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International Islamic 2013 net up 10.5% to QR750mn

January 24, 2014

Sheikh Dr Khalid and al-Shaibei: Local focus, global vision. By Pratap John / Chief Business Reporter Registering growth across various portfolios of its core business, International Islamic posted a full-year net profit of QR750mn in 2013, up 10.5% on 2012. The Doha -headquartered Shariah-compliant bank earned total revenue of QR1.5bn in 2013. Assets totalled QR34.4bn last year, indicating a 20.5% growth when compared to 2012. International Islamic's 2013 results were announced by its chairman and managing director Sheikh Dr Khalid bin Thani al-Thani after a meeting of the bank's board of directors here yesterday. Earnings per share reached QR4.96 in 2013 compared with QR4.49 in 2012. Sheikh Dr Khalid said the results showed the bank made "good growth" across all portfolios of its business. This means International Islamic continues to maintain its integral part in the growth of Qatar economy in all spheres under the wise leadership of HH the Emir, Sheikh Tamim bin Hamad al-Thani . Sheikh Dr Khalid said the bank's strategy is to participate in the financing of various projects and sectors, especially in mega infrastructure upgrades, in line with the Qatar National Vision 2030. Qatar has now become the main hub for growth and investments in the region, he said. Sheikh Dr Khalid said International Islamic's board of directors always maintained a strategy to participate in all scales of projects large, medium and small. By participating in these projects, the bank has benefited, and thus has been able to meet its shareholder's aspirations. "This has been guided by an honest policy in risk management", he said. International Islamic CEO Abdulbasit A al-Shaibei said the results showed the bank achieved a total income of QR1.45bn in 2013 compared with QR1.18bn in 2012, which indicates a growth of 23.2%. Customer deposits totalled QR24.4bn last year, up 24.3% on QR19.6bn in end-2012. Total shareholder equity stood at QR5.3bn and the capital adequacy ratio under Basel II stood at 18.9% in 2013-end. Al-Shaibei said 2013 presented a lot of opportunities to the bank. "We participated in financing various projects in Qatar . We also took part in investment opportunities abroad and these were done based on feasibility studies and backed by a good risk management policy," he said. Al-Shaibei said International Islamic focused on the local market, because there were lot of opportunities and stability in Qatar . "We want to support Qatar economy. But this does not mean we will ignore opportunities outside. We will look for safe opportunities abroad that provide good returns for the bank and its shareholders alike." The CEO said 2013 also saw customer growth for the bank. In view of this, the bank opened new branches that offer full-scale services to customers. "We have planned to open dedicated branches for our VIP customers," he said. "International Islamic is interested in technology and focused significantly on human resources. We provide good training to our employees. We believe this is important in the rapidly developing banking industry," al-Shaibei said. He said, "We have designed and developed some new products and services in Islamic Financing, which are good for our customers. Some of these are trend-setting initiatives in global Islamic banking." On human resources, the CEO said 2013 was a "very special year" for Qatari employees. "We organised a career day specifically for Qataris. We recruited as many as 62 Qataris and provided them training in various divisions. We are committed to Qatarisation and support the government's policy of promoting nationals in the banking sector." 37.5% cash dividend announced International Islamic has announced a cash dividend of 37.5% (on nominal share value) to its shareholders for 2013, which translates into QR3.75 a share. The decision was taken by the bank's board of directors at its meeting yesterday. The board decided to place the cash dividend proposal before the bank's ordinary annual general assembly, which will be held in Doha later. International Islamic's 2013 financial results and profit distribution will be subject to the Qatar Central Bank approval, a bank spokesman said.

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Source: Gulf Times (Qatar)

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