MIRA INFORM REPORT
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Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
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Name : |
QATAR ISLAMIC BANK (S.A.Q.) |
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Registered Office : |
Grand Hamad Ave, P.O.Box 559, Al-Dawhah |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.07.1982 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is a financial institution that provides banking services
in accordance to Islamic Sharia principles |
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No. of Employees : |
998 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Qatar |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Qatar - ECONOMIC OVERVIEW
Qatar has prospered in the last several years with continued high real GDP growth in 2011. Qatari authorities throughout the financial crisis sought to protect the local banking sector with direct investments into domestic banks. GDP rebounded in 2010 largely due to the increase in oil prices and 2011's growth was supported by Qatar's investment in expanding its gas sector. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government sales. Oil and gas likely have made Qatar the second highest per-capita income country - behind Liechtenstein - and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, more than 13% of the world total and third largest in the world. Qatar's successful 2022 world cup bid will likely accelerate large-scale infrastructure projects such as Qatar's metro system and the Qatar-Bahrain causeway.
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Source : CIA |
Company name & address
Qatar Islamic Bank (S.A.Q.)
Grand Hamad Ave,
P.O.Box 559
Al-Dawhah,
Qatar
Tel: 974-4409409
Fax: 97444412700
Web: www.qib.com.qa
Synthesis
Employees: 998
Company Type: Public
Parent
Corporate Family: 3
Companies
Traded: Doha
Securities Market: QIBK
Incorporation Date:
08-Jul-1982
Auditor: Ernst & Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Qatari
Rial
Annual Sales: 694.9
1
Net Income: 340.9
Total Assets: 20,121.5 2
Market Value: 4,653.8 (14-Mar-2013)
Business Description
Qatar Islamic Bank SAQ is a Qatar-based financial institution that provides banking services in accordance to Islamic Sharia principles. The Bank provides banking services, investment and financing activities through various Islamic modes of financing, such as Murabaha, Mudaraba, Musharaka, Musawama, Ijarah, Istisna agreements and others. The Bank is primarily organized into three segments: The Wholesale banking segment includes services offered to institutional investors, corporate, other banks, and investment vehicles, such as mutual funds or pensions; The Personal banking segment includes services that are offered to individual customers through local branches of the Bank, which includes checking and savings accounts, credit cards, personal lines of credit and mortgages, among others; The Group function segment covers treasury, investment, finance and other central functions. The Bank operates through its head office and a network of 30 branches located across the State of Qatar. For the fiscal year ended 31 December 2012, Qatar Islamic Bank (S.A.Q.) interest income increased 9% to QAR2.67B. Net interest income after loan loss provision remained flat at QAR2.02B. Net income decreased 9% to QAR1.24B. Net interest income after loan loss provision reflects Income from Financing Activities increase of 17% to QAR2.08B, also reflect Income from Investing Activities decrease of 13% to QAR585.1M.
Industry
Industry Commercial Banks
ANZSIC 2006: 6221 - Banking
NACE 2002: 6512 - Other
monetary intermediation
NAICS 2002: 52211 - Commercial
Banking
UK SIC 2003: 65121 - Banks
UK SIC 2007: 64191 - Banks
US SIC 1987: 6021 - National
Commercial Banks
Key Executives
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Name |
Title |
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Basel Gamal |
Chief Executive Officer |
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Gourang Hemani |
Chief Financial Officer |
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Constantinos Constantinides |
Chief Strategy Officer |
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Steven F. Crook |
Chief Operating Officer - Operations & IT Group |
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Ahmad Al Kuwari |
General Manager, Human Capital |
Significant Developments
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* number of
significant developments within the last 12 months
News
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Financial
Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = QAR 3.641173
2 - Balance Sheet Item Exchange Rate: USD 1 = QAR 3.6375
Corporate Overview
Location
Grand Hamad Ave,
P.O.Box 559
Al-Dawhah, Qatar
Tel: 974-4409409
Fax: 97444412700
Web: www.qib.com.qa
Quote Symbol - Exchange
QIBK - Doha
Securities Market
Sales QAR(mil): 2,530.1
Assets QAR(mil): 73,192.1
Employees: 998
Fiscal Year End: 31-Dec-2012
Industry: Commercial
Banks
Incorporation Date: 08-Jul-1982
Company Type: Public
Parent
Quoted Status: Quoted
Acting Chief
Executive Officer:
Ahmad Meshari
Industry Codes
ANZSIC 2006 Codes:
6221 - Banking
6230 - Non-Depository Financing
6419 - Other Auxiliary Finance and Investment Services
6411 - Financial Asset Broking Services
NACE 2002 Codes:
6512 - Other monetary intermediation
6522 - Other credit granting
6712 - Security broking and fund management
NAICS 2002 Codes:
52211 - Commercial Banking
522292 - Real Estate Credit
522291 - Consumer Lending
522190 - Other Depository Credit Intermediation
523110 - Investment Banking and Securities Dealing
US SIC 1987:
6021 - National Commercial Banks
6022 - State Commercial Banks
6211 - Security Brokers, Dealers, and Flotation Companies
6162 - Mortgage Bankers and Loan Correspondents
6141 - Personal Credit Institutions
UK SIC 2003:
65121 - Banks
65223 - Activities of mortgage finance companies
6522 - Other credit granting
6712 - Security broking and fund management
UK SIC 2007:
64191 - Banks
64922 - Activities of mortgage finance companies
6612 - Security and commodity contracts brokerage
6492 - Other credit granting
Business
Description
Qatar Islamic Bank
SAQ is a Qatar-based financial institution that provides banking services in
accordance to Islamic Sharia principles. The Bank provides banking services,
investment and financing activities through various Islamic modes of financing,
such as Murabaha, Mudaraba, Musharaka, Musawama, Ijarah, Istisna agreements and
others. The Bank is primarily organized into three segments: The Wholesale
banking segment includes services offered to institutional investors,
corporate, other banks, and investment vehicles, such as mutual funds or
pensions; The Personal banking segment includes services that are offered to
individual customers through local branches of the Bank, which includes
checking and savings accounts, credit cards, personal lines of credit and
mortgages, among others; The Group function segment covers treasury,
investment, finance and other central functions. The Bank operates through its
head office and a network of 30 branches located across the State of Qatar. For
the fiscal year ended 31 December 2012, Qatar Islamic Bank (S.A.Q.) interest
income increased 9% to QAR2.67B. Net interest income after loan loss provision
remained flat at QAR2.02B. Net income decreased 9% to QAR1.24B. Net interest
income after loan loss provision reflects Income from Financing Activities
increase of 17% to QAR2.08B, also reflect Income from Investing Activities
decrease of 13% to QAR585.1M.
More Business
Descriptions
Provision of personal banking, corporate banking, investment and
financing services conforming to the principles of Islamic law (Sharia)
Banking Services
Qatar Islamic Bank
(QIB) offers a wide range of banking services abiding the principles of Islamic
Sharia. QIB carries out its investment and financing activities through various
Islamic modes of financing, such as Sukuk, Murabaha, Mudaraba, Musharaka,
Musawama, Istisna’a and Ijarah. The bank has global presence with operations
in the Gulf, the Middle East, Asia, Europe and North Africa. QIB has four
reportable segments namely, Wholesale banking, Personal banking, Group function
and Local & international subsidiaries.Through Wholesale banking segment,
QIB offers services to corporate, institutional investors, other banks, and
investment vehicles such as mutual funds or pensions. It offers various
services including, institutional banking, SME banking, corporate banking, cash
management, credit analysis and real estate financing. For the fiscal year
ended December 2011, the Wholesale banking segment reported net operating
income of QAR1,363.8m, which accounted for 59% of the bank's total net
operating income, indicating a decrease of 4.6% over net operating income in
2010.The Personal banking segment offers services to individual customers
through local branches of the bank which includes savings and checking
accounts, personal lines of credit, credit cards, mortgages, and so forth. The
bank offers its services through a network of 29 branches, 132 ATMs and CDMs.
