(MENAFN – Gulf Times) Qatar Islamic Bank (QIB) has reported an 8% rise in net profit to QR1.37bn in 2011 as investment earnings almost tripled.
The bank has proposed a 45% cash dividend to shareholders, which is subject to the approval of Qatar Central Bank and to be discussed in the next general assembly meeting, said a bank spokesman after the board meeting yesterday.
The increase in net profit was the result of the growth in investment income which amounted to QR631mn at the end of 2011 compared to QR214mn for the corresponding period, he said.
The core business of the bank has grown strongly, leading to an 18% increase in net operating income which reached QR2.68bn.
“The strong results recorded for the year 2011 confirm that QIB has successfully implemented its business plan for the fourth year of its five-year strategy (2008-12),” QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said.
The announcement of the financial results comes on the back of a strategic transformation programme that the bank is implementing. The strategy is to restructure both its local operations and its affiliates to build a strong banking group with regional and international presence offering Islamic financial solutions, he added.
Net financing and investing income grew by 22% to QR2.4bn, while fee income was up 4% to QR300mn.
Unrestricted investment account holders’ share of profit fell 8% to QR410mn. Sukuk holders’ share of profit also was QR105.8mn at the end of 2011 compared to QR24.5mn in 2010.
“This is a testament to QIB’s balanced funding strategy,” the bank spokesman said.
Financing portfolio stood at QR29.6bn at the end of December 2011 compared to QR29.3bn the previous year.
Domestic financing represents a total of 98% of the overall portfolio, which indicates a high level of insulation from adverse global economic changes, as well as the range and diversity of the financing products offered to our customers, according to the spokesman.
Investment portfolio more than doubled to QR16.9bn, resulting from the risk-free investment in government sukuk, the bank said.
Total assets of the bank stood at QR58.3bn, registering a growth of 12.4%. Return on average assets stood at 2.5%, reflecting an efficient asset management strategy.
The bank’s total equity reached QR11.2bn by end of 2011, an increase of 24% against same period of 2010.
Return on average equity stood at 16%, and at the end of 2011. Earnings per share stood at QR5.87, which was on par with the same period of the previous year.
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2012年1月19日星期四
Why USB Is Up and PNC Is Down
This morning saw a slew of earnings from the financial sector. Here we take a brief look at the results from regional lenders US Bancorp (NYSE: USB ) and PNC Financial (NYSE: PNC ) .
Why US Bancorp is upShareholders of US Bancorp should be happy this morning. According to the bank’s press release, fourth-quarter earnings at the Minneapolis-based lender jumped 39%.
The bank’s net income increased $376 million to $1,350 million compared with net income of $974 million from the same period a year ago. This was on the back of an 8.1% year-over-year increase in net revenue.
In terms of the numbers more generally, three things stick out.
First, the bank’s average deposits grew by 17.3% over the same period a year ago — 11.7% excluding acquisitions.
Second, average total loans in the quarter grew by 5.9% over the fourth quarter of 2010. This was in line with results at Citigroup (NYSE: C ) , JPMorgan Chase (NYSE: JPM ) , and Wells Fargo (NYSE: WFC ) , three of the four largest banks in the country. Citi’s loans grew 14%. JPMorgan’s increased 4%. And Wells Fargo’s improved 2%.
Third, the bank set aside only $497 million in loan-loss provisions compared with $912 million a year ago. Indeed, in what hopes to be a harbinger of things to come for the broader economy, the bank’s total nonperforming loans decreased by a staggering $1 billion from the same quarter in 2010.
In terms of the balance sheet, the bank’s book value per share increased 14.4% to $16.43 a share. And its tier 1 common equity ratio, an important measure of a bank’s capital position, increased to 8.6% from 7.8% last year.
The bank also reiterated its commitment to returning a significant amount of its earnings to shareholders through dividends. While it currently returns 29% of its earnings through both dividends and share buybacks, its stated long-term goal is to do so with a “majority of our earnings.”
Why PNC Financial is down
Shareholders of PNC Financial won’t be similarly rejoicing, as fourth-quarter profits at the Pittsburgh-based regional bank plunged 42%. For the quarter, the bank reported earnings of $476 million, down from a year-earlier profit of $823 million. On a per-share basis, this equates to $0.85 and $1.50, respectively.
For the year, meanwhile, the bank reported net income of $3.1 billion, or $5.64 per share, a decrease of 8.8% compared with 2010 net income of $3.4 billion, or $5.74 per share.
