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ibq announces 20% net profit growth for the first half of 2017
Doha,Qatar - 19 July 2017
Today International Bank of Qatar (ibq) announced its H1 2017 results which show total operating income up 17 per cent and net profit up 20 per cent, compared to the first half of 2016 with net profit reaching QAR 278 M.  During the last few months, the Bank has continued to de-risk its balance sheet and reduce its reliance on wholesale interbank funding.  These factors coupled with the current situation has seen some contraction in total assets even though loans and advances have remained stable, while the bank continues to rely on client deposits and deepening relationships to fund its asset book.  It has been a challenging period and while the shape of the balance sheet has evolved, the asset quality has remained stable, with the non-performing loan ratio at 1.19 per cent.  ibq’s net interest margin, return on average assets and most operating metrics continued to improve, while the Bank’s return on average equity now stands at a healthy 12.3 per cent, compared to 10.8 per cent last year.
All business segments contributed positively to the total operating income result with Corporate Banking delivering a stellar set of first half results.  Expenses continued to be tightly managed with the cost income ratio showing a 13 per cent reduction from last year, as ibq successfully controlled the day to day operating model while retaining oversight on good corporate governance.  ibq enjoys an A+ Rating from Fitch and an A2 Rating from Moody’s.
Commenting on the Bank’s H1 performance, Omar Bouhadiba, Managing Director said: “This strong set of results is the outcome of ibq’s focus on deepening its exceptional client franchise, maintaining conservative risk management, and delivering consistently high standards of service quality to its customers.  We are as happy with the growth of our revenues, as we are with their quality, given that they are client driven, sustainable and with very little non-recurring items. As we progress into the second half of 2017, ibq’s liquidity remains comfortable and the Bank’s deal pipeline firm. ibq continues to invest in its infrastructure to enable it to deliver better client solutions, upgrade its IT systems, and continuously improve its security platforms to ensure client data is safeguarded.
While navigating the unchartered waters produced by the recent external geopolitical events has been a challenge, we believe that Qatari banks remain solid institutions with adequate liquidity, experienced management and strong capital ratios. They are perfectly able to overcome any difficulty that may arise from these unusual circumstances.
We anticipate ibq delivering a solid financial performance this year as we continue to focus on fundamentals, putting the needs of clients first, providing the best possible service and managing risk.
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ibq Head Office
Suhaim Bin Hamad Street
PO Box 2001
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Fax: 4413 1993
Email: [email protected]