QIIB posts QR512.6mn half-yearly net profit; assets top QR59bn
July 22 2020 08:21 PM
QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani and QIIB chief
QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani and QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei

QIIB has posted a half-yearly net profit of QR512.6mn, up 0.4% on the same period last year.

The results were announced by QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani in Doha on Wednesday.

Sheikh Khalid said, "QIIB was able to respond to various challenges during the last period, benefiting from the strength and security that the Qatari economy provides to all sectors in general and the banking sector in particular.

“This was reflected on the positive indicators registered at various levels and the possibilities of further improvement, under the support and sponsorship of His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani.

Sheikh Khalid said, "The first half gave us the opportunity to review our strategy and emphasis on its strengths, which focused on the local market, and addressed numerous operational challenges, competition and other emerging factors that required a closer look and deeper analysis of the existing, expected and unexpected risks.

"During the first half, QIIB continued to work closely with the domestic business sector to finance various large, medium and small scale projects. The bank participated in various initiatives launched by the Government and supervisory authorities to enhance the resilience of the business sector, which started to bear its outcome through the improvement of companies' businesses.

"The atmosphere in general is optimistic with the continuation of various major projects, the figures that the Qatari economy are expected to achieve by most reliable sources and credit rating agencies, which may remain among the best in the region. Additionally, the high competitiveness of the Qatari economy puts it in a globally advanced position," Sheikh Khalid said.

QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei said the bank's total revenues for the first half (H1) amounted to QR1.21bn, up 5.7% on QR1.14bn on the same period last year.

He affirmed that the bank succeeded in developing a strategy that focuses on enhancing the efficiency of its operations, which was evident during H1, after a decrease in the cost-to-income ratio to 21.4%, which is considered one of the best in the Qatari banking sector.

The bank’s total assets increased to QR59.3bn at the end of the first half, which represents a growth rate of 9.5%.

QIIB’s financing portfolio reached QR35bn, compared to QR31.4bn in the first half of 2019, with an increase of 11.5%.

Total customer deposits amounted to QR34.8bn in H1, up 4.6 % on the same period last year, al-Shaibei said.

The bank’s earnings per share (EPS) reached QR0.34 and its capital adequacy under Basel III stood at 17.3%, which clearly reflects QIIB’s strong financial position, the bank said.

Al-Shaibei said, "QIIB’s results during the first half were in line with the directives of the Board of Directors, the estimates and the preliminary projections that we were planning, although our ambitions are still greater. What really helped us was the Qatari economy’s inherent strengths, long-term strategy, creative initiatives and opportunities that allow the various sectors to face different circumstances and challenges".

"Our good performance and strong financial position earned high ratings from international credit rating agencies. Moody's affirmed QIIB’s rating at ‘A2’ with a stable outlook, while Capital Intelligence affirmed its rating at ‘A’ with a stable outlook as well as Fitch rating at ‘A’ with a stable outlook.”

The CEO said, “The rating agencies affirmed that QIIB is one of the leading Islamic banking institutions in Qatar. The bank maintained the quality of its assets, good profitability, liquidity and outstanding capitalisation.

“During the first half of this year, QIIB started to actively implement its plans to enhance the quality of its operations. In line with that, we have invested extensively in our technological infrastructure, especially alternative channels that represent the future for various banking services.

He said, "The bank paid special attention to cybersecurity issues, and in appreciation of its efforts in this field, it was awarded, for the fifth year in a row, the highest certificate in the protection of banking cards data (PCI-DSS), granted by SISA to institutions and banks that excel in meeting security standards in this field.

"QIIB will continue to improve its alternative channels and promote digital payment solutions, adhering to the best approved standards, so as to meet customers’ aspirations for the best, fastest, most reliable and most secure services".

Regarding the bank’s financing portfolio during H1, al-Shaibei said, “The bank will continue to focus on the local market and on its partnerships with the various vital sectors in Qatar.

“The past period proved that the most effective investment is the one made in the domestic market, be in terms of rich opportunities, low risks, appropriate investment environment or high-level legal, legislative, financial and regulatory environment,” al-Shaibei added.

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