Doha – Mubasher: Qatar International Islamic Bank (QIIB) reported a net profit of QAR 784.8 million in 2016, up 0.122% from QAR 784.2 million achieved in the same period of the previous year, according to a filing to the Qatar Stock Exchange (QSE) on Thursday.
Earnings per Share (EPS) amounted to QAR 5.18 for the period ended 31 December, 2016, unchanged from EPS announced in 2015.
QIIB's board of directors recommended a dividend representing 40% of issued capital, or QAR 4 per share, according to the statement.
The Qatar-listed bank's total revenues for FY16 reached QAR 1.7 billion, while its financing portfolio grew 9% in 2016 to QAR 27.2 billion from QAR 25.0 billion.
Commenting on QIIB's results, chairman and managing director Sheikh Khalid bin Thani stated that the bank's financial results "confirm its competence and ability to contribute to the growth of the Qatari economy."
He added that the decline in oil prices as well as in competition were both an opportunity and a challenge. "Every development in the market may have two sides. QIIB remains focused on taking advantage of these developments," the top executive stated.
In 2016, QIIB announced that it will enter the Moroccan market and reported receiving an approval from the North African country's central bank for the establishment of a joint venture bank in partnership with Credit Immobilier et Hotelier S.A. (CIH Bank).
Commenting on that, the managing director stated "We hope the new bank starts its activities as soon as possible because the Moroccan market is relatively new to Islamic banking and the country's citizens are keen to make banking transactions based on Islamic Shariah."
