QIIB net profit rises 5.7% to QR777m

QIIB recorded a net profit of QR777m for the third quarter that ended September 2019, an increase of 5.7 percent, compared to QR735m posted for the same period of 2018. QIIB’s total income grew by 11.4 percent to QR1.75bn during the period. Total assets reached QR53bn with a growth rate of 8.3 percent.

Announcing the bank’s solid financial results, QIIB Chairman and Managing Director, Sheikh Dr Khalid bin Thani bin Abdullah Al Thani commented: “The results of the bank in the third quarter greatly indicate that we are following the strategy adopted to capitalise on the great potentials provided by the Qatari economy in all fields and sectors.”

“The bank’s continuous effort and persistence to deepen its partnerships with the various Qatari economic sectors reaped its fruits and resulted in a great stability in all the bank’s indicators. This is clearly reflected in the bank’s balance sheet, namely its financing activities and total assets among other indicators, which pleases us and gives us a strong push forward”.

The bank’s satisfaction with the results stems from the fact that QIIB was able to be part of the exceptional success achieved by the Qatari economy, which excelled in overcoming the siege and its repercussions. “We were also able to transform the siege into a driving force and a catalyst for development, thanks to the patronage, wise vision and directives of His Highness the Amir, Sheikh Tamim bin Hamad Al Thani”, Sheikh Dr Khalid said.

The great momentum and high pace of the various large projects and infrastructure projects give the national economy in general and the banking sector in particular the opportunity to dynamically pursue their programmes, plans and strategies. “QIIB has been focusing for many years on financing various local projects as the local market is the most suitable for us. We consider financing local projects our commitment, not just business plans, profits and growth figures”, the Chairman said.

“Despite QIIB’s strong focus on the local market, we will not neglect exceptional foreign investment opportunities that will enhance profitability and increase earnings per share even as the bank continues to implement its strict risk management policy”, Sheikh Dr Khalid added.

QIIB Chief Executive Officer, Dr. Abdulbasit Ahmad Al Shaibei, affirmed that the Bank’s total revenues reached QR1.75bn at the end of the Q3-2019 compared to QR1.57bn at the end of Q3-2018, with a growth rate of 11.4 percent.

He said QIIB’s total assets at the end of the third quarter rose by 8.3 percent to reach QR53.0bn compared to QR48.9bn for the same period last year.

The financing activities portfolio increased by the end of the Q3-2019 to QR 31.9bn compared to QR 28.6bn in the same period last year, which represents a growth rate of 11.7 percent.

The bank’s deposits at the end of the third quarter increased to QR32.05bn. The bank’s capital adequacy (under Basel III) stood at 15.87 percent, which reflects QIIB’s strong financial position and ability to face the various risks.

Dr. Al Shaibei said: “QIIB results at the end of the third quarter show the benefits it drew from the Qatari economy such as positive climate, strong indicators and great competitiveness. It also indicates the bank’s success in implementing its plans and programmes aimed at achieving more growth while actively contributing to the financing of the various economic sectors. This will enable the bank to support development and achieve the goals of Qatar National Vision 2030.”

“The strength of the bank’s indicators and its outstanding performance led credit rating companies to affirm their high ratings. Fitch recently affirmed QIIB’s rating at ‘A’ with a stable outlook, which clearly indicates that we are meeting the standards required by the Qatari banking sector, considered the best at the local and regional levels,” he said.

Dr. Al Shaibei said the bank strongly supports SMEs, believing that these projects bring added value to the economy as important catalysts for horizontal development. It also supports entrepreneurs who aspire to participate in building their country through innovative projects much needed by the market, providing job opportunities in various sectors.

Source from: The Peninsula