IBQ announces QR305m profit in 2008

IBQ reported a net profit of QR305m for the year ended December 31, 2008, an increase of 30% compared to QR234m in 2007.

This has been another impressive year for the bank which has been witnessing significant growth across all areas of business despite the financial crisis and its impact on local and regional economies.

This is reflected in its annual operating profit which showed 76% growth over 2007 to QR577m. IBQ's loan portfolio has nearly doubled up to QR13.2bn, and total assets now stand at over QR22.4bn, a substantial increase of over 108% from 2008. The performance is consistent across the board with total non-interest income up by 183% to QR202m over the equivalent period in 2007. Customer deposits also saw a strong increase of 64% from QR6.95bn in 2007 to QR11.39bn in 2008.

IBQ's Managing Director, George Nasra, said that the results reflect the many successful initiatives that the bank is implementing on its journey towards being the 'Bank of Choice' in Qatar.

"The results are a strong reflection of the sustained growth we have been witnessing over the last few years and the hard work that has gone in to make IBQ a major banking force in the country. Our diversified product range has been consistently delivering record results, and our corporate and treasury banking arms have witnessed substantial growth in 2008. We are increasingly seen as a partner of choice by the business community," Nasra said.

Mr Nasra added, "The year saw us launch a new corporate identity, expand our retail presence with more branches and ATMs, launch our new Islamic banking service and improve our delivery channels with the launch of a new internet banking service and an expanded Call Centre. We continued investing in our IT, infrastructure and our people."

In 2008 the bank opened 5 new branches making a total of 9 branches across the country, as well as increasing and improving all its customer touch points. The bank also announced that figures for the year show that its customer base has doubled.

Mr. Nasra concluded, "We are very proud of our accomplishments this year and we are being rewarded for our efforts with these strong results in spite of a slowdown at the end of 2008."

IBQ benefits from its affiliation with the National Bank of Kuwait (NBK), the largest in Kuwait and the highest rated in the Middle East. IBQ will continue to build on this impressive performance and plans for further expansion in 2009 to include new branch openings and ATM's, and new initiatives which are expected to further strengthen and reinforce IBQ's growing reputation as a leading bank in Qatar.