For the fiscal year ended December 2011, the Personal banking segment reported
net operating income of QAR222.6m, which accounted for 9.6% of the bank's total
net operating income, indicating an increase of 55.5% over net operating income
in 2010.The Group function segment comprises of treasury, finance, investment,
and other central functions of QIB. The treasury function comprises of asset
liability management, treasury sales, trading and execution desk and financial
institutions; finance function comprises of accounting and control and
reporting and budgeting. For the fiscal year ended December 2011, the Group
function segment reported net operating income of QAR453.3m, which accounted
for 19.6% of the bank's total net operating income, indicating an increase of
223.2% over net operating income in 2010.The Local and international
subsidiaries segment includes the bank's local and international subsidiaries,
which are consolidated in the group financial statements. For the fiscal year
ended December 2011, the Local and international subsidiaries segment reported
net operating income of QAR273.6m, which accounted for 11.8% of the bank's
total net operating income, indicating an increase of 301.8% over net operating
income in 2010.QIB also offers Islamic insurance (Takaful) services to its
customers in association with Generali Worldwide Insurance Company Ltd. and
Damaan Islamic Insurance Company. The bank has investments in domestic and
international companies. In Qatar, QIB has investments in Al Jazeera Finance,
Aqar Real Estate, and Damaan Islamic Insurance Company. Internationally, it has
investments in Qinvest, Arab Finance House, Asian Finance Bank, and QIB-UK. In
July 2012, QIB was named as the best Islamic bank in Qatar by the Asset
Magazine. In the same month the bank opened its new office at Supreme Council
of Health, as a part of bank's ongoing expansion strategy. In April 2012, QIB
signed a deal with Middle East Dredging Company (MEDCO) to finance the
company's to undertake access channel dredging work at the New Port Project.
Qatar Islamic Bank
(QIB) is a Qatar-based financial services provider. The bank offers various
banking services based on Islamic Shari’a principles. QIB conducts its
business activities through Islamic modes of financing, such as Sukuk,
Murabaha, Mudaraba, Musharaka, Musawama, Istisna’a and Ijarah. The bank
provides a range of banking products and services including deposits,
financing, cards and corporate services. The company established finance houses
such as Qinvest, Arab Finance House and Asian Finance Bank operating in markets
around the world. The bank has presence in the Gulf, the Middle East, Asia,
Europe and North Africa. The bank is headquartered in Doha, Qatar. In 2011, QIB
focused on improving the customer experience by developing new branches and
service model, and segmenting its value proposition. To this end, the bank
restructured its local business and created wholesale and personal banking
groups; launched QIB-Qatar Airways co-branded card; and expanded its wholesale
banking services by supporting government and private projects.The bank
reported interest income of (Qatari Rial) QAR 2,406.81 million during the
fiscal year ended December 2011, an increase of 22.48% over 2010. The net
interest income after loan loss provision of the bank was QAR 1,984.20 million
during the fiscal year 2011, an increase of 35.12% over 2010. The net profit of
the bank was QAR 1,365.15 million during the fiscal year 2011, an increase of
8.16% over 2010.
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Strategic Initiatives
Key Organizational
Changes
In addition, emerging markets such as Egypt, Turkey, Pakistan, Bangladesh, Indonesia, and the UAE are expected to drive growth in retail, SME, commercial, and wealth, equity and fund management markets. Global financial centers such as London, New York, Hong Kong, Frankfurt, Sydney, Singapore, Tokyo, and Seoul are expected to drive growth in sukuk, corporate, commercial, and treasury and private equity markets. Since NBK is the only bank in Kuwait to have access to both conventional and Islamic banking markets, with the acquisition of a 60% stake in Boubyan bank, operating in such demanding markets could offer ample growth opportunities. Venturing in such demanding markets could offer ample growth opportunities to the bank.Business ExpansionQIB carried out various business expansion activities in 2011. In 2011, the bank opened three branches in Barwa Village, Nasriya, and Suhaim Bin Hamad Street, bringing its total branch network to 29.
Partnerships
In e-banking the bank added 35 new ATM and six new CDM, that brought
total number to 132 ATMs and CDMs. In Cards business, the bank launched
co-branded card in partnership with Qatar Airways. The bank also launched a
travel pre-paid card, in collaboration with MasterCard. In Takaful business,
the bank launched new Takaful product in association with Beema. In September
2011, QIB launched a micro finance program targeting smaller customer.
Strengths/Weaknesses
(SWOT)
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Growth in Banking Sector:
GCC |
Threats |
Overview
Qatar Islamic Bank
(QIB) offers banking services, financing and investments to its customers through
Islamic modes across its branches in Qatar through a wide branch network.
Strong domestic market presence, along with improved operational performance
are major strengths of the bank, even as high loan to deposit ratio remain an
area of concern. It could benefit from various business expansion activities
such as new product offerings and strategic acquisitions, and growth prospects
in global Islamic finance market. However, additional capital requirement
norms, and stiff competition could pose challenges before the bank.
Strengths
Credit Quality
QIB reported
improvement in its credit quality in 2011. For the fiscal year ended December
2011, the bank reported total impaired loans of QAR444.50m, reflecting a
decrease of 18.25% over QAR543.80m in 2010. Due to decline in the impaired
loans, the bank reported decline in its loan loss provisions, which amounted to
QAR13m, as compared to QAR49.98m in 2010, reflecting a decline of 74%. The
reduction in such expenses was due to proper recovery management and
improvement in the overall credit quality of the company’s loan book. Such
quality of assets would improve profitability and reduce chances of
delinquencies.
Operational
Performance
QIB reported
improvement in its operational performance in 2011. For the fiscal year ended
December 2011, the bank reported interest income of QAR2,406.81m, reflecting an
increase of 22.50% over $1,965.05m in 2010. The increase was attributable to
the improvement in both financing activities and investing activities. In 2011,
the bank’s income from financing activities increased to QAR1,775.46m, from
QAR1,751.33m in 2010. The increase was attributable to the improvement in
financing of Istisna’a and Ijarah Muntahia Bittamleek, which amounted to
QAR291.37m and QAR317.01m in 2011 respectively, as compared to QAR244.87m, and
QAR275.33m in 2010 respectively. QIB’s income from investment activities
increased significantly to QAR631.34m, reflecting an increase of 195.41% over
QAR213.71m in 2010. The increase was driven by the significant increase in the
investment income form the debt-type instruments, which amounted to QAR553.37m,
as compared to QAR75.49m in 2010. QIB also reported improvement in its
commission and fees income, which amounted to QAR312.13m, reflecting an increase
of 4.66% over QAR308.72m in 2010 due to improvement in the bank’s banking
service fees, letters of credit and guarantee, and other income. Improvement in
operational performance helps the bank increase its overall profitability.
Market Presence
QIB is Qatar’s
largest Islamic bank, with an international presence in the UK, Malaysia, and
Lebanon. As of December 2011, Islamic banks occupied 31% market share of the
total assets of the Qatari banks. Of this, QIB owns a 37% share in the total
assets of the Islamic banking industry and a 30% share in total funding. It
also holds about 11% share in the assets of the Qatari banking industry as a
whole. As of December 31, 2011, the bank had total assets of QAR58.3 billion,
reflecting an increase of 12.4% over QAR51.8 billion in 2010. QIB offers
various banking services, investment and financing activities to its customers
through its branches spread across the country. As of December 31, 2011, the
bank had 29 branches and 132 ATMs and CDMs across Qatar. The bank intends to
expand its branch network to 35 by 2012 and to 49 by 2015. Such expansion of
its branch network is in line with its strategy to enhance its operations
across the country. Such market presence makes QIB the biggest Sharia-compliant
bank in Qatar and one of the top five globally.
