His Excellency Sheikh Dr. Khalid Bin Thani Bin Abdullah Bin Thani Al-Thani,
QIIB Chairman and Managing Director announced the Bank's financial results for the first half of 2016.
At the conclusion of the Board meeting dedicated to discuss QIIB's results for the half - year ended 30/06/2016, HE said: "QIIB's net profits reached QR 443 million, compared to QR 438 million for the same period of the prior year represents a growth of 1.1%.
He added: "these results reflect the Bank's ability to effectively participate in the rise of the strong Qatari economy that is witnessing a continuous growth thanks to the sponsorship and support of HH Sheikh Tamim Bin Hamad Al Thani, Emir of Qatar.
He said: "The Bank was able to adapt to the conditions witnessed recently by the market due to the repercussions of oil prices' decrease, as well as various market factors and maintained a high responsibility policy in the field of operations and risks, which enabled us to implement our strategy as decided".
HE affirmed that "the high solvency of the Qatari economy and its good response to all variables and diversity had a positive impact on the various sectors, particularly the banking sector, where the business environment maintained its momentum. Many mega projects were also launched without any significant discontinuance in the undergoing projects, which is a positive thing that motivates us to achieve further growth".
HE Dr Khalid bin Thani mentioned that "QIIB's position is continuously enhanced in the domestic market and the Bank contributes to the financing of several projects. We can say that the bank's performance in the first half of 2016 was a good one regarding the various budget items and we aspire to achieve better results in the second half of the year, especially with the tendency of oil prices to achieve a kind of stability at certain levels, which will activate different sectors and increase the opportunities for growth".
HE expressed his "appreciation for the great efforts exerted by the executive management and employees in the various departments of the Bank to upgrade the growth rates and performance indicators, stressing that the Bank will continue to implement its plans and strategies at both local and external levels, leading to the best possible results".
Mr. Abdul Basit Ahmad Al Shaibi, CEO of QIIB said: "The Bank's total revenues for the first half of 2016 amounted to QR 817 million compared to QR 741 million for the same period in 2015 represents a growth of 10.3%
He also pointed out that "the total assets of QIIB at the end of the first half of 2016 reached QR 42.3 billion compared to QR 38.5 billion for the same period in 2015. In addition, the sizes of the Bank's financing portfolio reached QR 26.7 billion compared to QR 23.9 billion at the end of the same period in 2015, i.e. a growth of 11.9%".
The CEO stated that the capital adequacy ratio (Basel III) reached 16.61% which reflects the strength and stability of QIIB's position.
Al Shaibi said: "QIIB's results in the first half of 2016 were good, taking into account all the factors of the market, where we were able to achieve growth and effectively continue our various activities".
He continued: "there are huge strengths in the Qatari economy; therefore, we find that it was able to maintain its growth and stability despite the decrease in oil prices. We, at QIIB, have been keen to take advantage of the many opportunities available in the local market, which we count on and consider a priority in our various financing operations".
Al Shaibi added: "while we focus on the domestic market, we achieve two essential goals; the first being our desire to contribute to the development and service of our society and the second being the implementation of our strategy and plans internally where we need to respond with high efficiency to the increasing demand on the products and services of Islamic banking offered by the Bank, whether related to individuals or companies of all kinds".
Al Shaibi confirmed that "QIIB will not hesitate to contribute to the financing of any project that offers added value to the Qatari economy, and will continue to give great attention to small and medium projects for their growth opportunities that are reflected on a large group of society."
He explained that "the Bank continues to implement its plans regarding its local expansion through its presence in various critical and important locations and through continuously deploying more developed ATMs. We also pay major attention to alternative channels such as the call center, online banking, online and mobile banking services, which are developed according to the highest quality standards adopted in the banking sector, in a way that helps customers get an integrated and suitable banking service".
As for the external expansion, the CEO explained that "QIIB is waiting for the final approval from Bank Al-Maghrib regarding the establishment of a bank in the Kingdom of Morocco, for which QIIB signed a partnership agreement with "Credit Immobilier Et Hotelier SA" in Morocco. We hope that the work starts this year in order to meet the needs of the Moroccan banking market starving for Islamic banking services".
Al Shaibi pointed out that "QIIB is continuously studying foreign markets and it will not hesitate to take advantage of any suitable opportunity that supports the bank's growth and enhances shareholders' equity, as long as it will be in accordance with the strict controls followed in the risks' area".
In the field of Human Resources, the CEO reaffirmed that "QIIB's policy in this sector, emphasizes the competence, qualifications and attention to training, rehabilitation and attraction of the necessary expertise, with particular attention to the Qatari cadres receiving the functional advancement opportunities and getting the best advantages, reflecting his belief in the ability of Qatari youth to give and create, and also the social responsibility of the bank, that we are very keen about in various fields".