DOHA: International Bank of Qatar (ibq) has reported a net profit (excluding exceptional gains) of QR313m for the first six month of this year (H1, 2018), up 12 percent compared to the same period last year, while net operating income grew 8 per cent during the period.
Total assets of the bank increased by 14 percent to QR33.6bn. Customer loans and advances grew up by 3 percent to QR22bn, while customers’ deposits increased by 11 percent to QR21.5bn.
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 (pictured), 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 capitalised, 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. With 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.”
