The International Bank of Qatar reports phenomenal growth in their 2005 results
A financially robust bank, the International Bank of Qatar with a solid track record over 50 years has today announced results which demonstrate significant growth with business more than doubling in 2005. IBQ reported today a total net profit of over 90 million QAR, an increase of 142% over the previous year marking outstanding performance for 2005.
The bank's total assets also more than doubled during 2005 to QAR 4,660 million - an increase of 132% over 2004. This came from a large increase in the loan book and higher investments. During the year the Bank’s capital was increased to enable it to grow it’s a business and expand its products into new areas.
The growth reflects the benefits International Bank of Qatar gains from its joint venture with the National Bank of Kuwait (NBK), a premier Arab bank and Kuwait's largest and most dominant financial institution. NBK manages IBQ and holds 20% its equity. This affiliation has allowed IBQ and its customers to benefit from NBK’s regional and international network as well as its experience in all aspects of banking.
"The bank's new strategic direction and broader base of activity have clearly yielded exceptional results for 2005. This significant growth has come from across the bank's business areas with increasing emphasis on retail and treasury business to complement our strong presence in private and corporate banking," commented Michael H. Williams General Manager of IBQ. "More importantly, this growth demonstrates our desire to become a significant force in this market and to support our customers as they seek to grow their own businesses on the back of the many opportunities we see in Qatar and beyond”.
IBQ is seeking to build on this impressive performance and has many planned for 2006 to include new branch openings, custom tailored packages for its retail customers and other products to be launched throughout the year.
International Bank of Qatar (IBQ)
IBQ, previously known as the Grindlays Qatar Bank, is one of the oldest Banks in Qatar and celebrates 50 years of banking in 2006. Previously, it was a member of the ANZ Grindlays banking group. The Standard Chartered group acquired the bank in 2000 and in 2003 sold its stake to local shareholders, which made the bank fully locally owned and independently managed.
In 2004, National Bank of Kuwait acquired 20% stake in the Grindlays Qatar Bank, and assumed management responsibility. At the same time the name was changed to the International Bank of Qatar.
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