Weaknesses
Limited International Presence
QIB has very
limited exposure in other geographies. The major part of the bank’s sale
comes from the Qatar market. The bank, through its subsidiaries, operates in
international markets such as the UK, Lebanon, and Malaysia. Despite, In 2011,
the major part of the total sale of the bank was from its domestic operations
only. The bank is therefore, over dependent on the domestic market for its
sale. The bank’s financial results are subject to general regulatory, legal,
economic, demographic, competitive and other conditions of the region. The
changes in any of these conditions could negatively impact the bank’s results
of operations. High concentration on domestic markets is a serious cause of
concern for the bank as it could hamper its operational and financial
performance.
Finance to Deposit Ratio
QIB has been
reporting high finance to deposit ratio (FTD) for the past two years. For the fiscal
year ended December 2011, the bank reported FTD ratio of 111%, as compared to
102% in 2010. It indicates that, the bank undertakes aggressive lending
strategy. High FTD ratio indicates that the bank’s deposits are not
sufficient to finance its lending activities. As a result, it may have to
finance this deficit through external borrowing such as certificates of deposit
and bonds. As of December 31, 2011, the bank reported a total debt of
QAR2,716.69m, as compared to QAR2,713.29m in 2010. that it would require a
substantial portion of the cash flow from operations for the payment of the
principal and interest on debt. QIB has to take measures to bring its LTD ratio
below 100%.
Opportunities
Growth in Banking
Sector: GCC
After a year of
stagnation, the banking industry in the Middle East experienced a healthy sale
growth of 7% in 2011. The strong recovery was driven by GCC banks. The overall
profits of Middle East banks increased significantly in 2011, reaching the
highest level since the all-time high in 2007. Loan loss provisions (LLPs) fell
by 2%, although a number of banks that were previously not affected and had
relatively low LLPs needed to make more provisions. Despite an increase of 4%
increase in the LLPs. the UAE banking industry witnessed an impressive growth
of 24% in its profits in 2011, exceeding profit levels since 2005. Sales also
saw a significant 6% growth in 2011. In 2011, retail banking sales in the GCC,
which remained flat in the past few years, experienced a rise of 3%. The rise was
driven by the 3% increase in Saudi Arabia and supported by strong growth in
Oman and Qatar of around 20%. Such developments in the banking industry would
provide ample growth opportunities for the bank.
Growing Global Islamic Finance Market
According to the
Association of Islamic Banking Association Malaysia, the global Islamic finance
and banking sector is pegged at $1 trillion with an estimated growth rate that
is four times higher than conventional financial services. As per the
association, Islamic finance is expected to reach $5 trillion by 2016. The
global Sharia-compliant market, comprising 628 players with a presence across
48 countries, was valued at $1 trillion, of which Islamic banking accounted for
83%, followed by sukuk with 12%, Islamic funds with 4%, and takaful with 1%.
The global Islamic finance market is forecast to increase at a CAGR of 15% per
annum until 2015, with Islamic banking (comprising retail, commercial and
sukuk) driving growth. As of 2015, Sharia-compliant assets are expected to
account for 2.5% of the global banking assets. The demand drivers of Islamic
finance market are MENA/GCC and East Asian countries with strong economic
growth, high Muslim concentration, abundant liquidity and strong government and
regulatory support. According to World Islamic Banking Report, Islamic banking
assets in the MENA region increased to $416 billion in 2010, representing a
five-year compound annual growth rate of 20%, less than 9% for conventional
banks. MENA Islamic banking industry is expected to grow more than double to
$990 billion by 2015. In addition, emerging markets such as Egypt, Turkey,
Pakistan, Bangladesh, Indonesia, and the UAE are expected to drive growth in
retail, SME, commercial, and wealth, equity and fund management markets. Global
financial centers such as London, New York, Hong Kong, Frankfurt, Sydney,
Singapore, Tokyo, and Seoul are expected to drive growth in sukuk, corporate,
commercial, and treasury and private equity markets. Since NBK is the only bank
in Kuwait to have access to both conventional and Islamic banking markets, with
the acquisition of a 60% stake in Boubyan bank, operating in such demanding
markets could offer ample growth opportunities. Venturing in such demanding
markets could offer ample growth opportunities to the bank.
Business Expansion
QIB carried out
various business expansion activities in 2011. In 2011, the bank opened three
branches in Barwa Village, Nasriya, and Suhaim Bin Hamad Street, bringing its
total branch network to 29. The also intends to bring its total number of
branches to 49 by 2015. In e-banking the bank added 35 new ATM and six new CDM,
that brought total number to 132 ATMs and CDMs. In Cards business, the bank
launched co-branded card in partnership with Qatar Airways. The bank also
launched a travel pre-paid card, in collaboration with MasterCard. In Takaful
business, the bank launched new Takaful product in association with Beema. In
September 2011, QIB launched a micro finance program targeting smaller
customer. QIB is the only Islamic financial institution that provides micro
finance program in Qatar and expects to be the leader in this segment. During
the year, the bank also acquired Al Yusr, an Islamic corporate portfolio of
International Bank of Qatar. Such business expansion activities further
strengthen the bank’s presence in the market and help increase its customer
base.
Threats
Low Interest Rate
Environment
Expansion of monetary policies across various economies influenced interest rates. Owing to such policies, banks/companies offering banking and financial services witnessed lower interest margins. As a result of such compressed margins, several banks have reported a decline in their net interest income and a decline in their non-interest income. Non-interest income on asset management declined over the year as banks/companies had to waive management fees on money market funds due to low yields and invest excess liquidity in short-term, low-yield assets. Since interest rates are driven by monetary policies, economic and political conditions, and factors beyond bankers’ control, such low interest rate environment could reduce interest yields.
Competition
QIB operates in
highly competitive financial services market. The bank competes with numerous
domestic banks in Qatar. A few of the bank’s key competitors include Doha
Bank Q.S.C., Ahli Bank Q.S.C., Qatar International Islamic Bank (Q.S.C.), The
Commercial Bank of Qatar Q.S.C., First Finance Company Q.S.C., Al Khalij
Commercial Bank QSC, and Qatar National Bank. Intense competition from
established players and consolidation of their financial products could have a
negative impact on the bank’s operations. This highly competitive market
could adversely affect the bank’s profitability, if it fails to retain and attract
clients and customers. The bank should come up with innovative ways of serving
its customers so as to remain profitable in the highly competitive financial
services market
Basel III Norms on Capital Requirements
The looming threat
on bank solvency as a result of highly leveraged balance sheets prompted a
regulatory response, which recommended an increase in capital. Basel III norms
by Basel Committee on Banking Supervision (BCBS) are intended to protect the
global banking industry from financial meltdowns. The new norms require banks
to hold more and better quality capital, carry more liquid assets, and limit
leverage. These will not only ensure that banks to hold more capital on hand,
which will limit the amount of money they can lend, but also reduce the risk of
insolvency given many loan defaults. Basel III increases the minimum Tier 1
common equity ratio to 4.5%, net of regulatory deductions, and introduces a
capital conservation buffer of an additional 2.5% of common equity to
risk-weighted assets, raising the target minimum common equity ratio to 7%.
This capital conservation buffer also increases the minimum Tier 1 capital
ratio from 6% to 8.5% and the minimum total capital ratio from 8% to 10.5%. In
addition, Basel III introduces a counter cyclical capital buffer of up to 2.5%
of common equity or other fully loss absorbing capital for periods of excess
credit growth. Basel III also introduces a non-risk adjusted Tier 1 leverage
ratio of 3%, based on a measure of total exposure rather than total assets, and
new liquidity standards. Such regulations would require financial services
companies to incur high costs, exerting increased pressure on banks, which are
already in the process of improving their own governance processes.
