Registering growth in all portfolios of its core business, International Islamic posted a half yearly net profit of QR402mn, up 10% on H1, 2013.

The bank registered a net profit of QR365mn in the first half of last year.

International Islamic chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani al-Thani expressed delight at the bank’s performance in the first half (H1) of this year.

Sheikh Dr Khalid said, “These results are a reflection of the fact that International Islamic has consolidated its position and achieved excellent growth rates. These are clearly in line with the economic boom seen by Qatar in all areas.”

“We are moving steadily towards further progress and profitability and formulating a vision for advanced banking, based on many years of hard work and great efforts. These have resulted in a broad base of customers who have put their trust in our bank. Clearly, this is a measure of confidence over our outstanding results and innovative products and services.”

He said International Islamic attached top priority to small and medium enterprises (SMEs), whereby real, tangible efforts were being made by the bank to finance the activities of these companies.

This year, the international rating agency Fitch raised International Islamic’s Long-term Issuer Default Ratings (IDR) to ‘A’ from ‘A-’ with a stable outlook.

Moody’s affirmed International Islamic bank’s A3 ratings with the outlook upgrade to ‘Positive’ from ‘Stable’.