His Excellency Sheikh Abdullah bin Thani: We endeavour to take advantage of the great opportunities offered by the Qatari economy.
Dr. Al-Shaibei: QIIB maintained its stable growth and the market opportunities are promising.
His Excellency Sheikh Abdullah bin Thani bin Abdullah Al-Thani, Vice-Chairman of QIIB, announced the results of the Bank’s activities during the first quarter ended on March 31, 2018.
The results were announced after a meeting of the QIIB Board of Directors here today.
The results showed that QIIB achieved net profits amounting to 253.2 million riyals at the end of the first quarter (Q1-2018) compared with 236.5 million riyals in the same period in 2017, which represents a growth rate of 7.1%.
Releasing QIIB’s first quarter results, Sheikh Abdullah stated: “The Bank's results clearly reflect its success in maintaining growth and delivering outstanding results for the various financial statements items, which have been positive in terms of key indicators”.
He said, “The Bank is working relentlessly to take advantage of the great opportunities being offered by the Qatari economy. Recent developments have shown that ours is a strong economy that is able to meet all challenges and achieve growth rates that are considered the best in the region, thanks to the unlimited support and guidance of His Highness Sheikh Tamim bin Hamad al-Thani, the Emir of the State of Qatar.”
Sheikh Abdullah said, “The challenges are often transformed into opportunities, a fact that QIIB has shown by being strongly and increasingly involved in the financing of various projects under execution at the local level, whether large projects, infrastructure projects or small and medium enterprises. The first quarter financial results actually reflected the success of the Bank in its strategy, which primarily focuses on the local market.”
He explained that QIIB is strengthening its financial position and capable of adapting to different market factors and the resultant changes observed during the past period.
“We are working on building effective strategies that benefit from the overall strength of the Qatari banking sector, which has proved during the last period to be one of the most powerful in the region. This is on account of it being able to manage wisely without any adverse impacts due to the blockade imposed on our beloved country.”
QIIB Vice-Chairman noted, “The prosperity and growth that we see on the ground give us optimism about the period ahead. We will continue to seek success based on these, and strive to achieve growth rates, not less than that we have achieved in the past.”
Sheikh Abdullah thanked the QIIB Executive Management and employees for the financial results in the first quarter of 2018, and called them to enhance their efforts to achieve all the objectives and ambitions in a way that serve the interest of the Bank, its customers and shareholders alike.
QIIB Chief Executive Officer Dr Abdulbasit Ahmed al-Shaibei highlighted some of the key indicators in the first quarter 2018 financial results of the bank.
He said, “The total revenues amounted to 517.3 million riyals in Q1, 2018 compared with 460 million riyals at the end of the first quarter of 2017, which represents a growth rate of 12.5%.
“QIIB’s total assets at the end of the first quarter rose by 11.3% and reached 50.4 billion riyals compared to 45.3 billion riyals during the same period of 2017, while the total deposits reached 31.1 billion riyals represents 11.6% growth.
Capital adequacy (Basel III) stood at 16.91 %, reflecting the strength of the bank's financial position and its prudent risk management policy” he added.
Dr al-Shaibei stated, “These results reflect the efforts made and the systematic implementation of the Board's plans, which have resulted in a continuous improvement in various indicators. Such an improvement has become possible due to the inherent strength of the Qatari economy and its banking sector.”
“QIIB has been able to maintain its stable growth and various market indicators point to the fact that the period ahead will be even more promising, given the incredible opportunities being provided by the Qatari economy that provides the banking sector a solid platform to operate and achieve more growth,” the CEO noted.
The CEO highlighted that “The failure of the blockade in achieving any of its objectives has given the Qatari economy and the banking sector a strong push forward. We have proved that challenges create great opportunities, and it is expected that the Qatari economy will continue to achieve remarkable growth, deemed to be among the best in the region.”
He said, “QIIB continues to focus strongly on the local market by participating in the financing of various projects and its engagement with various sectors, particularly the small and medium enterprises (SMEs), a segment which is very important in the development of the national economy. During the first quarter of 2018, we renewed ‘Al Dhameen’ project agreement with Qatar Development Bank (QDB), which facilitates financing SMEs.”
In addition to focusing on the local market, al-Shaibei noted, "QIIB is carefully considering meaningful and profitable opportunities outside of Qatar, as the bank works on expanding its investment options and building its plans in view of the new situation in the region, especially resulting from the blockade.”
Dr al-Shaibei said, “The good performance of the bank, its continuing growth in net profits and the strong financial position have prompted leading international credit rating agencies to affirm their high rating on QIIB. Fitch and Capital Intelligence have given ‘A’ rating to QIIB, which shows their high trust on the Qatari economy in general and its banking sector in particular.”
The CEO confirmed that "QIIB will continue with its development plans in the coming period, taking into account customer needs and to achieve a wider customer base. QIIB will continue restructuring its nation-wide branch network to provide more accessibility and convenience to its growing customer base. Our branch at the City Center is fast nearing completion and will be formally opened soon. We are also working on opening our new branch at The Mall, Al Hilal, and Ezdan Al Wakrah Mall this year. We have further improved the functioning of our Call Center.
“Moreover, we periodically update the alternative channels’ such as Internet Banking, Phone Banking and Mobile Banking. We are also working on installing ATMs in vital areas across the nation.
"QIIB significantly invests in the development of the Bank's technological structure, and adopts the best global solutions and standards in this field, with a view to enhance cyber security and minimize pertinent and potential risks", he said.
In the field of human resources, Dr al Shaibei stated, “The Bank emphasises on competence in the recruitment process by attracting the best expertise and talents, while giving priority to Qataris and giving them all opportunities and attention such as proper placement and training. This will enable them to advance into various banking and administrative fields and reach senior management positions”.