IBQ, the strategic partner of NBK in Qatar, announced today its financial results for 2009, achieving the second highest growth rate in earnings for Qatar based banks. Net profits increased 12% to reach QAR 342 million as compared to QAR 305 million in 2008 due to a 15% rise in Annual Operating Income. This increase was achieved against the backdrop of the international economic crisis and is a further indicator of the strength of the local economy and the robust business performance of the bank.
Customer deposits were equally buoyant with a rise of 14 % on the previous year, finishing at QAR 13.1 billion compared to QAR 11.5 billion in 2008. Net Interest income grew by 29% to reach QAR 484 million and income from Islamic financing and Investment activities reached QAR 38.4 million, and increase of 90% over the same period last year.
“This has been another good year for the bank in light of the world wide financial crisis. The results are testament to our prudent policies as well as the underlying strength of the Qatari economy,” IBQ Managing Director George Nasra said of the results.
“IBQ has continued the development of its infrastructure, a fact which has led us to emerge as the 4th largest commercial bank in the country at the end of 2009.
2009 also saw IBQ named the Fastest Moving Bank in the Middle East by The Banker UK Magazine. This was by virtue of the bank’s solid Tier 1 Capital bases and significant growth in profit.
Nasra concluded, “In addition to our improved financial performance, we have increased our range of services across all the bank’s activities while continuing to focus on the quality of customer service. We have also seen the inauguration of the retail services of our ‘Al Yusr Islamic Banking’ in May 2009; Al Yusr now operates a full platform of Sharia compliant products and services.