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Corporate Family |
Corporate
Structure News: |
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Qatar
Islamic Bank (S.A.Q.) |
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Qatar Islamic Bank
(S.A.Q.) |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Al-Dawhah |
Qatar |
Commercial Banks |
694.9 |
998 |
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Subsidiary |
London |
United Kingdom |
Business Services |
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30 |
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Subsidiary |
Doha |
Qatar |
Investment Services |
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Merger proposed/announced (EFG Hermes
Securities Brokerage).See corporate
structure news on
Qatar Islamic Bank (S.A.Q.) for details |
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
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Al Khalij Commercial Bank QSC |
Doha, Qatar |
241 |
Public |
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Doha Bank (Q.S.C) |
Doha, Qatar |
677 |
Public |
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Qatar International Islamic
Bank Q.S.C. |
Doha, Qatar |
269 |
Public |
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Qatar National Bank SAQ |
Doha, Qatar |
1,096 |
Public |
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The Commercial Bank of Qatar
Q.S.C. |
Doha, Qatar |
1,115 |
Public |
Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Chairman of the Board |
Chairman |
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Chairman |
Chairman |
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Chairman |
Chairman |
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Chairman |
Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Vice Chairman |
Vice-Chairman |
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Member of the Board |
Director/Board Member |
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Board Member |
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Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Member of the Board |
Director/Board Member |
|
|
|||
|
Member of the Board |
Director/Board Member |
|
|
|||
|
Member of the Board |
Director/Board Member |
|
|
|||
|
Managing Director, Member of the Board |
Director/Board Member |
|
|
|||
|
Member of the Board |
Director/Board Member |
|
|
|||
|
Board Member |
Director/Board Member |
|
|
|||
|
Board Member |
Director/Board Member |
|
|
|||
|
Member |
Director/Board Member |
|
|
|||
|
Executives |
|
|
|
|
|||||||
|
Chief Executive Officer |
Chief Executive Officer |
|
|||||||
|
||||||||||
|
Chief Business Officer |
Chief Executive Officer |
|
|
||||||
|
Acting Chief Executive Officer |
Chief Executive Officer |
|
|
||||||
|
General Manager, Real Estate |
Division Head Executive |
|
|
||||||
|
General Manager, Personal Banking Group |
Division Head Executive |
|
|
||||||
|
General Manager, Wholesale Banking Group |
Division Head Executive |
|
|
||||||
|
||||||||||
|
Managing Director, Member of the Board |
Managing Director |
|
|
||||||
|
Chief Operating Officer - Operations & IT Group |
Operations Executive |
|
|
||||||
|
Acting COO |
Operations Executive |
|
|
||||||
|
General Manager, Wholesale Banking Group |
Finance Executive |
|
|
||||||
|
Assistant General Manager, Corporate Banking,Wholesale Banking Group. |
Finance Executive |
|
|
||||||
|
Chief Financial Officer |
Finance Executive |
|
|
||||||
|
Head-Internal Audit |
Accounting Executive |
|
|
||||||
|
General Manager, Human Capital |
Human Resources Executive |
|
|
||||||
|
Chief International Officer |
International Executive |
|
|
||||||
|
||||||||||
|
Chief Strategy Officer |
Planning Executive |
|
|
||||||
|
||||||||||
|
Group Chief Risk Officer |
Other |
|
|
||||||
Significant Developments
Qatar Islamic Bank SAQ Affiliate Al Jazeera Finance Signs USD 95 Million Three-Year Syndicated Loan Feb 10, 2013
Al Jazeera Finance, which is an affiliate of Qatar Islamic Bank SAQ, announced that it has signed a USD 95 million three-year dual currency Murabaha facility with a syndicate of banks from the Gulf Cooperation Council. QInvest acted as Sole Bookrunner and Structuring Advisor to AJF. Qatar Islamic Bank took the Mandate Lead Arranger (MLA) role and is also acting as the Investment Agent. Ahli United Bank, First Gulf Bank UAE and QInvest were the Lead Arrangers. Al Jazeera Finance shareholders include Qatar National Bank, Qatar Insurance Company and its two founding shareholders being Qatar Islamic Bank and Awqaf (Ministry of Endowment and Islamic Affairs).
Qatar Islamic Bank SAQ Appoints New Chief Executive Officer Jan 27, 2013
Qatar Islamic Bank SAQ announced that it has decided to appoint Mr. Bassel Gamal as the Chief Executive Officer of the Bank effective from February, 2013.
Qatar Islamic Bank SAQ Recommends 37.5% Annual Cash Dividends For FY 2012 Jan 21, 2013
Qatar Islamic Bank SAQ announced that its Board of Directors has recommended the distribution of 37.5%, of the paid up capital, as cash dividend for the fiscal year ended December 31, 2012. The recommendation is subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.
Qatar Islamic Bank SAQ Subsidiary Sells Entire Stake In Asian Business Exhibitions and Conferences (ABEC) In India To ITE Group PLC Dec 06, 2012
Qatar Islamic Bank SAQ announced that its 47% owned subsidiary, QInvest LLC, has sold its stake in Asian Business Exhibitions and Conferences (ABEC), India's trade exhibition organizer, to ITE Group PLC. ABEC runs 19 exhibitions across 11 vertical markets including architecture, design, construction, education, lifestyle, real estate and oil & gas.
Qatar Islamic Bank SAQ Launches Another Issue of Hemaya Investment Product Oct 14, 2012
Qatar Islamic Bank SAQ announced the launch of new issue of "Hemaya" investment product series called "Masaref" that is linked to the performance of some of Islamic banks in the region. Masaref is a three-year Sharia-compliant investment that offers invested capital protection at maturity, and the potential to extract positive returns from the performance of a reference equity basket composed of five regional Islamic banks hand-picked by Bank market analysts from the markets of Qatar and neighboring Saudi Arabia: QIB and Masraf Al Rayan from Qatar; Al Rajhi Bank, Alinma Bank and Bank Al Jazira from Saudi Arabia. The subscription ends on October 25, 2012 and will mature three years later.
Qatar Islamic Bank SAQ Issues Islamic Sukuk For USD 750 Million With Maturity Tenure Of Five Years Oct 04, 2012
Qatar Islamic Bank SAQ announced that it has issued USD 750 million of Islamic Sukuk with maturity tenure of five years. The five-year Sukuk was priced at a profit rate of 2.5% and a spread of 175 basis points over mid swaps. This issuance is part of the Company's medium-term USD 1.5 billion Sukuk program.
EFG Hermes Holding SAE Approves Strategic Alliance With Qatar Islamic Bank SAQ Subsidiary Sep 17, 2012
EFG Hermes Holding SAE announced that its shareholders has approved to establish strategic alliance with QInvest LLC, which is a subsidiary of Qatar Islamic Bank SAQ, through establishing a new joint venture company in Qatar under the name EFG Hermes Qatar LLC, to be 60% owned by QInvest LLC and 40% owned by EFG Hermes Holding SAE. Furthermore, EFG Hermes Holding SAE has approved the sale of its entire stake, held directly and indirectly, in its respective subsidiaries operating in the Securities Brokerage, Research, Asset Management, Investment Banking, and Infrastructure Fund businesses to EFG Hermes Qatar LLC in consideration for USD 250 million. EFG Hermes Holding SAE shareholders also approved the transfer of the equivalent of 60% of the total seed capital injected by EFG Hermes into a number of its managed funds to QInvest LLC. Pursuant to the terms of the transaction, EFG Hermes Holding SAE will transfer the "EFG Hermes" trademark to EFG Hermes Qatar LLC, effective within a year of the transfer of ownership of the subsidiaries to EFG Hermes Qatar LLC; and approved in principle the amendment of EFG Hermes Holding SAE name to become "Egyptian Financial Group.
Qatar Islamic Bank SAQ To Establish Islamic Trust Certificate (Sukuk)
Program Aug 29, 2012
Qatar Islamic Bank SAQ has announced its intention to establish an Islamic Trust Certificate (Sukuk) Program for an amount of up to USD 1.5 billion. The Company to be obtaining necessary approvals from the relevant authorities in Qatar with regards to potential Sukuk issuances under the Program in the future.
