QIIB Interim Net Profit Rises 5.1% in Q1

Doha, April 20 (QNA) - Qatar International Islamic Bank (QIIB) interim net profit increased 5.1% to QR 223.1 Million at the end of first quarter of 2016 compared with QR 212.3 Million posted for the same period last year. The bank's total assets grew 11.4%, total lending growth 11%, customer deposits by 10.8%. Announcing the Q1 results, QIIB Chairman and Managing Director Sheikh Dr Khalid bin Thani bin Abdullah Al Thani said, "We attribute our success and strength to the Qatari economy which continues to achieve excellent growth rates in various sectors." He said, QIIB successfully coped with the internal and external factors affecting the market during the last period. Market factors prompted the bank to develop suitable credit and liquidity which have proven beneficial as these results were achieved during the first quarter. The bank's total revenue for Q1-2016 increased 13.5% to QR 400.3 Million compared with QR 352.4 Million at the end of the same period in 2015. Total assets at the end of the first quarter rose 11.4% to QR 41.3 Billion while the bank's financing portfolio increased 11% to QR 25.7 Billion compared with QAR 23.2 Billion at the end of the same period last year. Deposits increased to QR 27.9 Billion, up 10.8% compared with the same period in 2015. Capital adequacy under Basel III reached 17.0%. (QNA)