QIB posted QR858m net profit in the third quarter of 2007

Mr. Salah Jaidah , the CEO of QIB released the financial results saying that the Net Operating Income reached QR 1,224.7 million against QR 916.2 million in the corresponding period last year. The Depositors share of profit reached QR 208.5 million and increase of 19.5%.

Mr. Jaidah continued "The total assets at the end of third quarter of 2007 reached QR 19.4 billion against QR 12.8 billion at the end of third quarter of 2006 with an increase of QR 6.6 billion representing 51.6% growth.

This growth is attributed to the increase in the financing portfolio from QR 6.5 billion at the end of third quarter of 2006 to QR 10.8 billion at the end of third quarter this year increasing by 66.2% ,besides the growth in the investment portfolio has been up to QR 4.1 billion compared to QR 2.1 billion at the end of the same period last year an increase of 95.2%.

The annualized ROA which has recorded 7.1% by the end of Q3, 2007 being among the highest rates in the banking industry thereby confirming QIB's efficiency in utilization of financial resources. Current Accounts and Unrestricted Investments Deposits has gone up to QR 10.5 billion compared to QR 7.9 billion at the end of third quarter of 2006 representing an increase of 31.3% reflecting our customers' increased confidence.

The total shareholders' equity has gone up to 4.2 billion increasing by 25.1% . ROE recorded 30.1% .The EPS amounted to QR 7.19 compared to QR 6.65 for the same period in 2006 increasing by 8.1%.

This excellent results came as a result of the various business initiatives adopted in the execution of QIB strategy mandated by QIB Board of Directors aiming at sustained growth , local and international expansion , Improved customers service and the development of QIB's infrastructure and and Human capital..

QIB's 2007 results will reflect management commitment to meet the challenges and oppourtunies of an ever changing market place rendering the best service to our esteemed clientele bawse in a real partnership which will replicate the BOD guidance and persistently continue the leadership position in the banking industry.