Fitch Affirms Qatar Islamic Bank SAQ Long-Term Issuer Default Rating At "A" With Stable Outlook Aug 23, 2012
Qatar Islamic Bank SAQ (QIB) announced that Fitch has affirmed "A" rating for the Company's Long-Term Issuer Default Rating (IDR) with stable outlook as well as "BBB" rating for the Company's Viability Rating (VR).
Qatar Islamic Bank SAQ Affiliate Announces Five Towers In Pearl Qatar For Sale Aug 14, 2012
Qatar Islamic Bank SAQ announced that its affiliate, Durat Al Doha, is announcing five towers, located in Pearl Qatar for auction sale.
Qatar Islamic Bank SAQ Launches New Banking Office At The Supreme Council of Health (SCH)
Jul 09, 2012
Qatar Islamic Bank SAQ has announced the opening of a new banking office at the Supreme Council of Health (SCH) to provide banking services all over Qatar mainly for health sector employees.
Standard & Poor's For the First Time Assigns Debt Ratings For Qatar Islamic Bank SAQ As "A-/A-2" With Stable Outlook May 15, 2012
Qatar Islamic Bank SAQ announced that Standard & Poor's has assigned the Company's financial position and business as "A-" long-term and "A-2" short-term counterparty credit ratings to the Company with a stable outlook rating on the long-term. The Company announced that this is the first time in which Standard & Poor's assigns its debt ratings.
EFG Hermes Holding SAE Enters Into Definitive Strategic Partnership Agreement With Qatar Islamic Bank SAQ's Subsidiary QInvest LLC To Establish New Joint Venture May 07, 2012
QInvest LLC, a subsidiary of Qatar Islamic Bank SAQ, announced that it has entered into a definitive agreement with EFG Hermes Holding SAE to establish new joint venture EFG Hermes Qatar LLC, which will be 60% owned by QInvest LLC and 40% owned by EFG Hermes Holding SAE. As a result of the transaction, QInvest LLC will inject USD 250 million in the form of a capital increase at EFG Hermes Qatar LLC. The transaction is expected to close in the third quarter of 2012. The Joint Venture will operate under the EFG Hermes brand name. EFG Hermes Holding SAE will have the right to sell its entire 40% shareholding in the Joint Venture Company to QInvest LLC at any time during the period between 12 to 36 months from signing of the transaction at a price of EGP 1,000 million (USD 165 million). QInvest LLC will have the right to acquire from EFG Hermes Holding SAE its entire 40% shareholding at any time during the period between 12 to 36 months from signing of the transaction at the higher of USD 165 million or fair market value at the time of the exercise subject to capital. At closing QInvest LLC will also acquire from EFG Hermes Holding SAE 60% of the seed capital of the asset management business at market value.
Annual income statement
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
QAR |
QAR |
QAR |
QAR |
QAR |
|
Exchange Rate
(Period Average) |
3.641173 |
3.641302 |
3.640096 |
3.640932 |
3.640162 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Not Available |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest & Dividends on Investment
Securities |
732.3 |
671.6 |
539.8 |
574.5 |
659.2 |
|
Interest Income, Bank |
732.3 |
671.6 |
539.8 |
574.5 |
659.2 |
|
Interest on Deposit |
126.6 |
112.5 |
122.7 |
140.2 |
106.8 |
|
Total Interest Expense |
126.6 |
112.5 |
122.7 |
140.2 |
106.8 |
|
Net Interest Income |
605.7 |
559.1 |
417.1 |
434.3 |
552.4 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
51.7 |
3.6 |
13.7 |
8.5 |
-13.1 |
|
Net Interest Income after Loan Loss Provision |
554.0 |
555.5 |
403.4 |
425.8 |
565.5 |
|
|
|
|
|
|
|
|
Fees & Commissions from Operations |
114.6 |
82.4 |
79.5 |
71.1 |
61.3 |
|
Commissions & Fees from Securities
Activities |
-35.6 |
-29.1 |
-6.7 |
0.0 |
- |
|
Foreign Currency Gains |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Sale |
3.1 |
0.0 |
- |
1.7 |
3.5 |
|
Non-Interest Income, Bank |
89.2 |
46.4 |
79.9 |
85.1 |
42.6 |
|
Labor & Related Expenses |
-133.0 |
-112.6 |
- |
- |
- |
|
Depreciation Expense |
-16.6 |
-13.8 |
-9.5 |
-9.8 |
-5.4 |
|
Other Unusual Expense |
-86.1 |
-50.0 |
2.6 |
-27.4 |
-17.9 |
|
Other Expense |
-81.7 |
-79.8 |
-122.1 |
-121.2 |
-116.6 |
|
Non-Interest Expense, Bank |
-317.5 |
-256.2 |
-129.0 |
-158.3 |
-139.8 |
|
Income Before Tax |
325.6 |
345.6 |
354.3 |
352.6 |
468.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.5 |
0.6 |
0.0 |
-3.0 |
0.0 |
|
Income After Tax |
325.1 |
345.0 |
354.3 |
355.6 |
468.3 |
|
|
|
|
|
|
|
|
Minority Interest |
31.8 |
41.0 |
-7.5 |
7.5 |
-17.1 |
|
Equity In Affiliates |
-15.9 |
-11.1 |
0.0 |
- |
- |
|
Net Income Before Extraord Items |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
Net Income |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
236.3 |
232.4 |
215.1 |
205.4 |
193.4 |
|
Basic EPS Excl Extraord Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Basic/Primary EPS Incl Extraord Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Diluted Net Income |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
Diluted Weighted Average Shares |
236.3 |
232.4 |
215.1 |
205.4 |
193.4 |
|
Diluted EPS Excl Extraord Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Diluted EPS Incl Extraord Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Dividends per Share - Common Stock Primary Issue |
1.03 |
1.24 |
1.37 |
1.65 |
1.92 |
|
Gross Dividends - Common Stock |
- |
291.9 |
297.5 |
324.4 |
378.6 |
|
Depreciation, Supplemental |
13.2 |
13.8 |
9.5 |
9.8 |
5.4 |
|
Total Special Items |
86.1 |
50.0 |
-2.6 |
27.4 |
17.9 |
|
Normalized Income Before Tax |
411.8 |
395.6 |
351.6 |
380.0 |
486.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
0.1 |
0.0 |
9.6 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.7 |
0.7 |
0.0 |
6.6 |
0.0 |
|
Normalized Income After Tax |
411.1 |
394.9 |
351.6 |
373.4 |
