International Bank of Qatar (ibq
) announced today its financial results for the six months to 30 June 2018. The Bank delivered a strong overall performance. First half-year net profit, excluding exceptional gains, was up 12 per cent compared to 2017, while Net Operating income grew 8 per cent.
Key financial highlights of first half compared to the same period in 2017:
- Net profit excluding exceptional gains reached QAR 313 million, up 12 per cent
- Net Operating Income up 8 per cent to QR 464 million
- Total assets up 14 per cent to QAR 33.6 billion
- Customer loans and advances up by 3 per cent to QAR 22 billion
- Customers’ deposits up 11 per cent to QAR 21.5 billion
- Cost income ratio improved to 32.6 per cent from 34.9 per cent
- Total expenses only grew 1%
His Excellency Sheikh Hamad bin Jassim bin Jabor Al Thani, Chairman of the Board of Directors of ibq
, said: “The Qatari economy continues to deliver robust growth and show strong momentum in 2018. Qatar’s non-hydrocarbon economy continues to perform well, supported by increased government investments and stimulated by the construction, industrial and hospitality sectors which are offering significant opportunities for the remainder of the year.”
Omar Bouhadiba, ibq
’s Managing Director, added: “ibq
reported a solid set of results and delivered strong profitability in the first half of 2018. Both operating profits and net profits showed healthy year on year growth. Our balance sheet remains well capitalized, and our asset quality strong. Cost management was disciplined as always. Going forward, we believe that we are well positioned for a good second half performance. While market conditions are challenging, the drive for diversification of the Qatari economy and the Government’s commitment to its public infrastructure projects, provide the opportunity for continued quality growth. An exceptionally loyal client base, a dedicated team in the bank, supportive shareholders, and a stable and mature regulatory environment tightly managed by the QCB, have made this solid performance possible”.