QIIB Chairman and Managing Director H.E. Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani announced the financial results of the Bank for 2018, which underscores QIIB’s ability to match the high solvency of the Qatari economy across various sectors, particularly banking.
The results were announced after a Board meeting chaired by Sheikh Dr. Khalid bin Thani in order to discuss the final results of the Bank for financial year that ended on December 31, 2018.
The financial results showed that the bank achieved a net profit of 882.1 Million Qatari Riyals with a growth rate of 6.0% compared to 2017, with earnings per share standing at QR 5.46.
The Board of Directors recommended to the Ordinary General Assembly of shareholders the distribution of cash dividends equivalent to QR 4.0 per share (Subject to Qatar Central Bank’s approval of the financial statements).
Commenting on QIIB results for 2018, Sheikh Dr. Khalid said, "The Bank's results reflect the strength of the Qatari economy that achieved and is still achieving prosperity under the patronage and with the support of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani”.
He said, “2018 was a significant year for the Qatari economy as it was able to overcome all obstacles and adverse circumstances and make a huge leap in terms of quantity and quality. At QIIB, we are proud to achieve a growth that reflects our involvement in the Qatari economy, which has proven to have solid and firm foundations”.
"During the past year, we continued to focus on the local market. Our strategy to enhance our presence and contribution has proven to be the right one, given the rich opportunities provided by Qatar's economy. Thus, we will continue to contribute as much as possible".
He noted, “QIIB is financing various projects across various sectors, with particular focus on infrastructure, which are a driving force in the growth of the national economy. We also remain committed to small and medium-sized enterprises, especially our fruitful partnership with the Qatar Development Bank. This is a valuable partnership that we are proud of, one that positively benefits the entrepreneurs.”
QIIB Chairman said, "QIIB, which has been able to maintain its strong financial position and stable growth for more than a quarter of a century, continues to build partnerships with a range of investors abroad, based on its excellent reputation and the great reputation of the Qatari economy. The bank’s investment decisions are always based on proper feasibility studies, especially in terms of risks, with the aim of increasing returns to shareholders and support the bank’s various key indicators".
The Chairman thanked QIIB Executive Management and employees for their efforts during 2018, which he stressed “helped the bank achieve these results”.
Sheikh Dr Khalid urged them to continue working diligently in order to contribute to the bank’s progress and success and meet the requirements of customers from all categories.
QIIB Chief Executive Officer, Dr. Abdulbasit Ahmad al-Shaibei said the Bank’s total assets at the end of 2018 amounted to 50.3 Billion Qatari Riyals compared to 46.6 Billion Qatari Riyals at the end of 2017.
At the same time, QIIB’s operating revenues reached 2.1 Billion Qatari Riyals, compared to 1.9 Billion Qatari Riyals at the end of the previous year.
He said, “Customer deposits at the end of 2018 reached to 31.1 Billion Qatari Riyals .
“The bank total equity stood at 6.8 Billion Qatari Riyals while the Capital Adequacy under Basel III registered 16.42%, which reflects the strength of QIIB’s financial position amid various risks.
Dr al-Shaibei said, “QIIB’s results clearly show that we continue to play an active role in the Qatari economy. Last year’s developments proved its strength in facing storms and obstacles, no matter how powerful they were”.
The CEO said, “We are proud to be a part of this success through our outstanding results for 2018. We have implemented strategic and forward-looking plans, and we believe that behind every challenge comes an opportunity. The unfair blockade on our country has prompted us to seek newer markets. We believe that our choices and efforts have borne fruits and we are looking to derive more positive results in future.
“We have had encouraging experience in relation to the opening of Umnia Bank in Morocco, which has demonstrated its ability to gain good reputation in a record time. Currently, Umnia Bank has more than 20 branches in different Moroccan cities. An expansion plan that will cover all important cities of the Kingdom during the coming period is very much on the cards”.
On QIIB’s outlook that was upgraded by credit rating companies to “stable”, Dr al-Shaibei said, “This was the natural outcome, given our beloved country’s economic strength and its ability to overcome challenges. The rating agencies confirmed that the change in QIIB outlook stems from its strong position and good performance as the Bank successfully maintained the quality of its assets, robust capital base and strong liquidity”.
In terms of QIIB’s Qatar expansion policy, he stated, "QIIB pursued with its policy locally, and responded to the expansion of its customer base through many channels, such as unveiling innovative services and products, reaching out to customers and providing them with better access to top quality banking services, which they aspire.
“The Bank also implemented a strategic plan to restructure its branches, while focusing on its presence in large commercial establishments such as premier malls, providing integrated banking services to customers for longer hours".
In line with the global trend that seeks to enhance technology in the banking sector, Dr. al-Shaibei said, "QIIB invests heavily and vigorously in the development of its technological infrastructure, both in terms of technology and software, to facilitate customers’ access to various banking services.”
“In 2018, QIIB made a qualitative leap in the development of alternative banking services. The number of Mobile banking users has grown remarkably. The Bank has also focused on the development of Mobile Banking, Phone Banking and Internet Banking services and developed its call centre in order to meet customers’ requirements in the best way possible. The Bank also continued to expand its ATM network so that they become available in the most suitable areas for customers".
The CEO noted that: “QIIB was highly praised for its efforts and achievements during the past year, both locally and abroad. The Bank was a recipient of many major awards, affirming its leadership and its adherence to the highest internal standards in the banking sector”.
In terms of Human Resources management, Dr. al-Shaibei said, “QIIB is adopting a policy that encourages competent Qataris to be actively engaged in the banking sector, providing them with necessary incentives, such as training, guidance and promotion opportunities, to guarantee their effective participation in the development of the national banking sector.
In terms of QIIB’s Corporate Social Responsibility, the Chief Executive Officer said, "In 2018, QIIB continued to support activities that served the local community and provided value addition across many areas such as sports, education and social and charitable activities among others. These promote the values of belonging, strengthen the bonds of society and provide quality services to the largest segment possible”.