486.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
427.0 |
424.8 |
344.1 |
380.9 |
469.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.81 |
1.83 |
1.60 |
1.85 |
2.43 |
|
Diluted Normalized EPS |
1.81 |
1.83 |
1.60 |
1.85 |
2.43 |
|
Rental Expenses |
11.5 |
10.1 |
11.6 |
8.9 |
7.4 |
|
Advertising Expense, Supplemental |
7.7 |
9.2 |
7.1 |
6.1 |
7.7 |
|
Bank Total Sale |
694.9 |
605.4 |
497.0 |
519.5 |
595.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
QAR |
QAR |
QAR |
QAR |
QAR |
|
Exchange Rate |
3.6375 |
3.6414 |
3.641 |
3.6415 |
3.64205 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Not Available |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Due from Banks |
3,409.4 |
2,526.8 |
3,929.1 |
2,812.3 |
2,029.3 |
|
Other Short Term Investments |
212.8 |
190.3 |
306.2 |
330.5 |
464.5 |
|
Securities for Sale |
3,671.7 |
4,067.2 |
942.9 |
943.6 |
1,262.4 |
|
Total Investment Securities |
3,671.7 |
4,067.2 |
942.9 |
943.6 |
1,262.4 |
|
Other Earning Assets, Total |
3,884.5 |
4,257.5 |
1,249.1 |
1,274.1 |
1,726.9 |
|
Total Gross Loans |
13,380.8 |
9,298.5 |
9,268.4 |
7,067.0 |
5,830.4 |
|
Loan Loss Allowances |
-135.5 |
-99.6 |
-99.8 |
-72.6 |
-64.2 |
|
Unearned Income |
-1,386.2 |
-1,071.3 |
-1,107.2 |
-770.7 |
-586.2 |
|
Net Loans |
11,859.1 |
8,127.6 |
8,061.5 |
6,223.7 |
5,180.0 |
|
Buildings |
83.5 |
72.1 |
72.0 |
57.5 |
49.7 |
|
Machinery/Equipment |
82.9 |
78.7 |
79.2 |
65.0 |
55.7 |
|
Property/Plant/Equipment - Gross |
166.4 |
150.8 |
151.3 |
122.5 |
105.4 |
|
Accumulated Depreciation |
-62.7 |
-51.4 |
-49.5 |
-40.4 |
-34.0 |
|
Property/Plant/Equipment - Net |
103.7 |
99.4 |
101.8 |
82.1 |
71.5 |
|
Goodwill, Net |
59.4 |
59.3 |
0.0 |
- |
- |
|
Intangibles, Net |
9.3 |
11.0 |
- |
- |
- |
|
LT Investment - Affiliate Companies |
240.6 |
243.0 |
448.0 |
- |
- |
|
Long Term Investments |
240.6 |
243.0 |
448.0 |
- |
- |
|
Discontinued Operations - Long Term Asset |
80.7 |
89.1 |
0.0 |
- |
- |
|
Other Long Term Assets, Total |
80.7 |
89.1 |
0.0 |
- |
- |
|
Other Assets |
474.8 |
589.6 |
458.6 |
392.6 |
202.3 |
|
Other Assets, Total |
474.8 |
589.6 |
458.6 |
392.6 |
202.3 |
|
Total Assets |
20,121.5 |
16,003.4 |
14,248.1 |
10,784.8 |
9,210.0 |
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
9,365.1 |
5,122.7 |
5,943.2 |
3,746.3 |
3,156.1 |
|
Interest Bearing Deposits |
5,348.0 |
6,190.2 |
4,708.2 |
4,231.7 |
3,787.4 |
|
Total Deposits |
14,713.1 |
11,312.9 |
10,651.4 |
7,978.0 |
6,943.5 |
|
Long Term Debt |
1,488.8 |
746.1 |
745.2 |
- |
- |
|
Total Long Term Debt |
1,488.8 |
746.1 |
745.2 |
0.0 |
0.0 |
|
Total Debt |
1,488.8 |
746.1 |
745.2 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Minority Interest |
433.6 |
452.6 |
56.8 |
53.2 |
62.0 |
|
Discontinued Operations - Liabilities |
56.4 |
53.6 |
0.0 |
- |
- |
|
Other Liabilities |
275.3 |
361.9 |
308.7 |
280.6 |
243.2 |
|
Other Liabilities, Total |
331.7 |
415.5 |
308.7 |
280.6 |
243.2 |
|
Total Liabilities |
16,967.2 |
12,927.0 |
11,762.0 |
8,311.8 |
7,248.7 |
|
|
|
|
|
|
|
|
Common Stock |
649.6 |
648.9 |
594.9 |
567.8 |
540.7 |
|
Common Stock |
649.6 |
648.9 |
594.9 |
567.8 |
540.7 |
|
Additional Paid-In Capital |
- |
- |
- |
262.5 |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
2,504.7 |
2,427.5 |
1,891.1 |
1,642.6 |
1,420.6 |
|
Total Equity |
3,154.3 |
3,076.4 |
2,486.0 |
2,472.9 |
1,961.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
20,121.5 |
16,003.4 |
14,248.1 |
10,784.8 |
9,210.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
236.3 |
236.3 |
216.6 |
206.8 |
196.9 |
|
Total Common Shares Outstanding |
236.3 |
236.3 |
216.6 |
206.8 |
196.9 |
|
Employees |
- |
998 |
825 |
792 |
751 |
|
Deferred Sale - Current |
27.1 |
67.7 |
101.6 |
109.7 |
57.8 |
|
Total Risk-Weighted Capital |
17.3 |
11.3 |
10.3 |
10.5 |
9.2 |
|
Tier 1 Capital % |
15.05% |
18.58% |
17.37% |
17.33% |
16.35% |
|
Total Capital % |
- |
- |
17.37% |
17.33% |
17.04% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
QAR |
QAR |
QAR |
QAR |
QAR |
|
Exchange Rate
(Period Average) |
3.641173 |
3.641302 |
3.640096 |
3.640932 |
3.640162 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Not Available |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
321.3 |
335.1 |
483.7 |
495.8 |
575.1 |
|
Depreciation |
16.6 |
13.8 |
9.5 |
9.8 |
5.4 |
|
Depreciation/Depletion |
16.6 |
13.8 |
9.5 |
9.8 |
5.4 |
|
Discontinued Operations |
-11.6 |
-0.5 |
- |
- |
- |
|
Unusual Items |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
129.1 |
42.8 |
6.4 |
32.9 |
3.5 |
|
Non-Cash Items |
117.5 |
42.4 |
6.4 |
32.9 |
3.5 |
|
Other Assets |
-3,659.0 |
-36.1 |
-1,917.1 |
-1,238.9 |
-1,962.5 |
|
Other Liabilities |
-109.7 |
201.4 |
541.9 |
473.3 |
245.4 |
|
Other Operating Cash Flow |
-211.3 |
122.5 |
-15.4 |
57.4 |
-419.0 |
|
Investment Securities, Gains/Losses |
- |
- |
0.1 |
- |
-81.9 |
|
Loans Origination - Operating |
-815.9 |
1,349.1 |
-76.7 |
-1.6 |
1,398.9 |
|
Changes in Working Capital |
-4,795.9 |
1,636.9 |
-1,467.2 |
-709.8 |
-819.1 |
|
Cash from Operating Activities |
-4,340.4 |
2,028.1 |
-967.6 |
-171.4 |
-235.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-19.2 |
-22.6 |
-29.2 |
-20.4 |
-48.9 |
|
Capital Expenditures |
-19.2 |
-22.6 |
-29.2 |
-20.4 |
-48.9 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
862.8 |
1,031.2 |
135.2 |
773.9 |
565.9 |
|
Investment, Net |
-2.9 |
-146.6 |
-33.7 |
-192.3 |
-168.3 |
|
Purchase of Investments |
-516.3 |
-3,793.7 |
-507.0 |
-107.9 |
-843.2 |
|
Other Investing Cash Flow |
2.5 |
93.4 |
14.6 |
4.1 |
0.0 |
|
Other Investing Cash Flow Items, Total |
346.0 |
-2,815.7 |
-390.9 |
477.9 |
-445.6 |
|
Cash from Investing Activities |
326.8 |
-2,838.3 |
-420.2 |
457.5 |
-494.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
4,972.9 |
-819.8 |
2,812.8 |
712.3 |
1,198.7 |
|
