Bank eyes growth and profit this year

12/03/2009 00:00 AST

International Islamic chairman and managing director Sheikh Khalid bin Thani al-Thani has said the bank's plans and strategies are well laid to ensure its growth and profitability in 2009 and years ahead.

Addressing the shareholders at their annual general meeting in Doha last night he said International Islamic was successful in attracting "a range of investments and deposits" last year.

"This bears testimony to our ability to generate satisfying returns for our investors and depositors as well as the trust they continue to have in our expertise, experience and infrastructure.

"We made phenomenal achievements last year by optimising our performance levels, expanding client base, upgrading the quality of service, enhancing local presence and by engaging in a number of overseas expansion projects. These strategic measures will give us the confidence required to face a tough and challenging 2009 and will ensure we continue to tread on the path of success," Sheikh Khalid said.

International Islamic chief executive officer, Abdulbasit Aal-Shaibei said his bank had "full confidence" in Qatar's market.

"This year we have already opened a branch at Al Muntazah. Some three more new branches are in the pipeline this year," he said.

Al-Shaibei said, "We are committed to going ahead with projects including those abroad that add value to Qatar, our customers, and shareholders."

Recently al-Shaibei told Gulf Times International Islamic might "reconsider" some of its overseas expansion plans in 2009 because of the overall market situation.

"This does not mean we will abandon our entire overseas project. Still, we might see some projects being initiated," he said.

The bank's total revenue amounted to QR932.8mn compared with QR805.9mn in 2007: an increase of 16%. The bank earned a net profit of QR501mn.

"This is indeed a remarkable achievement taking into account the fact that we have not cut back on any of our allocations. In the light of these exemplary results, the board of directors has recommended the distribution of 40% cash dividends," a bank spokesman said last night.

Gulf Times