QIIB announces financial results for the first quarter of 2019

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  • Net profits amount to QR 266 million with a growth rate of 5.1%
  • Total assets reach QR 54.3 billion with a growth rate of 7.6% ,
  • The financing assets stands at QR 31.0 billion and the customers deposits reached QR 35.3 billion

 

 Sheikh Dr Khalid Bin Thani: “As a result of Qatar’s economic boom, we find greater responsibility that involves contributing to development and engaging in active financing operations”

QIIB Chairman and Managing Director HE Sheikh Dr. Khalid bin Thani bin Abdullah Al-Thani, announced the Bank’s financial results for the first quarter ended on March 31, 2019.

Following the meeting of QIIB Board of Directors held to discuss the bank’s results for the first quarter of 2019, HE Sheikh Dr Khalid said, “The Bank achieved a net profit of QR 266 million at the end of the first quarter, with a growth rate of 5.1%. This reflects the strength of the Bank's financial performance, consistent with that of the Qatari economy, which is witnessing prosperity and growth .Thanks to the support and patronage of His Highness the Amir of Qatar, Sheikh Tamim Bin Hamad Al-Thani”.

HE Sheikh Dr. Khalid said, “As a result of Qatar’s economic boom in all sectors, we find greater responsibility that involves contributing to development and engaging in active financing operations in various fields, supported by the great facilities provided by the government to the banking sector to play its optimum role in the national economy”.

He said, "Our country today is considered as a major workshop that boasts of strategic, industrial, agricultural, sports and health projects among others. Thus, we are responsible for implementing our strategy, which focuses on the local market and financing of similar projects and SMEs as part of our ethical responsibility to support horizontal development. SMEs are among the most important tools that support entrepreneurs, youth employment and equitable and sustainable development”. “QIIB does not spare any effort to achieve satisfactory growth numbers, so as to increase returns for shareholders while paying particular attention to hedging and analyzing risks accurately and comprehensively, particularly with regard to foreign investments”.

He continued “Despite our focus on the local market, we have noticed that QIIB’s position and trustworthiness at the international markets reached record levels, as evidenced by the recent interest in the $500mn sukuk issued by the bank and subsequently listed on the London Stock Exchange. The offering was oversubscribed seven times with a total order book of $3.4 billion, attracting investors from around the world with 30% from the Middle East and the remaining 70% from Europe, Asia, Australia and other countries”.

HE Sheikh Dr. Khalid commended the efforts made by QIIB’s Executive Management and employees to enhance the Bank's indicators, improve the work, pay attention to customers’ service and satisfaction while focusing on quality and innovation in the bank's various products and services.

QIIB CEO Dr Abdulbasit Ahmad Al-Shaibei said, "The Bank's total income for the period ended on March 31, 2019 reached QR 558 million compared to QR 514 million for the same period last year, which represents a growth rate of 8.6%”. QIIB’s total assets at the end of the first quarter amounted to QR 54.3 billion compared to QR 50.4 billion at the end of the same period of 2018, with a growth rate of 7.6%”.

The CEO said, "QIIB’s financing assets reached QR 31.0 billion, while the total customers deposited grew by 9.7% to reach QR 35.3 billion at the end of the first quarter of 2019 ”. Furthermore, Dr. Al-Shaibei noted that the bank’s capital adequacy under Basel III stand at 16.13% which reflects our strong financial position, ability to respond to the various challenges and the soundness of our policies in respect of the various risks involved. He affirmed that “QIIB’s results prove that we are moving ahead with the strategy and vision laid down by our Board of Directors, which has always focused on the Bank's various financing options in the local market, in line with the government's plans and numerous development projects in Qatar”. He added "The success we are achieving in QIIB and the banking sector in general is a renewed affirmation that we had overcome the blockade and the plans of the countries that imposed it and tried to undermine the Qatari economy and target the banking sector in many ways, failed miserably”.

Dr. Al-Shaibei noted, "QIIB’s results for the first quarter of 2019 mirror the outstanding performance continuously achieved by the bank. This can very well be tracked through the strong indicators seen in our various financial position items, high rating and stable outlook given to it by credit rating agencies”.

In recognition of the Bank’s strong performance and position, the CEO noted that: “QIIB was named the Best Islamic Bank in Qatar for 2018 at RedMoney annual IFN Awards ceremony held this year in Kuala Lumpur, Malaysia. The bank won this prestigious award based on many criteria namely its outstanding performance, profitability, strong financial position, rating, total assets, earnings per share, ability to strengthen its indicators, endeavor to improve Islamic banking activity in international markets”.

The CEO expressed his optimism that “the banking market and its competitiveness will result in more creativity and innovation and improve the overall quality of services. This is what the Bank has been working hard to achieve by developing and properly equipping the branches, their layout, so as to be closer to our customers, in addition to our investment in state-of-the-art technology is based on the fact that the future of the banking services relies on technology, which saves time and effort and enables customers to be in constant touch with his bank, perform various operations and obtain services immediately. Therefore, we give great importance to alternative channels such as internet banking, mobile banking, telephone banking and the call center".

In the field of human resources, Dr Al-Shaibei said, “QIIB pays special attention to its human resources and continuously seeks to attract the best with its qualification and training policies that meet the highest internationally recognized banking standards. Moreover, QIIB give utmost attention to its Qatari cadres, empowering them in all positions and levels, especially senior management”.

In addition to its efforts in human resources, the CEO pointed out that "QIIB is particularly interested in enhancing its social responsibility and providing support to nation building initiatives and activities that serve the community in various fields. This in order to promote interaction between banking activities and non-profit events, so as to best support and contribute to the overall development of society”.