His Excellency Sheikh Dr. Khalid bin Thani bin Abdullah bin Thani al-Thani, Chairman of the Board and Managing Director of QIIB announced the financial results of the Bank for the first quarter ended 31st March, 2015.
HE Sheikh Dr. Khalid explained, after a meeting of QIIB’s Board of Directors that was held to discuss the results of the Banks’ operations in the first quarter, "that the Bank's net profit at the end of Q1-2015 amounted QR 212.3 million riyals compared to QR 204.1 million in the first quarter of 2014.
He said, “QIIB continues to grow and achieve outstanding results based on the strength and high liquidity provided by the Qatari economy; thus transforming available opportunities into an ideal environment to achieve greater prosperity and targeted growth results.”
He added: "There is remarkable growth in most of the indicators achieved by the Bank, even as the customer base is expanding at a qualitative pace. We are also implementing our strategy to keep up with the various developments around us and respond accordingly with the highest standards set by the rapidly growing national economy, which is performing well due to the support and care provided by HH the Emir, Sheikh Tamim bin Hamad Al-Thani".
On the economic outlook, HE Sheikh Dr.Khalid said, “The current year looks promising and all indicators show that we are moving according to the plans, achieving interim goals that we are working on while adhering to policies, particularly in the area of risks. We also believe that the market factors and dynamics serve our plans well to increase profitability, as we continuously evaluate all domestic and external opportunities and take advantage of the appropriate ones. We will continue to adopt this strategy, which had proven to be successful as reflected in the growth rates we continuously achieve".
Similarly QIIB Chief Executive Officer, Mr. Abdulbasit Ahmad Al-Shaibei explained that the bank's net profit for Q1-2015 reached QR 212.3 Million compared with QR 204.1 Mn for the same period in 2014.
He pointed out that the total assets of QIIB at the end of Q1-2015 stood at QR 37.0 Billion, compared with QR 34.0 Bn in Q1-2014.
QIIB’s financing portfolio stood at QR 23.2 Billion in March this year, compared to QR 19.9 Bn in the same period last year, which shows a growth rate of 16.1%.
Customer deposits grew by 1.7% and reached QR 25.1 Billion in the first quarter compared with QR 24.7 Bn in the same period in 2014.
In relation to the financial performance ratios in Q1-2015, the CEO said “the Bank maintained the non-preforming Financing Assets ratio at less than 1% which is one of the lowest in the banking sector; as well as the cost to income ratio, which remains low at 23.1%".
The capital adequacy under Basel III reached 18.49%, which confirms QIIB’s financial strength and stability.
Mr. AL-Shaibei said, "The results of the first quarter are in line with our expectations and plans, although we aspire and work for further growth. The growth rate we have achieved in this quarter shows that 2015 will be, God willing, a new year of growth in respect of various items included in the budget, which will guarantee the best returns for shareholders".
The CEO further said, “The Qatari market provides fair competition and we carefully monitor it and respond appropriately as best as we can. Our ever growing customer base and their increasing demand for the bank’s products and services clearly highlight the adequate response required to meet the competition.”
He added, “Serving and supporting the national economy is top on the list of our priorities, and therefore, we are actively engaged in financing various projects in all areas, particularly those related to infrastructure and large-sized enterprises that have the potential to derive quality yield for the national economy.
“We also greatly focus on financing and supporting small and medium-sized enterprises, which is clearly reflected in our support and active involvement with the Al-Dhameen programme in partnership with Qatar Development Bank (QDB). Our contribution to the Al-Dhameen programme is the second largest in Qatar.”
Mr. AL-Shaibei pointed out that QIIB’s expansion gained significant momentum in Q1-2015.
“Our Bank opened a full-scale branch in Muaither and a Corporate Branch at the Grand Hamad Street. The Corporate Branch is dedicated to the banking needs of corporate customers. QIIB also plans further expansion by opening new branches this year to ensure easy accessibility to our existing customers and attract new customers who are eager to take advantage of the Bank’s quality services and products".
“Along with our expansion and the opening of new branches, the bank continues to expand its nation-wide ATMs network to serve our clients in key areas across Qatar. We also spotlight on alternative channels such as telephone banking, mobile banking and online banking, which is set for a major upgrade soon. The bank continuously seeks to improve its Call Centre that provides services to customers, ‘round the clock".
Mr. Al-Shaibei said, “Even as we rightfully focus on the local market, which we consider our paramount duty, and contribute to the national economy, we diligently study all regional and international investment opportunities. We seek to take advantage of these opportunities so as to enhance the Bank's financial position and increase the shareholders’ returns".
With regard to the human capital, the CEO explained: "QIIB made great steps towards developing its cadres and creating a stable and distinguished work environment for employees so that they can be creative and contribute their best. The Bank also constantly seeks to attract the right talent and expertise to enhance its workforce.”
On developing the national cadre within QIIB, Mr. Al-Shaibei said, "The beginning of 2015 was outstanding in this respect as QIIB organised its ‘Second career day for Qataris’ in collaboration with the Ministry of Labour, which saw a heavy turnout of applicants, reflecting Qatari society’s confidence in, and respect for QIIB.
“Many of those who were accepted during the ‘Second career day’ have already begun their work in various departments of the bank, while others will be enrolled in a special training programme at the Qatar Finance and Business Academy for a period of six months. We hope that the number of Qataris recruited to the bank through the ‘Second career day’ will reach around 65, including both male and female. The recruitment of Qataris is an ongoing initiative by QIIB and not confined to career days.”
In the area of Corporate Social Responsibility (CSR), Mr Al-Shaibei said, “QIIB pays special attention to community service and to the various activities that are directed towards this. We are committed to all social activities that facilitate the comprehensive development of our beloved country