His Excellency Sheikh Dr. Khalid Bin Thani Bin Abdullah Al-Thani, QIIB Chairman and Managing Director announced the Bank's financial results for the period ending on September 30, 2015.
Sheikh Dr. Khalid stated at the conclusion of a board meeting of QIIB that was held to discuss the Bank’s results during the third quarter of the year 2015 ending on September 30th, “QIIB net profit at the end of the third quarter of this year reached QR 657 Million, a growth of 5.1% from the prior corresponding period, which confirms the fact that the bank is moving in tandem with the Qatari economy, ably supporting the national economy in various spheres, thanks to the support and patronage of His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir of Qatar.”
Sheikh Dr. Khalid said, “Qatar’s consistent economic growth and the continued progress of its various projects further motivate us to effectively contribute to the national economy. All the indicators and forecasts show a brighter future ahead for the Qatari economy. This makes us very optimistic and prompts us to set ambitious plans.”
“As we are keen to contribute to the growth of the various sectors, we have recently concluded several agreements and memoranda of understanding (MOU) with various national entities. These include the "MOU" signed with the Logistics Committee at the Ministry of Economy and Trade, and the Economic Zones company (Manateq) in order to secure the necessary financing for investors in the logistics area in the South (South Wakra, Birkat al-Awamer and Aba Al-Salil) under suitable financing options for up to 10 years.”
“Additionally, we have signed the financing portfolio of the Al Dhameen programme sponsored by the Qatar Development Bank, as it facilitates greater expansion of SME financing, which is significant given the importance of this sector in the Qatari economy”, he further added.
Sheikh Dr Khalid said, “We remain absolutely committed to the local market. We aim to get engaged in the local market effectively and benefit from the various market factors, which are mostly positive. At QIIB, we will remain steadfast to facing the market competition and make use of the opportunities available by adhering to the risk management principles laid down by the QIIB Board of Directors.”
“At QIIB, we are making every possible effort to maximise shareholders’ returns and also increase profitability by optimising foreign investment opportunities, based on approved regulations, especially in terms of risk management.”
The QIIB Chairman and Managing Director lauded the bank’s Executive Management and employees for their continued performance and thanked them for enabling the bank to grow in a very desirable manner.
He also praised them for carrying out several tasks pertaining to innovation and modernisation, which have added real value to Islamic banking.
QIIB’s Chief Executive Officer Mr. Abdulbasit Ahmed Al-Shaibei said, “The Bank's total revenues for the period ended on September 30th, 2015 amounted to QR 1.13 Billion compared with QR 1.09 Billion for the corresponding period in 2014”.
QIIB’s total assets reached QR 38.8 Billion at the end of Q3-2015 compared to QR 37.9 Billion in the same period in 2014.
Mr. Al-Shaibei noted: “QIIB’s financing portfolio grew at the end of the Q3- 2015 to reach QR 24.4 Bn compared with QR 20.9 Bn at the end of the corresponding period of last year.”
The CEO stated that the capital adequacy in accordance with the requirements of (Basel III) amounted to 16.52%, which reflects on QIIB’s resilience and the stability and efficiency of its financial management.
He stressed that “the figures disclosed by the QIIB go in line with the Bank’s ongoing and continuous success and progress in various provisions of its budget. This is based on the strength of the Qatari economy and its ability to achieve remarkable growth across various sectors.”
“The progress in the implementation of various projects in the country, whether they are the mega ones related to infrastructure, FIFA World Cup 2022 or the small and medium-sized projects, gives the banking sector the required momentum and raise expectations about economic prospects and overall growth figures.”
The CEO observed, “At QIIB, we continue to implement the policies laid down by our Board of Directors, which focus both on the local market and to respond to its various needs and challenges, whilst also considering opportune offshore investments, especially those related to meeting the growing demands of Islamic banking.”
“Therefore, we have inaugurated several branches this year and plan to open many more branches to meet the increasing demand for Islamic banking products and services and expand our customer base.”
Mr. Al-Shaibei said QIIB always placed due importance to effective adoption of advanced technology and keeping pace with the growing utilisation of services through alternative, electronic channels such as telephone banking, mobile banking and online banking, which caters to the needs of a wide spectrum of customers, both corporates and individuals. This gives us a unique opportunity to provide high quality banking services at a relatively lower cost.”
“We are interested in various customer segments, whether they are individuals belonging to various categories, or large, small and medium sized companies. Besides their economic potential, the SMEs are of great importance, given their impact on national development and the society. We strongly support the government vision on encouraging and empowering the SMEs and commit ourselves to provide pioneering and value-added services to the Qatari society.”
In the field of human resources, Mr Al-Shaibei said, “We continue to take care of our staff members and hire the best professionals and provide them with proper training on latest banking techniques and suitable placement. QIIB has made major strides in its Qatarisation drive, which remains a top priority for the bank. It is our resolve to develop the Qatari talent and employ nationals in various leadership positions within the bank.
Recently, QIIB celebrated the graduation of eight young Qataris, in collaboration with the Qatar Finance and Business Academy (QFBA) as part of the bank’s “Promising Competencies” programme.
Along with the care given to the Qatari staff, QIIB continues to show its commitment to the Qatari society by offering support and assistance to various community building and non-profit initiatives.