IBQ net profit surges 34pc
Doha, February 9, 2011
International Bank of Qatar (IBQ), one of the fastest-growing banks in the country, registered a full-year net profit of QR458 million ($125 million) for 2010, up 34 per cent from the previous year.
Announcing the results on Wednesday, IBQ said its annual operating income increased 27 per cent to hit QR853 million compared to QR670 million the previous year.
Total conventional and Islamic customer deposits also witnessed a considerable rise of 22 per cent over the previous year, finishing at QR16 billion compared to QR13 billion in 2009, said a IBQ statement.
The net interest income including those from Islamic financing and investment activities grew by 28 per cent to QR667 million, it added.
IBQ's loans portfolio was equally strong with a total of QR15.34 billion, up 18 per cent compared to QR12.97 billion in 2009. The bank's total assets now stand at QR24.1 billion up by 5 per cent from QR 22.9 billion the previous year.
Commenting on the results, George Nasra, IBQ managing director, said,"This has been another good year for IBQ as we grow from strength to strength owing to several factors, and in particular our partnership with the National Bank of Kuwait."
"This partnership has started in 2004 during which time our customer base has more than quadrupled while our net profits have risen by more than 12-fold," he noted.
"In 2010, we have also expanded our nationwide coverage with new branches in areas such as Ras Laffan and Al Rayyan making a total of 14 branches and service centres across Qatar. Importantly, our profits derived from core earnings, all underpinned by our quality loan portfolio and investments."
"We have strongly invested across all channels developing our infrastructure, ICT technologies, service delivery, product innovation, human capital and quality assurance frameworks," he added.
IBQ has achieved above average market growth rate for 6 consecutive years with assets CAGR growth of 51 per cent versus 36 per cent for the market, loans CAGR growth rate of 57 per cent versus a 36 per cent growth of the market, and deposits CAGR growth of 48 per cent versus a 31 per cent for the market.
"We are proud to see our customer service recognized as a benchmark consecutively with the Best Customer Service Award 2008, 2009 and 2010 from the Banker Middle East. We continue to solidify our position in the marketplace aiming to become the Bank of Choice and a major banking force in Qatar," he added.
IBQ is 30 per cent owned and managed by the National Bank of Kuwait (NBK), the largest bank in Kuwait and the highest rated in the Middle East. IBQ is currently in merger discussions with Al Khaliji bank.-TradeArabia News Service