IBQ announced today its financial results for year ending 31st December 2010 with net profits reaching QAR 458 Million up by 34 % from 2009. Annual Operating Income increased 27% to reach QAR 853 Million as compared to QAR 670 Million in 2009.
Total conventional and Islamic customer deposits also witnessed a considerable rise of 22% on the previous year, finishing at QAR 16 billion as compared to QAR 13 billion in 2009. Net Interest income including income from Islamic financing and investment activities grew by 28% to QAR 667 million. IBQ's Loans portfolio was equally strong with a total of QAR 15.34 billion compared to QAR 12.97 billion in 2009 and with an 18% increase. IBQ's total assets now stand at QAR 24.1 billion up by 5% from QAR 22.9 billion in 2009.
"This has been another good year for IBQ as we grow from strength to strength owing to several factors, and in particular our partnership with the National Bank of Kuwait. This partnership has started in 2004 during which time our customer base has more than quadrupled while our net profits have risen by more than 12-fold. In 2010, we have also expanded our nationwide coverage with new branches in areas such as Ras Laffan and Al Rayyan making a total of 14 branches and service centres across Qatar. Importantly, our profits derived from core earnings, all underpinned by our quality loan portfolio and investments. We have strongly invested across all channels developing our infrastructure, ICT technologies, service delivery, product innovation, human capital and quality assurance frameworks."
IBQ has achieved above average market growth rate for 6 consecutive years with assets CAGR growth of 51% versus 36% for the market, loans CAGR growth rate of 57% versus a 36% growth of the market, and deposits CAGR growth of 48% versus a 31% for the market.
Nasra concluded, “We are proud to see our customer service recognized as a benchmark consecutively with the Best Customer Service Award 2008, 2009 and 2010 from the Banker Middle East. We continue to solidify our position in the marketplace aiming to become the Bank of Choice and a major banking force in Qatar."
IBQ is currently in merger discussions with Al Khaliji bank.