The Banker magazine, part of the Financial Times Group, recently announced that the International Bank of Qatar (IBQ), the associate bank of National Bank of Kuwait (NBK), has been named as one of the "fastest movers" in its global banking survey. In the 39th edition of the “Top 1,000 World Banks 2009” rankings published in the July issue of the magazine, IBQ moved up 192 places, officially leading the chart as the “fastest moving bank in the Middle East”.
IBQ featured in this survey by virtue of its Tier 1 capital and profit before tax, which last year reached a new high for the bank. This is the second consecutive year that IBQ has been recognized for its strong financial fundamentals and robust performance.
The Banker Top 1,000 World Banks ranking charts the world's banks according to their Tier 1 capital, which is the most relevant measurement of bank strength. The survey also took into consideration other parameters such as asset size, capital assets ratio and profit growth, return on assets, BIS Capital Ratio and non-performing loans to total loans.
"We are honored to be recognized for our fast-track success in this prestigious survey. Surpassing several leading global institutions, IBQ has scored high for its capital adequacy, reflecting the confidence of our shareholders, customers and investors in our long-term growth and risk policies," said George Nasra, Managing Director of IBQ. "Further, the strategic support of our partner, National Bank of Kuwait, has been a cornerstone for IBQ's sustained performance and growth.
"IBQ's capital stability has helped cushion the impact of the volatility in global financial conditions. Despite a challenging environment globally, IBQ surged ahead with various new initiatives and upgrades.”
The increase in IBQ's capital during 2008 resulted in a capital adequacy ratio of 12.15 per cent, which is higher than the Qatar Central Bank minimum requirement of 10 per cent. For the financial year ending December 31, 2008, the Bank posted a net profit of QAR 305 m, representing a growth of 30 per cent from QAR 234 m in 2007. The annual operating profit reached QAR 577 m, up by 76 per cent from QAR 138 m in 2007.
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