QIIB’s diversification of its investments and financing portfolios to reduce any potential risks has strengthened its position as a leading Qatari bank, said chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.
Thus, QIIB “managed to maintain stable growth, achieve the best returns for its shareholders, provide the best services and benefits for its clients and maintain a good rating from the international rating agencies,” Sheikh Khalid said in his address to the ordinary general assembly of QIIB’s shareholders at the Ezdan Tower Monday.
He said, “2019 was the year of merits and strength for the Qatari economy, which was able to overcome all factors and circumstances and make great strides in terms of achieving self-sufficiency in most production and service sectors.
“At QIIB, we are proud of the growth we achieved as it reflects our involvement in the Qatari economy, which has been built on strength and rigidity. QIIB continued to focus on the local market given the significant opportunities that contribute to the country’s development and achievement of the goals set in the Qatar National Vision 2030. We are honoured to take part and actively contribute to achieving some of these goals.
“Moreover, we are seeking to take advantage of the best opportunities that come our way in order to achieve more profits for the Bank. We continued to work hard with the Executive Management on reaching our objectives.”
He said QIIB also strived to work wisely in order to achieve its goals while relying on the support, vision and guidance of His Highness the Amir Sheikh Tamim bin Hamad al-Thani.
As in the previous years, the Qatari banking sector was full of activity and competitiveness. QIIB participated in the financing of many large projects, such as infrastructure and those related to SMEs.
“We are satisfied with what we have accomplished in this respect, which is an essential aspect of our work,” Sheikh Khalid noted.
QIIB was able to maintain its strong financial position and stable growth. It also built partnerships with different investment dimensions abroad based on its reputation and the great reputation of the Qatari economy.
In 2019, QIIB total assets amounted to QR56.8bn compared to QR50.3bn in end-2018 with a growth rate of 13.1%.
Financing activities at the end of 2019 reached QR37bn compared to QR28bn at the end of 2018, with a growth rate of 32.2% and its operating revenues amounted to QR2.4bn compared to QR2.1bn at the end of the previous year, with a growth rate of 14.6%.
In his address, QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei said the bank strived to implement the interim and strategic plans laid down by the board of directors in 2019.
The bank’s net profit reached QR927mn with a growth rate of 5.1% compared to 2018, while its earnings per share (EPS) stood at QR0.58.
Credit rating companies affirmed QIIB’s high ratings with a stable outlook based on a number of factors such as the strength of the bank’s position among Islamic banks, the quality of its assets, strong profitability, quality of financing portfolio, growth in operational revenues and improvement in operational efficiency, al-Shaibei said.
Later speaking to reporters he said QIIB’s financial situation is “comfortable” in terms of liquidity and capital adequacy.
“This year we need not go for any sukuks, although we have shareholders’ approval already in place.”
With regard to the plunge in oil prices, al-Shaibei said, “Oil price goes through cycles and this is not the first time we are experiencing a drop.
“Qatar’s economy is highly resilient, which has been proved even during the blockade. Ours is a well-diversified economy,” al-Shaibei noted.