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QIB Profit reached QR 1.24 billion in 2012

31/12/2012, Qatar

QIB Profit reached QR 1.24 billion in 2012

Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced a net profit of QR 1.24 billion for the year 2012. QIB Board of Directors proposed a 37.5% Profit Distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.

Total Assets of the bank has increased by 25.6% compared to 31st December 2011 and now stands at QAR 73.2 billion. Financing activities continues to be the major growth driver and have now reached QAR 43.1 billion having added QAR 13.5 billion, representing a 45.7% growth since 31st December 2011.

Customer Deposits of the bank have registered a strong growth of 55% compared to 31st December 2011 and now stand at QAR 43.1 billion, reflecting a well-balanced financial position.

Total Income for the year ended 31 December 2012 has reached QAR 3,111 million which is 16% higher than QAR 2,681 million generated last year, reflecting strong growth in the Bank's core operating activities. Financing income has grown by 17% to reach QR 2,081 million at the end of 2012 compared to QR 1,775 million for 2011. Net Fee income was QR 417.2 million compared to QR 300 million in 2011 showing YOY increase of %39.

This strong operating performance has enabled the Bank to strengthen its financial position by allocating QAR 502 million towards improving the provision coverage on financial investments and financing activities compared to QAR 194 million in 2011.

Total Shareholders' Equity of the bank reached QAR 11.5 billion as at 31st December 2012, helping it to maintain its healthy capital adequacy ratios. QIB's healthy capitalization and strong asset has enabled Fitch Ratings to affirmed QIB Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook. Standard & Poor's has also assigned counterparty credit ratings of 'A-' long-term and 'A-2' short-term, with a stable outlook on the long-term.

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