indicates a growth of 13.6%. He said the bank's total assets at the end of the first quarter rose to QAR 41.3 billion, with a growth rate of 11.4%; while the bank's financing portfolio increased to QAR 25.7 billion compared with QAR 23.2 billion at the end of the same period last year, reflecting a growth of 11%. QIIBs deposits increased and reached QAR 27.9 billion, which represents a growth rate of 10.8% compared with the same period in 2015. Capital adequacy under Basel III reached 17.0%, which reflects the strength of the bank's financial position. Al-Shaibei indicated that QIIB is in the process of issuing the first tranche (as part of its Tier 1 sukuk) of QR1bn in accordance with the Basel III requirements. Besides supporting the bank's Tier 1 capital in accordance with the Basel III requirements, the sukuk will support QIIB's ability to finance and improve its capital ratio. In terms of overseas expansion, Mr Al-Shaibei pointed out that the banks external plans currently focused on the Moroccan market, where it was waiting for the final approval from the Bank Al-Maghrib for the opening of a joint venture bank in collaboration with Credit Immobilier ET Hotelier SA in Morocco. The JV bank will be ready to go once the final approval from the authorities in Morocco is received. Meanwhile, Mazaya Qatar Real Estate Development Company disclosed the interim financial statement for the three month period ended March 31, 2016, showing that the net profit is QR 26,692,992 compared to net profit amounting to QR 26,054,546 for the same period of the previous year. The Earnings per Share (EPS) amounted to QR 0.242 for the period ended March 31, 2016 to EPS amounted to QR 0.236 for the same period of the previous year. For its part, Gulf Warehousing Company disclosed its reviewed financial statements for the period ended on 31.03.2016. The statements showed that the net profit is QR 46.55 million compared to net profit amounting to QR 40.42 million for the same period of the previous year. Earnings per Share EPS amounted to QR 0.82 in the 1st quarter of 2016 compared to EPS amounted to QR 0.78 for the same period of the previous year. (QNA)