A financially robust bank, the International Bank of Qatar with a solid track record over 50 years has today announced results, which demonstrate significant growth over 2005. Net profit figure of QAR 151.4m, 68% above the previous year marking 2006 as an outstanding year for the bank. Operating income of QAR 233.7 million rose by 81% over 2005.
The bank's total assets increased to QAR 6.7bn and were 44% above 2005. This growth came from a 67% increase in the loan book. During the year the Bank’s capital was increased to enable it to grow its business and expand its products into new areas. This was the third increase in capital since 2004 and Total shareholders’ equity now stands at over QAR 1.37 billion.
The growth reflects the benefits of the additional capital and the bank’s expansion of its activities into new areas. IBQ also gains increasing benefits from its joint venture with the National Bank of Kuwait (NBK), a premier Arab bank and Kuwait's largest and most dominant financial institution that manages the bank and hold 20% of the bank’s equity. This affiliation has allowed IBQ and its customers to benefit from NBK’s regional and international network as well as its experience in all aspects of banking.
"The bank's new strategic direction which began in 2005 has clearly yielded exceptional results for 2006 and follows a very strong second half of 2005. We have seen significant growth across the bank's business areas with increasing emphasis on retail and treasury business to complement our existing strong presence in private and corporate banking," commented Michael H. Williams General Manager of IBQ. "We are pleased that IBQ’s own brand is gaining ground illustrated through our opening of three new branches in 2006 and the expansion of our ATM network. These moves complement our introduction of an exciting new range of products for our retail customers, which are further enhanced by our new “international bank of You” advertising campaign which has received glowing reactions”.
IBQ is seeking to build on this impressive performance and plans for further expansion in 2007 to include new branch openings, new ATM’s and some new ideas which are expected to further strengthen IBQ’s strong reputation in Qatar.
About the International Bank of Qatar (IBQ)
The International Bank of Qatar (IBQ); a well established and rapidly growing financial institution, previously known as Grindlays Qatar, celebrated its 50th year anniversary in 2006. IBQ today is a joint venture fully managed, with 20% owned, by the National Bank of Kuwait (NBK); the largest bank in Kuwait and one of the leading banks in the Middle East. The remaining 80% is owned by influential Qatari entities, whilst the bank is Chaired by Qatar's First Deputy Prime Minister and Minister of Foreign Affair's H.E. Sheikh Hamad Bin Jassim Bin Jabor Al-Thani.
Taking half a century of extensive experience in service-based private and corporate banking, IBQ has been and continues to expand its retail banking business with a parallel strategy, based on that experience, which accentuates its high quality service-based approach. IBQ today, offers its customers a full range of retail, private and corporate banking solutions with a strong commitment to excellent quality service, and a focus on building long-lasting relationships. With a total of 4 branches and 9 ATMs located in strategic locations throughout Qatar, IBQ is an increasingly prominent local player that benefits from an international network as a result of its affiliation with NBK.
Released on behalf of the International Bank of Qatar by Hill & Knowlton – for further information or to arrange an interview, please contact:
