QIIB H1 net profit up 10% to QR402m

Qatar International Islamic Bank (QIIB) net profit for the period ended June 30 is up by 9.96 percent to QR 402 million compared to QR 365.57 million reported for the same period in 2013.
The bank's first half Earning per Share (EPS) amounted to QR 2.66 compared to QR 2.42 for the corresponding period in 2013.
The bank's total assets were up 14.9 percent to QR 36.1 billion compared to QR 31.4 billion at the end same period in 2013. Total deposits increased 22.5 percent to QR 25.9 billion in June this year compared to QR 21.1 billion in 2013.
QIIB's capital adequacy ratio as per Basel II norm was 17.85 percent.
Commenting on the QIIB's performance Chairman and Managing Director Sheikh Dr. Khalid bin Thani Al-Thani said, "These results show QIIB has achieved excellent growth rates consolidated its position.
"We are moving steadily towards further progress and profitability and formulating a vision for advanced banking, based on many years of hard work and great efforts. These have resulted in a broad base of customers who have put their trust in our bank. Clearly, this is a measure of confidence over our outstanding results and innovative products and services." QIIB finances various projects, particularly companies from the Small and Medium Enterprises (SME) sector, the chairman said and added, the "bank will scale up its activities for higher rates of growth".
QIIB's CEO Abdul Basit Al Shaibei said, "In the first half of this year, we have made substantial efforts that are evident in our balance sheet. These results confirm our status and that the bank continues to grow well. We are quite optimistic about achieving better results, in view of the business-friendly environment in Qatar, which provides great opportunities." Earlier this year, international rating agency Fitch raised QIIB's Long-term Issuer Default Ratings (IDR) to 'A' from 'A-' with a stable outlook, while Moody's affirmed the bank's A3 ratings with the outlook upgrade to 'Positive' from 'Stable'.