ibq announces 16% net profit growth for the first nine months of 2017
- 23 October 2017
Today International Bank of Qatar (ibq) announced its Q3 2017 results which show total operating income up 13 per cent and net profit up 16 per cent, compared to the first nine months of 2016 with net profit reaching QAR 432 M. The performance in total operating income was delivered on the back of core underlying transactions emanating from our strong client franchise. Corporate Banking delivered a stellar set of nine month results by advancing its net profit 27 per cent on 2016 results with Retail Banking and Private Banking also generating positive returns, despite the current climate.
The Bank’s expenses remain in line with expectations with the cost income ratio showing a 10 per cent reduction from last year, as ibq continues to relook and reshape its cost structure where appropriate while keeping pace with technology, complying to the highest security standards and safeguarding client’s data and assets. Corporate governance remains pivotal especially during the current situation: the Bank’s top priorities are to ensure that the bank’s assets remain in good shape and to oversee liquidity and capital management requirements.
The shape of the balance sheet continues to evolve but the asset quality has remained stable, with the non-performing loan ratio at 1.20 per cent. ibq’s net interest margin, return on average assets and most operating metrics continued to improve, and the Bank’s return on average equity now stands at a healthy 12.7 per cent, compared to 11.4 per cent last year.
Commenting on the Bank’s first nine months performance, Omar Bouhadiba, Managing Director said:
“This is a credible set of results for ibq considering the unique challenges we are facing in today’s environment. These results prove yet again that ibq’s revenue streams are sustainable and strong. The positive momentum is clear. Even though the events in Qatar remain a challenge, the past few months have only confirmed 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.
I am confident that ibq will deliver a sound set of results in 2017. We will continue to focus, first and foremost, on meeting the needs of our customers, to deliver the best solutions to their financial requirements, while at the same time ensuring that risk management remains pivotal in driving this “positive momentum” added Bouhadiba.