A 14% increase in net income in Q1 2017 for ibq
- 22 April 2017
International Bank of Qatar (ibq) announced its first quarter of 2017 results: compared to the first quarter of last year the Bank had a 17% increase in its operating income, while its net profit grew 14%. Total assets demonstrated a healthy 4% growth to QR 33 billion despite an overall challenging environment. The Bank’s Net Interest Margin improved, while its Fees and Commission revenues showed a significant improvement on 2016.
Corporate Banking, which closed some significant transactions in the infrastructure field, and Private Banking were the main growth drivers this quarter. Expenses were tightly managed, and the bank’s cost to income ratio declined 5% as compared to last year. ibq’s asset quality remained solid as shown by a Non Performing Loan ratio of 1.17% , an improvement on last year. This was also reflected in ibq maintaining its rating of A+ by Fitch.
Commenting on the Bank’s Q1 performance, Omar Bouhadiba, Managing Director said: “This set of results is the outcome of ibq’s long established strategy of strong customer focus, conservative risk management, high service standards and quick decision-making that allows it to respond to its client needs at very short notice. We take the view that putting the client at the centre of our corporate culture, and providing them with consistent service quality, can only result in a strong franchise and sustainable performance. In the long term, our goal is to adapt to a rapidly changing environment, seize market opportunities as they come, and stay all the time very close to the clients. We do not compromise on customer service, regulatory requirements or the development of human capital, which we see as key for continued growth.”