QIIB net profit rises by 5.5% to QR510.6m

Doha: QIIB recorded a net profit of QR510.6m for the first half of 2019 (H1, 19), an increase of 5.5 percent compared to the same period in the previous year. The bank’s total assets jumped 13.9 percent to QR54.2bn. Total income rose by 10.3 percent to QR1.04bn.

QIIB announced the results following a meeting of the Bank’s Board of Directors. Commenting on the financial results, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB said the bank’s net profit for the first half reflects its compliance with the market requirements and its alignment with the Qatari economy, which is witnessing resurgence in all fields.

The Qatari economy is achieving remarkable results thanks to the support, care and vision of  the Amir H H Sheikh Tamim bin Hamad Al Thani, he said.

Sheikh Dr. Khalid said: “The Qatari economy enjoys strength and stability, possesses growth factors and sees promising opportunities, which helped place us in a strong position. We, at QIIB, have benefited clearly from these factors and achieved many of them, which led to considerable growth rates under various budget items. Once again this confirms QIIB’s strong and established position in the country’s banking sector and in the overall economy.”

Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director, QIIB

He said the bank’s recent steps have yielded positive results, both in terms of structuring many sectors, enhancing the competitive environment vis-a-vis market challenges and responding to expansion requirements, locally and externally.

The results of the bank came in line with our expectations, although the ambitions are still greater. The operational structure and the positive factors in the market are encouraging for further openness and financing locally, with the Qatari economy moving to a new stage of self-sufficiency and reliance on national expertise and capabilities while maintaining strong ties with the world.

Sheikh Dr. Khalid said QIIB has continued its policy of focusing on the local market, in order to contribute to the revitalization of the national economy and finance various projects that complement the development efforts and achieve the objectives of Qatar National Vision 2030.

Any foreign investment decision taken by the bank will not affect this trend. “We are focused on the local market, although we are satisfied with our partnerships abroad. Over the years, we have succeeded in building multi-dimensional partnerships in various countries. QIIB is very well set on the growth trajectory based on the strength of the Qatari economy,” Sheikh Dr. Khalid added. He said the $500m sukuk issued by the Bank earlier, was listed on the London Stock Exchange, and attracted investors from across the world with the issue getting oversubscribed seven times.“We are very happy about our reputation and the confidence investors place on us and we will strive to enhance it,” the Chairman said.

Dr. Abdulbasit Ahamd Al Shaibei, Chief Executive Officer, QIIB

On the Bank’s first half results, QIIB Chief Executive Officer Dr. Abdulbasit Ahmad Al Shaibei said the bank’s total revenues amounted to QR1.14bn compared to QR1.03bn for the same period of 2018, with a growth rate of 10.3 percent.

The bank’s total deposits rose to QR33.3bn with a growth rate of 7 percent. Earnings per share reached QR0.34 and capital adequacy (Basel III) stood at 14.98 percent, which reflects QIIB’s financial strength, he said.

Dr. Al Shaibei expressed satisfaction at QIIB’s financial indicators in the first half of this year. This demonstrated that the bank has achieved the set goals in the context of a comprehensive plan aimed at achieving the strategy set by the Board of Directors. The strategy focuses on enhancing profitability and deepening partnerships and engagement in local projects, be it infrastructure or others.

“Thus we are able to continue contributing to the strengthening of the national economy and responding to competition in the local banking sector”, he said.

The bank continued its work in order to enhance the operational structure and ensure its compliance with the best international banking standards. QIIB has systematically invested in the development of the technological infrastructure, enhanced the concepts of sustainability in our work and projects, and focused greatly on creativity, innovation and performance, which resulted in outstanding performance so far, the CEO noted.

QIIB has achieved excellent results in implementing our local expansion plans. The opening of branches in major malls across the country has helped widen our customer base and enhance customer satisfaction.

Dr. Al Shaibei pointed out that “the results achieved by QIIB have been mentioned in reports produced by leading international credit rating agencies. These agencies have provided QIIB a stable outlook, which is mainly due to the strength of the Qatari economy, the soundness of the banking sector and the Bank’s performance and its solid financial indicators.

QIIB recently received a prestigious international and regional recognition for the ‘Best Islamic Bank in the State of Qatar in 2018’ at the Annual IFN Awards organised by Red Money.

QIIB won the ‘Best Islamic Bank in the State of Qatar’ for the year in the field of banking products and financing solutions during the awards ceremony of Excellence and Achievement Banking this year, organized by the International Union of Arab Bankers, he said.

In the field of human resources, Dr. Al-Shaibei noted that QIIB paid great attention to its staff, focusing on providing adequate training in line with the best internationally benchmarked standards and placement to competent staffers.

“We are continuously working to attract local talent, to enhance productivity and obtain the best possible results. Among our top priorities is Qatarization. Recruiting talented Qataris and assigning them to suitable and responsible positions within the bank is a high priority for us. We will also continue to support the Qatari community in all ways we can,” he said.

Source from: The Peninsula