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Tribune News Network
Doha
Qatar International Islamic Bank's (QIIB) net profit jumped 5 percent to QR465.3 million in the first half of 2017, from QR443.1 million in the same period last year.
The H1 revenues grew 11.4 percent to QR910 million from QR817 million in the same period last year, the bank said in a statement on Sunday. Its total assets reached QR45.9 from QR42.3 billion, a growth of 8.5 percent.
The size of QIIB funding portfolio increased 7.5 percent to QR28.7 billion to QR26.7 billion in the same period. Its capital adequacy (Basel III) reached 17.6 percent, the statement said.
"We are reaping today the fruits of our strategy, which we implemented a long time ago," said QIIB Chairman and Managing Director Sheikh Khaled bin Thani bin Abdullah al Thani.
"All factors deemed necessary for success and to keep growing are available and the business environment is very active. We are actually developing our operating environment and respond to different types of challenges, and rely on the innovation and renovation and respond to the aspirations of the bank's customers."
QIIB Acting CEO Jamal al Jamal said,"(The) results show that the bank succeeded in adapting itself to the different factors of the market, whether in terms of the risks or the competition, whereas the bank could maintain a stable pace of growth for a long time, and maintain strong indicators on the various items of the balance sheet".
"The first half of this year witnessed a great development as Umina Bank in Morocco saw commencement of its operational activities. The bank is the result of a partnership among QIIB, the Moroccan Real Estate and Tourism Loan Bank (CIH), and the Deposit and Management Fund (CDG). The bank's operations were launched through branches in Casablanca and Rabat, and will be expanded to different regions of Morocco, providing innovative and world scale banking products and solutions to customers across the kingdom," he added.
