QIB 1st quarter profit: QR. 270.2 million

According to the CEO of Qatar Islamic Bank, Mr. Salah Al Jaidah, who made the declaration, Net Operation Profit for the underlined period were up to 324.8 million compared to 314.5 million in 2006, whereas Depositors' Dividend amounted 49.6 million.

Similarly, assets increased from 10.9 billion (at the end of the 1st quarter of 2006) to approx. 14.7 billion (end of 1st quarter of 2007) (increase: 3.8 billion, growth: 34.8%), said Mr. Al Jaidah. This reflects the positive structuring of both the bank's financing portfolio which increased from QR.6.1 to 8.4 billion (with a 38% growth), and the investment portfolio which consequently increased from 1.7 billion (end of 1st quarter of 2006) to 3.3 billion (end of 1st quarter of 2007), with an amazing growth rate of 94%, he added.

The results above were accompanied with a 7.3% distinctive return on asset that consolidated financial utilization adequacy and may be considered as one of the best rates in the banking industry.

Customers' current and investment accounts witnessed similar growth of 12.7% (from 7.9 billion at fall 2006 to 8.9 billion at end of the first quarter of 2007) confirming their confidence in the bank's performance.

Equity realized a growth in shareholders' rights return rate (from 32.3 % to 32.6%) to amount 3.641 billion, realizing a return rate on share of 2.26 Riyals, a good rate compared to peer establishments.

Mr. Al Jaidah said that the above results confirm the steady growth trend in all items of the balance sheet, and streamline the record results achieved by the bank in 2006. He further mentioned that QIB had successfully consolidated its banking, financing and investment activities inland and abroad, and is targeting to maintain sustainable growth and maximized profitability.

Mr. Al Jaidah said in conclusion that the fiscal year 2007 would be a year of new record results in all fields of its activities, citing a number of distinctive transactions with potential customers over the 1st quarter. To illustrate, he mentioned the financing of an Airbus A340-600 for Qatar Airways, the participation with a group of local and foreign banks in financing the QR.225 million 'Al Waab' city project,
and the financing of a number of property projects, including 'Al Faisal Tower' (QR.228 million) and an endowment project (QR.145 million).

The opening of the Asian Finance Bank in Malaysia as a part of a regional and international opening strategy, and plans to open QINVEST soon, in addition to the European Finance House, proposed to start its activities in the current year.

Mr. Al Jaidah declared that, due to its outstanding performance, QIB has been selected among the 50 GCC best performing establishments as quoted by Arabian Business Magazine, besides being awarded the prize of the best Islamic property financier in Qatar at the beginning of this year.

Finally, Mr. Al Jaidah emphasized that the strong support of the bank's Board of Directors, under the leadership of H.H. Sheikh Jassim Bin Hamad Bin Jassim Al-Thani, was a crucial factor behind the results realized in the first quarter, and the gathered esteem. And he further expressed his confidence that QIB shall keep this pace of ongoing achievements and successes in the future.