QIB posts $363m profit for ‘09
Qatar Islamic Bank announced a QR1.32 billion ($362.5 million) net profit for the 2009 fiscal year, the profit stemming mainly from operating revenues and represents a 23 per cent growth rate from 2008.
Total equity increased to QR9 billion as of December 31st, 2009, a 26 per cent growth compared to the previous year. ROE rated at 20.4 per cent and earnings per share amounted to QR6.44 per share.
Based on these achievements, QIB’s Board of Directors will recommend to the Bank’s General Assembly which will be held on February 23rd 2010, to distribute a 60 per cent Cash Profit Distribution to shareholders, which corresponds to QR6 per share.
‘During 2009, Qatar Islamic Bank adopted a well-structured plan for dealing with the downturns brought about by the global financial crisis and their impact on the Gulf region,” said Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, QIB chairman.
“QIB has successfully achieved the goals of the second year of its strategic five-year plan, in particular regarding the elements relative to consolidating growth, structuring a sound and balanced financial position, enriching our effective banking risk management and strengthening business expansion at local and international levels,” he added.
“Part of the essential role the Qatar Central Bank is playing is through the implementation of adequate banking and control policies which ensure sound performance of the country’s financial institutions.
“The initiatives taken by the Government of Qatar through acquiring as shareholder a stake in the national banks’ capitals via the Qatar Investment Authority, played a significant role in consolidating confidence in the Qatari banking sector, and therefore, in the national banks’ financial positions.
“In 2009, QIB furthered its participation in the national economy by funding macro-companies in a new trend intended to further consolidate its leading role in financing national projects and establishing strong domestic partnerships which play a considerable role in realizing the country’s development across all fields,” he concluded.
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