Qatar International Islamic Bank achieves $227m net profit for 2014

GMT 23:38 2015 Sunday ,08 February

Arab Today, arab today Qatar International Islamic Bank achieves $227m net profit for 2014

Qatar International Islamic Bank (QIIB)
Doha - KUNA

Qatar International Islamic Bank (QIIB) financial results for 2014 revealed total revenues of QR 1.52 billion (USD 418 million), and a net profit of QR 826 million (USD 227 million), an increase of 10.1 pct compared with 2013.
The earnings per share (EPS) reached QR 5.45 in 2014, a QIIB press release said on Sunday, adding that the Board of Directors proposed to the bank's General Assembly to distribute a cash dividend of 40 percent of the bank's capital (QR four per share) to shareholders subject to the approval of the Qatar Central Bank.
The results were announced after a meeting of the Board of Directors, chaired by QIIB Chairman and Managing Director Sheikh Dr Khaled bin Thani Al-Thani to discuss the final financial statement for the year which ended on December 31, 2014.
In addition, the Board of Directors proposed to the Shareholder's General Assembly to issue additional Tier I Sukuk up to equivalent of QR three billion (USD 824 million), aimed at supporting the bank's capital requirements for future growth and expansion.
"The results strongly confirm the bank has made good growth across all portfolios of its business and succeeded in realizing its strategy, which is commensurate with the rich opportunities available in the Qatari economy," Sheikh Dr Khaled bin Thani said.
"The national economy is seeing a renaissance and has become prosperous under the wise leadership of the (Qatari) Amir Sheikh Tamim bin Hamad Al-Thani." QIIB would continue to focus on the domestic market, where many mega projects are currently being implemented, he said, adding that the bank believes it is its responsibility to fully engage in building the nation and supporting its national economy.
The local economy is being managed well in line with the vision laid out by the Qatari government, he added, which has provided the nation immunity from global economic fluctuations.
He also emphasised QIIB's commitment to various kinds of project financing, be it large projects related to infrastructure, other major development plans or small and medium enterprises (SMEs).
This will help the bank realise its strategy of actively engaging in national economic development and realising the expectations of its shareholders and customers, he added.

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