Doha – Mubasher: Qatar International Islamic Bank (QIIB) reported an increase of 6% in its profits for the first quarter of 2017, compared to the same period in 2016.
Profits stood at QAR 236.5 million ($64.89 million) in Q1-17, compared to QAR 223.1 million ($61.21 million) in Q1-16, according to a filing to the Qatar Stock Exchange (QSE).
Earnings per share (EPS) reached QAR 1.56 in Q1-17, compared to QAR 1.47 in the corresponding period of 2016, the statement showed.
The bank had previously reported a slight growth of 0.13% in its profits to QAR 785 million in 2016, compared to QAR 784 million in 2015.
“These outstanding results confirm that the bank has been able to benefit from the upward trend in economic growth and the other positive factors provided by the Qatari economy, which sees great opportunities,” QIIB vice chairman Abdullah Thani bin Abdullah Al-Thani said.
“The diligent work and the implementation of the strategic plans have resulted in achieving greater stability despite the various conditions and factors to which the markets have been exposed,” Al-Thani added
“The strong demand on the bank's services has stimulated various financing activities, which has led to an increase in our financing portfolio and customer deposits. Also, the quality of the bank's assets helped us mitigate several risks,” he noted
“Our endorsement by international credit rating companies is further evidence that QIIB is moving in the right direction. Fitch has confirmed the QIIB rating at ‘A+’ with a 'Stable' outlook. Moody's has equally set the bank rating at ‘A2’ with a 'Stable' outlook,” the bank’s vice chairman said.