Financing Cash Flow Items |
4,972.9 |
-819.8 |
2,812.8 |
712.3 |
1,198.7 |
|
Cash Dividends Paid - Common |
-292.0 |
-297.4 |
-324.6 |
-378.6 |
-65.6 |
|
Total Cash Dividends Paid |
-292.0 |
-297.4 |
-324.6 |
-378.6 |
-65.6 |
|
Sale/Issuance of
Common |
0.0 |
525.1 |
0.0 |
262.6 |
49.2 |
|
Common Stock, Net |
0.0 |
525.1 |
0.0 |
262.6 |
49.2 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
525.1 |
0.0 |
262.6 |
49.2 |
|
Cash from Financing Activities |
4,680.9 |
-592.2 |
2,488.3 |
596.3 |
1,182.3 |
|
|
|
|
|
|
|
|
Net Change in Cash |
667.3 |
-1,402.3 |
1,100.5 |
882.3 |
452.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2,145.7 |
3,548.0 |
2,448.7 |
1,565.8 |
1,113.4 |
|
Net Cash - Ending Balance |
2,813.1 |
2,145.7 |
3,549.2 |
2,448.1 |
1,566.1 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
QAR |
QAR |
QAR |
QAR |
QAR |
|
Exchange Rate
(Period Average) |
3.641173 |
3.641302 |
3.640096 |
3.640932 |
3.640162 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Not Available |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
No Opinion |
Unqualified |
|
|
|
|
|
|
|
|
Income from Financing Activities |
571.6 |
487.6 |
481.1 |
498.7 |
364.8 |
|
Income from Investing Activities |
160.7 |
184.0 |
58.7 |
75.8 |
294.3 |
|
Total Sale |
732.3 |
671.6 |
539.8 |
574.5 |
659.2 |
|
|
|
|
|
|
|
|
Inv Acc Holders's Share of Profit |
126.6 |
112.5 |
122.7 |
140.2 |
106.8 |
|
Provision for Doubtful Financing Act. |
51.7 |
3.6 |
13.7 |
8.5 |
-13.1 |
|
Total Operating Expense |
178.3 |
116.1 |
136.4 |
148.7 |
93.7 |
|
|
|
|
|
|
|
|
Commission and Fees Income |
129.8 |
88.7 |
84.8 |
75.9 |
64.9 |
|
Commission and Fees Expense |
-15.2 |
-6.4 |
-5.4 |
-4.8 |
-3.6 |
|
Foreign Exchange Gain |
7.2 |
-6.9 |
7.2 |
12.4 |
-22.2 |
|
General & Administrative Expenses |
- |
- |
-122.1 |
-124.1 |
-116.6 |
|
Staff Expenses |
-133.0 |
-112.6 |
- |
- |
- |
|
Depreciation |
-16.6 |
-13.8 |
-9.5 |
-9.8 |
-5.4 |
|
Other Expenses |
-81.7 |
-79.8 |
- |
- |
- |
|
Provision for Financial Investments |
-83.0 |
-50.0 |
2.6 |
-22.7 |
0.0 |
|
Other Investment Provision |
- |
- |
- |
-4.7 |
-17.9 |
|
Other Provisions |
-3.1 |
0.0 |
- |
- |
- |
|
Other Operating Income |
3.1 |
0.0 |
- |
1.7 |
3.5 |
|
Sukuk Holders' Share of Profit |
-35.6 |
-29.1 |
-6.7 |
0.0 |
- |
|
Adjustment |
- |
- |
- |
2.9 |
- |
|
Total Non-Interest Sale |
89.2 |
46.4 |
79.9 |
85.1 |
42.6 |
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
-317.5 |
-256.2 |
-129.0 |
-158.3 |
-139.8 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
325.6 |
345.6 |
354.3 |
352.6 |
468.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.5 |
0.6 |
0.0 |
-3.0 |
0.0 |
|
Net Income After Taxes |
325.1 |
345.0 |
354.3 |
355.6 |
468.3 |
|
|
|
|
|
|
|
|
Minority Interest |
31.8 |
41.0 |
-7.5 |
7.5 |
-17.1 |
|
Share of Result of Associates |
-4.4 |
-10.6 |
- |
- |
- |
|
Loss from Subssidiaries HFS |
-11.6 |
-0.5 |
0.0 |
- |
- |
|
Net Income Before Extra. Items |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
Net Income |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
236.3 |
232.4 |
215.1 |
205.4 |
193.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Basic EPS Including ExtraOrdinary Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Diluted Net Income |
340.9 |
374.9 |
346.7 |
363.1 |
451.2 |
|
Diluted Weighted Average Shares |
236.3 |
232.4 |
215.1 |
205.4 |
193.4 |
|
Diluted EPS Excluding ExtraOrd Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
Diluted EPS Including ExtraOrd Items |
1.44 |
1.61 |
1.61 |
1.77 |
2.33 |
|
DPS-Common Stock |
1.03 |
1.24 |
1.37 |
1.65 |
1.92 |
|
Gross Dividends - Common Stock |
- |
291.9 |
297.5 |
324.4 |
378.6 |
|
Normalized Income Before Taxes |
411.8 |
395.6 |
351.6 |
380.0 |
486.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.7 |
0.7 |
0.0 |
6.6 |
0.0 |
|
Normalized Income After Taxes |
411.1 |
394.9 |
351.6 |
373.4 |
486.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
427.0 |
424.8 |
344.1 |
380.9 |
469.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.81 |
1.83 |
1.60 |
1.85 |
2.43 |
|
Diluted Normalized EPS |
1.81 |
1.83 |
1.60 |
1.85 |
2.43 |
|
Depreciation |
13.2 |
13.8 |
9.5 |
9.8 |
5.4 |
|
Advertising Expense |
7.7 |
9.2 |
7.1 |
6.1 |
7.7 |
|
Rental Expense |
11.5 |
10.1 |
11.6 |
8.9 |
7.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
QAR |
QAR |
QAR |
QAR |
QAR |
|
Exchange Rate |
3.6375 |
3.6414 |
3.641 |
3.6415 |
3.64205 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Not Available |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
No Opinion |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Balances with Central Bank |
1,001.7 |
503.2 |
514.8 |
367.5 |
280.9 |
|
Due from Investments with Banks |
2,407.7 |
2,023.6 |
3,414.2 |
2,444.8 |
1,748.4 |
|
Due from Financing Activities Gross |
13,380.8 |
9,298.5 |
9,268.4 |
7,067.0 |
5,830.4 |
|
Unearned Inc. |
-1,386.2 |
-1,071.3 |
-1,107.2 |
-770.7 |
-586.2 |
|
Provision for Doubtful Financing Activi |
-126.5 |
-85.3 |
-81.8 |
-72.6 |
-64.2 |
|
Suspended Profit |
-9.0 |
-14.2 |
-18.0 |
- |
- |
|
Investment in Associates |
240.6 |
243.0 |
448.0 |
- |
- |
|
Financial Investments |
3,671.7 |
4,067.2 |
942.9 |
943.6 |
1,262.4 |
|
Investments in Property |
212.8 |
190.3 |
- |
- |
- |
|
Assets of a subsidiary held for sale |
80.7 |
89.1 |
0.0 |
- |
- |
|
Other Investments |
- |
- |
306.2 |
330.5 |
464.5 |
|
Land & Buildings |
83.5 |
72.1 |
72.0 |
57.5 |
49.7 |
|
Computers & Peripherals |
31.1 |
28.4 |
38.9 |
29.8 |
23.7 |
|
Office Equipm., Furniture & Fixtures |
50.2 |
48.9 |
39.4 |
34.2 |
31.1 |
|
Motor Vehicles |
1.6 |
1.5 |
1.0 |
1.0 |
0.9 |
|
Depreciation |
-62.7 |
-51.4 |
-49.5 |
-40.4 |
-34.0 |
|
Other Assets |
474.8 |
589.6 |
458.6 |
392.6 |
202.3 |
|
Other Intangibles, Net |
9.3 |
11.0 |
- |
- |
- |
|
Goodwill |
