QIIB net profit grows by 5.1% to QR266m in Q1

DOHA:  QIIB, one of the leading shariah-compliant lenders in Qatar, reported a net profit of QR266m for the first quarter of this year ended March 31, 2019, up 5.1 percent compared to the same period last year. The total assets of the bank reached QR54.3bn registering a growth rate of 7.6 percent.

QIIB Chairman and Managing Director Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, who announced the Bank’s financials, said: “As a result of Qatar’s economic boom, we find greater responsibility that involves contributing to development and engaging in active financing operations.”

Following the meeting of QIIB Board of Directors held to discuss the Bank’s financial results for the first quarter of 2019, Sheikh Dr. Khalid, said, “The Bank achieved a net profit of QR266m at the end of the first quarter. 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 the Amir H H Sheikh Tamim bin Hamad Al Thani.”

He added: “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 $500m 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 $3.4bn, attracting investors from around the world with 30 percent from the Middle East and the remaining 70 percent from Europe, Asia, Australia and other countries”.

Sheikh 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.

On his part, QIIB CEO Dr Abdulbasit Ahmad Al Shaibei, added: “The Bank’s total income for the period ended on March 31, 2019 reached QR558m compared to QR514m for the same period last year, which represents a growth rate of 8.6 percent.”

Source from: The Peninsula