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QIB up by $451 million in 2008.

Byline: news@cpifinancial.net (Staff Writer)

Qatar Islamic Bank (QIB) has declared record 2008 profits of QR 1.643 billion ($451.1 million), up by 30.8 per cent. Depositors' shares reached QR 389 million ($106.8 million), a 13 per cent annual increase, and total assets were realised at QR 33.5 billion ($9.1 billion), a 57 per cent rise from 2007. The bank said it will formally announce its 2008 results at its upcoming General Assembly meeting.

QIB's finance portfolio rose to QR 18.8 billion ($5.1 billion) in 2008, a 60.7 per cent rise. The bank's investment portfolio reached QR 5.8 billion ($1.5 billion), a 38 per cent increase. The average return on assets was six per cent. Customers' current and investment accounts grew by 36 per cent to QR 16.6 billion ($4.5 billion). Shareholders' equity rose to QR 7.1 billion ($1.9 billion) with a return on equity of 23 per cent. Earnings per share (EPS) increased by 24 per cent to QR 8.49.

QIB's Board of Directors has recommended to the General Assembly to distribute cash dividends of 70 per cent, i.e. QR 7 per share , and a 10 per cent further increase of capital via a privilege rights issue to be accomplished in two stages, five per cent each, in January and December 2009. QIB said the increase in capital will assist in furthering QIB's expansion and strategic development plans.

The bank implemented several investment and financing deals in 2008, such as the acquisition of 25 per cent of the shares of the Shard of Glass in London, a $300 million Shari'ah-compliant investment in the Qanat Cartier development at The Pearl Qatar with United Development, arrangement of a $250 million Islamic financing package of the Ras Lafan (C) power and water project, extension of a $144 million Ijarah/Istisna'a financing facility for the Qatar Power and Water Company and financing of a $137.5 Sukuk for Al Salam Bounian Company.

The bank financed QR 1.1 billion ($302 million) for Barwa Real Estate Company projects and provided financing for the Al Samriya Towers and Al Ramis Tower, with QR 450 million ($123.5 million) and QR 178 million ($48.8 million), respectively.

QIB says its upcoming expansion strategy will see the bank further its global network via expansion into France, Germany and Turkey.

Qatari nationals now account for 27 per cent of the bank's workforce and hold leading and executive positions in every section of the bank. QIB has also signed a three-year agreement with the Ministry of Labor to send 10 Qatari students per year on scholarships domestically and outside of the country to specialised in banking industry-related fields.

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Feb 8, 2009
Words:470
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