QIB QR1250m net profit for 2008 Q3 pushes 45.7% growth

Depositors' share from the profits reached QR269.3m compared to QR208.5m in 2007, a growth of 29.2%.

The bank's assets reached QR30.1bn for the Q3 of 2008, a growth rate of 55.2%, rising by QR10.7bn for the same period of 2007, an increase of QR8.8bn or 41.3% from the end of 2007.

The bank's financing portfolio has risen at a growth rate of 65.7% to QR17.9bn in the Q3 of 2008, compared to QR10.8bn in the Q3 of 2007.

The investment portfolio recorded a growth rate of 488 % to QR6.1bn by the Q3 of 2008, from QR4.1bn in 2007.

This growth parallels the achievement of a 6.7% average return rate on assets, strengthening the bank's investing capability.

Depositors' current and saving accounts have risen to QR16.4bn at the end of the Q3 of 2008, from QR10.6bn for the Q3 in 2007, a growth rate of 54.7%, reflecting depositors' confidence.

Shareholders' rights have risen to QR6.9bn in the Q3 of 2008, from QR4.2bn for the same period of 2007, a growth rate of 64.3 %.

Average return on shareholders' equity has risen by 29.9%. Additionally, earnings per share have risen to QR6.50 from QR4.68 per share for the same period in 2007, a growth rate of 38.9 % indicating the bank's growth and solid, efficient performance.

Commenting on the encouraging results, QIB CEO Salah Jaidah said: "The Q3 financial results for 2008 reflect the success of the Board of Directors' planned strategy. Guided by Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, this strategy is responsible for expanding QIB's operations and investments and further strengthening our pioneering foundation in Islamic Finance in Qatar and around the world through implementing astute and judicious planning, hard work and an innovative spirit."

Jaidah added: "We are proud of the impressive financial results, and we believe that the accomplished profits, achieved despite extreme sector competition and the current world financial crisis, prove that we are capable of capturing opportunities to maintain our leadership and customers' trust. Thanks to QIB's innovative and distinguished variety of products and services, we can meet and surpass our customer's needs and exceed their expectations in Qatar and elsewhere, and emphasize the QIB name as a major global player in Islamic Finance."

Moreover, Mr Jaidah asserted that QIB's strategy for the next phase focuses upon, but is not limited to, expansions in retail services and banking investments locally, regionally and globally. He indicated that the expansions and the impressive Financial Results for the last nine months have fostered and reinforced QIB's ratings in several international entities. Both Fitch and Capital Intelligence have upgraded the bank's grade to (A), and the latest evaluation from CA Cheuvreux rated QIB (2/outperform)."

Concerning local expansion, Qatar enjoys an encouraging investment atmosphere and a promising market offering excellent opportunities for future growth. QIB has been working to expand its branches and financial services to better serve its clients throughout Qatar, planning to soon reach 35 branches. It has, as well, introduced innovative products such as Ijara, Car Finance, Salary Transfer and Atta Term Deposit. QIB also considers the potential regional opportunities in the MENA region, GCC and Southeast Asia.

QIB will work persistently to maintain sustainable growth and expansion plans, in accordance with its forward-looking strategy and in an effort to boost investments and maintain strategic partnerships. While depending upon its strengths of wise leadership and a dedicated, experienced workforce, it will continue to benefit from the power of its capital and infrastructure.

By the end of Q3 of 2008, QIB had entered into investing and funding major operation ventures in addition to its numerous contributions to State infrastructure projects, such as providing $150m to fund the construction of the Abu Fontas Desalination Plant for Qatar Electricity and Water Company. QIB has also financed the investment needs of Barwa Real Estate with QR1.1bn. In accordance with its commitment to supporting the growth of Qatar's economy, the bank has also financed several high-profile real estate projects including Al Samaria towers at QR450m and Al Rames tower at QR178m.