According to the bank’s press release, a number of factors contributed to a decrease in fourth-quarter revenue from $3.9 billion in 2010 down to $3.5 billion in 2011. These included a nonrecurring $160 million gain realized in last year, as well as lower debit card and commercial service fees recorded this year.
The silver-lining to PNC’s results concerns the performance of its loans. The ratio of non-performing loans to total loans decreased 73 basis points to 2.24%, down from 2.97% from the year-ago period. And along these lines, the bank set aside $71 million less in provisions for credit losses.
In addition, the bank progressed on the balance-sheet front. Its book value per share increased 9.3% from $56.29 last year to $61.52 today. And its tier 1 common equity ratio improved to 10.3% from 9.8% last year.
Next upThe next big bank to report is Bank of America, which releases its fourth-quarter earnings on Thursday.
Here at The Motley Fool, it’s expected that the quarter may have been ugly for the nation’s second-largest bank by assets because of the size of its investment banking and global business. Indeed, despite growing their loan books, both Citigroup and JPMorgan Chase reported worse-than-expected results as a consequence of capital market exposure via these business segments.
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Why US Bancorp is upShareholders of US Bancorp should be happy this morning. According to the bank’s press release, fourth-quarter earnings at the Minneapolis-based lender jumped 39%.
The bank’s net income increased $376 million to $1,350 million compared with net income of $974 million from the same period a year ago. This was on the back of an 8.1% year-over-year increase in net revenue.
In terms of the numbers more generally, three things stick out.
First, the bank’s average deposits grew by 17.3% over the same period a year ago — 11.7% excluding acquisitions.
Second, average total loans in the quarter grew by 5.9% over the fourth quarter of 2010. This was in line with results at Citigroup (NYSE: C ) , JPMorgan Chase (NYSE: JPM ) , and Wells Fargo (NYSE: WFC ) , three of the four largest banks in the country. Citi’s loans grew 14%. JPMorgan’s increased 4%. And Wells Fargo’s improved 2%.
Third, the bank set aside only $497 million in loan-loss provisions compared with $912 million a year ago. Indeed, in what hopes to be a harbinger of things to come for the broader economy, the bank’s total nonperforming loans decreased by a staggering $1 billion from the same quarter in 2010.
In terms of the balance sheet, the bank’s book value per share increased 14.4% to $16.43 a share. And its tier 1 common equity ratio, an important measure of a bank’s capital position, increased to 8.6% from 7.8% last year.
The bank also reiterated its commitment to returning a significant amount of its earnings to shareholders through dividends. While it currently returns 29% of its earnings through both dividends and share buybacks, its stated long-term goal is to do so with a “majority of our earnings.”
Why PNC Financial is down
Shareholders of PNC Financial won’t be similarly rejoicing, as fourth-quarter profits at the Pittsburgh-based regional bank plunged 42%. For the quarter, the bank reported earnings of $476 million, down from a year-earlier profit of $823 million. On a per-share basis, this equates to $0.85 and $1.50, respectively.
For the year, meanwhile, the bank reported net income of $3.1 billion, or $5.64 per share, a decrease of 8.8% compared with 2010 net income of $3.4 billion, or $5.74 per share.
According to the bank’s press release, a number of factors contributed to a decrease in fourth-quarter revenue from $3.9 billion in 2010 down to $3.5 billion in 2011. These included a nonrecurring $160 million gain realized in last year, as well as lower debit card and commercial service fees recorded this year.
The silver-lining to PNC’s results concerns the performance of its loans. The ratio of non-performing loans to total loans decreased 73 basis points to 2.24%, down from 2.97% from the year-ago period. And along these lines, the bank set aside $71 million less in provisions for credit losses.
In addition, the bank progressed on the balance-sheet front. Its book value per share increased 9.3% from $56.29 last year to $61.52 today. And its tier 1 common equity ratio improved to 10.3% from 9.8% last year.
Next upThe next big bank to report is Bank of America, which releases its fourth-quarter earnings on Thursday.
Here at The Motley Fool, it’s expected that the quarter may have been ugly for the nation’s second-largest bank by assets because of the size of its investment banking and global business. Indeed, despite growing their loan books, both Citigroup and JPMorgan Chase reported worse-than-expected results as a consequence of capital market exposure via these business segments.
Looking for a smaller, simpler bank?Check out our recently released free report detailing one bank stock that Warren Buffett may be interested in if he were a small investor. Learn the identity of this bank for free.
http://tourism9.com/ http://vkins.com/
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