IBQ shows record profits up by 56%

Net profit has increased to QAR234m, a 56% growth over 2006 marking 2007 as an outstanding year for the bank. Non-interest income jumped from QR35.7m to QR 71.5m, a 100% increase.

The bank's total assets also increased and at QR10.7bn were 61% above 2006. This growth came from a 74% increase in the loan book to QR6.5bn. Customer Deposits grew by 42% to some QR7bn. During the year the Bank's capital was again increased to enable it to grow its business and expand its products into new areas. The figures announced are subject to the approval of Qatar Central Bank and the Bank's general assembly.

George Nasra, Managing Director of IBQ said that the growth reflects the benefits of the bank's expansion of its activities into new areas. IBQ also benefits from its joint venture with National Bank of Kuwait (NBK), the premier Arab bank and Kuwait's largest and most dominant financial institution, who manage the bank and now hold 30% of the bank's equity. This affiliation has allowed IBQ and its customers to benefit from NBK's regional and international network as well as its experience in all aspects of banking.

"IBQ's new strategic direction which began in 2005 has clearly yielded exceptional results for 2007 and the net result is 7 times the figure made by the bank in 2004 representing a compound annual growth rate of 94% since 2004. IBQ's profits have grown faster than any other bank in Qatar,"

added Nasra.

"In 2007 we have seen significant growth across the bank's business areas with rapidly increasing importance of retail and treasury business to complement our strong presence in private and corporate banking," commented Nasra

George Nasra concluded: "We are pleased that IBQ's unique brand is now well established and visible, illustrated by our opening of 4 new branches in 2006-7 and the expansion of our ATM network. These moves complement our introduction of an exciting new range of products for our retail customers such as the co-branded-IBQ Virgin VIP card and the Bank's Mortgage scheme which has been a great success".

IBQ will continue to build on this impressive performance and plans for further expansion in 2008 to include new branch openings, new ATM's and new initiatives which are expected to strengthen further IBQ's already strong reputation in Qatar.