59.4 |
59.3 |
0.0 |
- |
- |
|
Total Assets |
20,121.5 |
16,003.4 |
14,248.1 |
10,784.8 |
9,210.0 |
|
|
|
|
|
|
|
|
Current Accounts with Banks |
2,851.3 |
3,664.0 |
2,310.3 |
2,386.6 |
2,387.9 |
|
Customer Current Accounts |
2,496.7 |
2,526.1 |
2,397.8 |
1,845.0 |
1,399.6 |
|
Liabilities of a subsidiary held for sal |
56.4 |
53.6 |
0.0 |
- |
- |
|
Other Liabilities |
275.3 |
361.9 |
308.7 |
280.6 |
243.2 |
|
Unrestricted Investment Accounts |
9,365.1 |
5,122.7 |
5,943.2 |
3,746.3 |
3,156.1 |
|
Sukuk Financing Instrument |
1,488.8 |
746.1 |
745.2 |
- |
- |
|
Total Long Term Debt |
1,488.8 |
746.1 |
745.2 |
- |
- |
|
|
|
|
|
|
|
|
Minority Interest |
433.6 |
452.6 |
56.8 |
53.2 |
62.0 |
|
Total Liabilities |
16,967.2 |
12,927.0 |
11,762.0 |
8,311.8 |
7,248.7 |
|
|
|
|
|
|
|
|
Share Capital |
649.6 |
648.9 |
594.9 |
567.8 |
540.7 |
|
Additional Paid in Capital |
- |
- |
- |
262.5 |
0.0 |
|
Legal Reserve |
1,751.2 |
1,749.3 |
1,278.5 |
1,042.8 |
805.3 |
|
General Reserve |
22.5 |
183.1 |
183.1 |
183.0 |
150.4 |
|
Risk Reserve |
209.8 |
117.7 |
117.7 |
117.7 |
98.5 |
|
Fair Value Reserve |
23.7 |
-8.4 |
-1.8 |
-12.3 |
-20.9 |
|
Translation Reserve |
-8.5 |
-10.7 |
-14.8 |
-13.1 |
-14.2 |
|
Other Reserve |
35.6 |
0.0 |
- |
- |
- |
|
Proposed Cash Dividend |
243.6 |
292.0 |
297.4 |
324.4 |
378.5 |
|
Retained Earnings |
226.9 |
104.5 |
31.0 |
0.0 |
23.0 |
|
Total Equity |
3,154.3 |
3,076.4 |
2,486.0 |
2,472.9 |
1,961.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
20,121.5 |
16,003.4 |
14,248.1 |
10,784.8 |
9,210.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
236.3 |
236.3 |
216.6 |
206.8 |
196.9 |
|
Total Common Shares Outstanding |
236.3 |
236.3 |
216.6 |
206.8 |
196.9 |
|
Advance Payment from Customers |
27.1 |
67.7 |
101.6 |
109.7 |
57.8 |
|
Tier 1 Capital Ratio |
15.05% |
18.58% |
17.37% |
17.33% |
16.35% |
|
Total Capital Ratio |
- |
- |
17.37% |
17.33% |
17.04% |
|
Total Risk Weighted Assets |
17,347.5 |
11,286.3 |
10,305.8 |
10,521.5 |
9,223.2 |
|
Full-Time Employees |
- |
998 |
825 |
792 |
751 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
QAR |
QAR |
QAR |
QAR |
QAR |
|
Exchange Rate
(Period Average) |
3.641173 |
3.641302 |
3.640096 |
3.640932 |
3.640162 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Not Available |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
No Opinion |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
321.3 |
335.1 |
483.7 |
495.8 |
575.1 |
|
Depreciation |
16.6 |
13.8 |
9.5 |
9.8 |
5.4 |
|
Income from Dis. Operation |
-11.6 |
-0.5 |
- |
- |
- |
|
Provision for Doubtful Financing Act. |
51.7 |
3.6 |
13.7 |
8.5 |
-13.1 |
|
Provision for Financial Investments |
83.0 |
50.0 |
-2.6 |
22.7 |
-1.2 |
|
Provision for Other Assets |
3.1 |
0.0 |
- |
- |
- |
|
Profit From Investment Revaluation |
-16.4 |
-19.4 |
- |
- |
3.6 |
|
Income from Dividend |
-10.2 |
-10.8 |
- |
- |
- |
|
Share of Profit From Associate |
4.4 |
10.6 |
- |
-40.4 |
-65.8 |
|
Sukuk amortization |
0.9 |
0.9 |
- |
- |
- |
|
Investment Revaluation at FV |
2.1 |
0.7 |
0.0 |
- |
-54.4 |
|
Investment Properties |
0.0 |
-1.4 |
- |
- |
- |
|
Income tax expenses |
0.5 |
0.6 |
- |
- |
- |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Provision for Other Investments |
- |
- |
-4.7 |
4.7 |
17.9 |
|
Profit on Foreign Exchange |
- |
- |
0.8 |
-1.8 |
5.7 |
|
Income Tax Adjustment |
- |
- |
- |
-3.0 |
- |
|
Sale of Financial Investements |
- |
- |
0.1 |
- |
-49.0 |
|
Sale of Other Investments |
- |
- |
- |
- |
-32.9 |
|
Balances with Banks |
-18.2 |
84.4 |
73.5 |
164.4 |
-193.6 |
|
Reserve with Qatar Central Bank |
-193.4 |
35.4 |
-89.7 |
-64.8 |
-114.6 |
|
Due from Financing Activities |
-3,770.7 |
-70.6 |
-1,851.1 |
-1,051.6 |
-1,961.2 |
|
Other Assets |
111.7 |
34.5 |
-66.0 |
-187.4 |
-1.4 |
|
Due to Banks & Financial Institutions |
-815.9 |
1,349.1 |
-76.7 |
-1.6 |
1,398.9 |
|
Customer Current Accounts |
-32.1 |
75.0 |
552.7 |
445.3 |
195.8 |
|
Other Liabilities |
-77.6 |
126.5 |
-10.8 |
27.9 |
49.6 |
|
Dividend Paid |
10.2 |
10.8 |
- |
- |
- |
|
Cash from Operating Activities |
-4,340.4 |
2,028.1 |
-967.6 |
-171.4 |
-235.1 |
|
|
|
|
|
|
|
|
Purchase of Financial Investments |
-516.3 |
-3,712.6 |
-507.0 |
-68.8 |
-595.2 |
|
Additional Investment in Associate Co. |
-2.9 |
-146.6 |
-33.7 |
-192.3 |
-168.3 |
|
Sale of Financial Investments |
862.0 |
919.2 |
77.3 |
390.6 |
377.4 |
|
Sale of Affiliate Company |
0.9 |
54.5 |
28.9 |
214.7 |
0.0 |
|
Purchase of Other Investments Properties |
0.0 |
-81.2 |
0.0 |
-39.1 |
-248.0 |
|
Sale of Other Investment Properties |
0.0 |
57.6 |
29.0 |
168.5 |
188.5 |
|
Dividend Received From Assoc. Co. |
2.5 |
29.9 |
14.6 |
4.1 |
0.0 |
|
Purchase of Fixed Assets |
-19.2 |
-22.6 |
-29.2 |
-20.4 |
-48.9 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Proceeds From Dilution of Intest. in Sub |
0.0 |
63.5 |
0.0 |
- |
- |
|
Cash from Investing Activities |
326.8 |
-2,838.3 |
-420.2 |
457.5 |
-494.5 |
|
|
|
|
|
|
|
|
Increase in Share Capital |
0.0 |
525.1 |
0.0 |
262.6 |
49.2 |
|
Increase in Additional Paid in Capital |
- |
- |
- |
262.6 |
0.0 |
|
Increase in Legal Reserve |
- |
- |
- |
- |
295.1 |
|
Increase in Unrestr. Inv. Accounts |
4,232.6 |
-819.8 |
2,074.2 |
449.7 |
903.7 |
|
Dividend Distributed |
-292.0 |
-297.4 |
-324.6 |
-378.6 |
-65.6 |
|
Sukuk Financing Instrument |
-2.8 |
0.0 |
738.6 |
0.0 |
- |
|
Income from Sukuk Issued |
743.2 |
0.0 |
- |
- |
- |
|
Cash from Financing Activities |
4,680.9 |
-592.2 |
2,488.3 |
596.3 |
1,182.3 |
|
|
|
|
|
|
|
|
Net Change in Cash |
667.3 |
-1,402.3 |
1,100.5 |
882.3 |
452.7 |
|
|
|
|
|
|
|
|
Cash - Beginning of Period |
2,145.7 |
3,548.0 |
2,448.7 |
1,565.8 |
1,113.4 |
|
Cash - End of Period |
2,813.1 |
2,145.7 |
3,549.2 |
2,448.1 |
1,566.1 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.