QIIB announces financial results for the first half (H1) of 2018
His Excellency Sheikh Dr. Khalid bin Thani: QIIB results are in line with the strength of the Qatari economy.
Dr. Al-Shaibei: The continuous improvement of the Bank's indicators confirms the Qatari banking sector’s strength.
DOHA: HE Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani, Chairman and Managing Director of QIIB announced the Bank’s financial results for the first half (H1) of 2018.
Following the meeting of QIIB Board of Directors' held to finalise QIIB results for the first half of this year, which ended on June 30, 2018, Sheikh Dr. Khalid said,
"The Bank achieved a net profit of QR 484 million in H1, 2018 compared to QR 465 million for the same period of 2017, with a growth rate of 4%. This reflects the Bank's financial performance has been consistent with that of the Qatari economy, which is witnessing a rapid and robust growth .Thanks to the support and patronage of His Highness the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani.
He said, “The great resilience shown by the Qatari economy in facing the siege and various other challenges provided a unique environment that enabled the bank to finance many projects, which reflected positively on the various items on the QIIB financial position and the strength of its performance rations.”
“This excellent financial performance of the Bank has been endorsed by renowned global rating agencies, which affirmed in advanced position. Recently, Fitch and Moody’s upgraded QIIB’s outlook to stable.
This achievement can be clearly attributed to the strength of the Qatari economy and the Government’s great support to the country’s banking sector”, he said.
“In line with the market developments, QIIB has devised a strategy that concentrates on the local market and the partnership with various sectors of the Qatari economy with special attention being given to major infrastructure projects. At the same time, we will continue to pursue opportunities outside of Qatar very diligently, focusing on risk mitigations and after elaborate feasibility studies. This will potentially lead to increased profitability and continued growth in various financial indicators of the Bank.”
The QIIB Chairman and Managing Director expressed optimism that 2018 will be an exceptional one for the Bank, as all factors promise further growth and expansion. The Qatari economy is making steady progress and creating promising opportunities, which makes us optimistic about future.”
QIIB Chief Executive Officer Dr. Abdulbasit Ahmad al-Shaibei said: “The total revenues of the Bank in the first half of 2018 gone to reach QR 1,044 million compared to QR 910 million for the same period of 2017, representing a growth rate of 14.8%.
The total assets of the bank stood at QR 47.6 billion at the end of the first half of the year, compared to QR 45.9 billion for corresponding period of 2017. This represents a growth rate of 3.7%, while the bank investments portfolio reached QR 15.4 billion which represents 28.1% growth compared to the end of the first half of the year 2017.
The CEO said QIIB’s capital adequacy ratio (under Basel III) reached 15.91%, which confirms the Bank's solid position and its ability to cope with various market risks.
“The results of the first half of 2018 clearly indicate that the QIIB continues to grow in an upward trajectory, based on its strong solvency and clear strategic plans that rely on the strength of the Qatari economy and its ability to provide the best opportunities for the banking sector as a whole,” Dr al-Shaibei noted.
He also pointed out that “the continuous improvement of the Bank's performance ratios is an evidence of the strength of the Qatari banking sector. All figures, published information and expert analyses show that the Qatari economy is the best in the region and is able to continue to achieve growth and contribute to finance various projects with greater efficiency.”
Dr. Al-Shaibei said, “The unjust siege imposed on Qatar by the blockading countries to hinder the nation’s development, has been converted into incredible opportunities, quest for self-reliance, new initiatives and creativity, search for new markets and partnerships and relationships with other countries and regions of the world thanks to the vision and directives of His Highness the Amir, Sheikh Tamim bin Hamad Al-Thani.
QIIB continues with its development plans at various levels, both in terms of branches expansion and network in tandem with local market developments, especially the boom seen in commercial facilities such as malls across the nation.
In the recent past, QIIB has opened branches at Ezdan Mall Al Gharafa, The Mall of Qatar, Doha Festival City and the City Center Doha; two branches are currently being set up at The Mall (Al-Hilal) in addition to another branch at the Ezdan Mall in Al-Wakra.
“We will also consider opening branches in new shopping malls, if these are found feasible. This is because we are keenly interested in catering to our customers and serving them in the best way possible”, Dr al-Shaibei added.
In parallel with the branches expansion, the CEO noted that QIIB is making solid investments in the alternative banking channels such as online banking, telephone and mobile banking, as well as the development of the call center, which provides round-the-clock banking services to its customers, who do not have to visit the bank's branches often for services.”
In terms of Human Resources management, Dr al-Shaibei informed, “QIIB has continued to focus on spotting the right talent and nurturing them by giving proper training and guidance. The Bank continues to attract competent Qataris and provide them suitable, attractive positions in QIIB, which will help them, build a career and grow up the professional ladder.
Regarding QIIB’s Corporate Social Responsibility, the Chief Executive Officer stated, "QIIB continues to support activities that serve the community at various levels. In the first half of this year, the Bank supported many initiatives and projects that served different sectors such as education, health, sports, culture and charitable activities. QIIB believes in the importance of partnership between the banking sector and non-profit institutions, which promotes the values of belonging and strengthens the bon