His Excellency Sheikh Abdullah Bin Thani Bin Abdullah Al-Thani, QIIB Vice Chairman announced the Bank's financial results for the first half of 2015.
Following a meeting of QIIB’s Board of Directors that was held to discuss the banks financial performance in the first half of the year that ended on June 30, 2015, HE Sheikh Abdullah said, “By the end of the period that ended in June, the bank achieved a net profit of QR 438 million riyals compared with QR 402 million riyals in the same period of last year, which represents a growth of 9%. This reflects the bank's ability to benefit from the strong and positive elements of the Qatari economy that is witnessing a continuous growth thanks to the support and care of HH the Emir of Qatar, Sheikh Tamim Bin Hamad Al Thani.”
He said, “The strength and stability provided by the Qatari economy have provided a stimulating environment for QIIB, which has clearly benefitted from this and achieved significantly in terms of good growth rates in items that have been budgeted. All of these confirm the strong and established position of QIIB in the Qatari banking sector and economy".
HE Sheikh Abdulla bin Thani continued, “The targeted growth figures are always ambitious, based on the underlying factors and opportunities. Our bank seeks to achieve more in the coming period, especially all the necessary factors are seen, be it in terms of operational structure or the promising local market. These include great opportunities the bank strives to benefit from, in line with its policy of focusing on the local market and contribute to the development of various sectors in the Qatari economy.”
He added: “QIIB will continue to implement its strategy, both locally and internationally, and pay special attention to the application of the best standards adopted in the global banking sector and good governance in the field of risk management, while aspiring at the same time to maximise shareholders' equity and increase profitability."
HE Sheikh Abdulla bin Thani expressed confidence that the QIIB's Executive Management and employees will continue with their focused efforts to upgrade the work, progress towards more creativity and innovation in terms of Islamic banking and achieve the targeted growth rates with the aim of achieving compatibility with the market's needs.
QIIB Chief Executive Officer, Mr. Abdulbasit Ahmed Al-Shaibei said, "The Bank's total revenues for the first half of 2015 amounted to QR 740.7 million riyals compared with QR 718.9 million riyals in the same period of 2014, which indicates a growth rate of 3%.
He also pointed out that QIIB’s total assets at the end of the first half of 2015 reached QR 38.5 billion riyals compared with QR 36.1 billion riyals in the same period of 2014.
"The bank's financing portfolio has increased at the end of the first half of this year to reach QR 23.9 billion riyals compared with QR 21.0 billion riyals at the end of the corresponding period last year. This represents a growth of 13.8%.
Highlighting QIIB’s financial management and liquidity during the first half of this year (H1, 2015), Mr. Al-Shaibei said, "QIIB's non-performing funding assets amounted to less than 1.57% as the bank continued with its outstanding record in maintaining the operating efficiency (efficiency ratio) at 23.3%.
The capital adequacy ratio under Basel III reached 17.53%, which reflects the strength of the QIIB's position and readiness to apply the new standards of the Third Basel Accord, which is a global, voluntary regulatory framework on bank capital adequacy, stress testing and market liquidity risk.
Mr.Al-Shaibei expressed his satisfaction towards the achieved indicators, which confirm that, "we are moving in the right direction and that we hope that to achieve more in the coming period. We are also examining the opportunities available in the different sectors and there is a lot of work to be done and benefit from in order to achieve the best interests of both the Bank and its shareholders'."
He added: "We are optimistic, thanks to the great dynamics of the Qatari economy. All sectors are witnessing growth; projects are moving strong, especially the big ones in the area of infrastructure, which create an environment of favourable opportunities. We stay focused on benefitting from our national economy in accordance with the policies of the bank and in a way that achieves the strategic vision of the Board of Directors. We remain committed to serving the Qatari economy and contributing to its development."
The CEO said, "There is a great demand for our banking products and services and our customer base is expanding steadily. We will continue to respond to our customer needs by opening new distribution channels and launching new products and services that meet the aspirations of our clients, both individuals and corporates.
“In respect of companies, we will work along with small and medium enterprises (SMEs), as they are considered key players in national development. At the same time, we will not overlook any of the significantly large projects and will not spare any efforts at financing these.”
Mr.Al-Shaibei said QIIB opened several branches that are designed to cater to individuals and businesses in the first half of the current year. These are located at Muaither, Al Khor and Grand Hamad Street (Corporate Branch).
He said, “It is also expected that QIIB will officially open a branch at the Ezdan Mall within a short period of time, in addition to several other branches before the year-end in order to effectively meet the needs of new and existing customers and the growing demand for our banking services.”
In parallel with the expansion, the CEO said: "QIIB attaches great attention to alternative channels and has developed a large bouquet of these services. These will save our customers a lot of their efforts and time. The Bank recently launched an advanced version of banking services through mobile phones and launched its new website in accordance with the best standards and in an innovative design that reflects the new spirit in which the Bank operates, and facilitates customers' access to various information and banking services on the Internet.
“The Bank also works on expanding the nation-wide ATMs' network in addition to focusing on improving the quality of our 24x7 call center service.”
Mr. Al-Shaibei added, “While focusing on the local market and attaching priority to various activities in the country, QIIB continues to examine foreign investment opportunities and seek to benefit from the appropriate ones, which are in line with the Bank's policies, particularly in the area of risk management."
As for human capital, Mr. Al-Shaibei said, "QIIB invests effectively in its cadres and attaches great attention to properly training, equipping and placing the staff members at the appropriate level Qatarisation remains central to our human capital development. Our strategy will continue to be guided by spotting Qatari talent and developing it so that we can efficiently serve our community and economy.