International Bank of Qatar announces financial results for the first half of 2018

Doha – Qatar: International Bank of Qatar (ibq) announced today its financial results for the six months to 30 June 2018. The Bank delivered a strong overall performance. First half-year net profit, excluding exceptional gains, was up 12 per cent compared to 2017, while Net Operating income grew 8 per cent.

Key financial highlights of first half compared to the same period in 2017:

• Net profit excluding exceptional gains reached QAR 313 million, up 12 per cent
• Net Operating Income up 8 per cent to QR 464 million
• Total assets up 14 per cent to QAR 33.6 billion
• Customer loans and advances up by 3 per cent to QAR 22 billion
• Customers’ deposits up 11 per cent to QAR 21.5 billion
• Cost income ratio improved to 32.6 per cent from 34.9 per cent
• Total expenses only grew 1%

 His Excellency Sheikh Hamad bin Jassim bin Jabor Al Thani, Chairman of the Board of Directors of ibq, said: “The Qatari economy continues to deliver robust growth and show strong momentum in 2018. Qatar’s non-hydrocarbon economy continues to perform well, supported by increased government investments and stimulated by the construction, industrial and hospitality sectors which are offering significant opportunities for the remainder of the year.”

Financial Performance

Omar Bouhadiba, ibq’s Managing Director, added: “ibq reported a solid set of results and delivered strong profitability in the first half of 2018. Both operating profits and net profits showed healthy year on year growth. Our balance sheet remains well capitalized, and our asset quality strong. Cost management was disciplined as always. Going forward, we believe that we are well positioned for a good second half performance. While market conditions are challenging, the drive for diversification of the Qatari economy and the Government’s commitment to its public infrastructure projects, provide the opportunity for continued quality growth. An exceptionally loyal client base, a dedicated team in the bank, supportive shareholders, and a stable and mature regulatory environment tightly managed by the QCB, have made this solid performance possible”.

-Ends-

Issued by:

Myriam Abou Haidar

Senior Manager - Marketing & Corporate Communications

Direct phone: +974 44473939

Mobile: +974 66904808

Email:  MyriamH@ibq.com.qa 

About the International Bank of Qatar (ibq)

Founded in 1956, the International Bank of Qatar (ibq) is one of the oldest banks in Qatar, with over 60 years of extensive experience. A well established and rapidly growing banking institution, ibq offers a full range of retail, private and corporate banking solutions.

The bank offers its customers exceptional and customized services based on the highest standards to meet their changing needs. Over its long years in the Qatari market, ibq managed to build long-lasting relationships with wealthy Qatari families in particular and all its customers in general. It is committed to continuously strengthening and developing these relationships, as it places its customers in the heart of its strategy and deals with them as human beings, not as bank accounts.

ibq has a growing network of branches, service offices, and ATMs in strategic locations throughout Qatar.

The bank’s record of achievements testifies to its superiority and high-quality services thanks to a team of experts who know the Qatari market very well and who’s chief concern is to continue to improve services and win customers’ trust, appreciation, and loyalty. ibq has received various international accolades which are testaments to its position as one of Qatar’s leading banks. These include Best Private Bank in Qatar Award from Global Finance, Best Customer Centric Banking Brand Qatar Award from Global Brands Magazine, Best Corporate Relationship Banking Qatar Award from Global Banking and Finance Review, and Best Private Bank in Qatar from International Banker.

© Press Release 2018