(The Group Comment) Qatar
Islamic Bank Net profit Rises 14.5% to QR 2.75 billion
January
24, 2019
• Qatar
Islamic Bank announced its results for 2018, with net profits
sitting at QR2.75 billion, compared to QR2.40 billion in 2017,
an increase of 14.58%. Dividend amounted to QR10.79 compared to
QR 9.31, at the end of 2017, 15.89% increase.
• With regard to the bank's
assets, it increased by 1.90% in 2018, compared to 2017, as
result mainly of the increase in cash and assets with the
central banks, as this item increased by QR1.75 billion or
31.6%, compared to the previous year.
• Reviewing assets, we notice
that the financing assets decreased between 2018 and 2017 by
QR404 million or 0.39%. Financing assets constitute about 66.75%
of the total assets of the bank. Financing assets to customer
deposits amounted to 101.60% at the end of 2018, compared to
100.78% at the end of 2017. This resulted in a decrease of 1.19%
in customer deposits while financing assets decreased by 0.39%.
• Equity increased by 1.00% to QR
15.42 billion at the end of 2018. The capital adequacy ratio is
18.80%. The book value of the share amounted to QR 65.26 and the
return on shareholders' equity for 2018 was 17.31%, compared to
15.73% in 2017.
• At the end of 2018, total
income increased to QR 6.90 billion compared to QR 6.20 billion
at the end of 2017, an increase of about 11%. This improvement
was due to the increase of net income from finance and
investment activities, which increased by QR556 million. Net
financing and investment revenues account for 87.23% of total
income.
• The Board of Directors of the
Company recommended to the General Assembly to distribute 50% of
the nominal value of the capital as cash dividends for the year
2018, which is the same percentage for the year 2017.
• The stock currently trades at a
PE multiple of 13.52, and a book value multiple of 2.35 times.
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