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345064
Sun, 10/19/2014 - 21:35
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QIIB Announces Financial Results for 2014 Third Quarter

Doha, October 19 (QNA) - Qatar International Islamic Bank (QIIB) announced today its results for the nine months period (Q3) ending on September 30, showing that the bank's net profit reached QR 625 Million compared with QR 568 Million in the same period in 2013, which indicates a growth rate of 10%. The results were announced after a meeting of the Board of Directors held under the chairmanship of HE Qatar International Islamic Bank (QIIB) Chairman and Managing Director Sheikh Dr Khalid Bin Thani bin Abdullah bin Thani Al-Thani, which discussed QIIB's performance in the third quarter of 2014. The results showed the bank's net profit reached QR 625 Million compared with QR 568 Million in the same period in 2013, which indicates a growth rate of 10%. Expressing his delight at QIIB's strong performance in the third quarter, HE Sheikh Dr Khalid said the results indicated the strength of the bank in the market and great efforts exerted by QIIB to enhance profitability. He said the growth of the national economy in various fields motivates the bank to work more and contribute further. He said the local market presented promising opportunities; there are many ongoing projects and the general environment is very favorable. "We are doing what requires to be done to contribute to funding these projects based on our policies and strategies. These help us to participate in the process of adding value to our national economy." Sheikh Dr Khalid bin Thani Al-Thani said, "As we focus on the domestic market and rich investment opportunities, we also study any foreign investment opportunities, carefully and with due diligence, and in accordance with the risk management procedures we have in place." "In the period ahead, we look forward to achieving further growth especially in view of the favorable investment conditions provided by the local economy and the great efforts being made by the Executive Management and the all employees of the bank. These help us face market challenges and raise the quality of work and provide decent returns to our shareholders and excellent service to our customers." In turn, Al-Shaibei said the third quarter results were in accordance with the bank's expectations. "We look forward to further growth in the coming period, especially because we are working with determination to achieve it. The existing market conditions encourage us to go further and remain optimistic." The CEO said the bank's total financing portfolio grew to QR 20.9 Billion in the third quarter of this year compared with QR 18.2 Billion in Q3, 2013, which shows a growth rate of 14.8%. The deposits increased to QR 26.3 Billion at the end of the third quarter compared with QR 24.0 Billion at the end of the corresponding period last year. Al-Shaibei said the results also showed that the total assets of QIIB at the end of the third quarter reaching QR 37.9 Billion compared with QR 33.0 Billion at the end of the corresponding period in 2013, which shows a growth rate of 14.5%. The earnings per share (EPS) stood at QR 4.13 in Q3, 2014 compared with an EPS of QR 3.76 in the same period last year. Capital adequacy under Basel II stood at (17.29%) in the third quarter, which reflects the wise policies being pursued by the bank within the realm of risk management. The CEO said even as the bank focused on vital projects and sectors, it recognized the importance of the small and medium enterprises in the national economy. The bank will continue to support the SME sector with due diligence. Al-Shaibei said the bank continues to focus on its expansion plans in terms of new branches / ATM networks in addition to online and telephone banking. And based on customer demand, QIIB will continue to innovate new customer-centric products and services. He said QIIB will attach topmost priority to technological adaptation as it strives to develop Islamic banking. This will enable the bank to keep pace with important developments in the sector, globally. (QNA)

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