Mubasher: International Bank of Qatar (IBQ) announced that it profits witnessed a 13% year-on-year drop during the first nine months of 2018, recording QAR 487.5 million.
“All business segments generated a positive year-on-year total income performance, which contributed to the overall net profit increase and a significant improvement in cost income ratios,” according to the lender’s statement late on Saturday.
In September, the bank’s total assets stood at QAR 30.6 billion, while customer loans and advances increased by 3% to QAR 22.5 billion.
IBQ’s net operating income grew 8%to QAR 711.4 million, while customers’ deposits increased by 8% to QAR 21.4 billion.
“Our balance sheet remains well capitalized, and our asset quality strong. Net profits and operating income showed a healthy year on year growth. More important than the actual growth, it is the quality and sustainability of our revenue stream which really matters,” Omar Bouhadiba, managing director of IBQ, said.
It is worth mentioning that net profits of the Qatari lender amounted to QAR 313 million for the first half of 2018.
