QIIB was able to continue achieving distinguished results despite the challenges, deriving its strong position from the Qatari economy, says bank chairman and managing director Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani
QIIB posted a net profit of QR785mn at the end of the third quarter in September, compared to QR777mn during the corresponding period of 2019.
QIIB chairman and managing director Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani said, ‘QIIB was able to continue achieving distinguished results despite the challenges, deriving its strong position from the Qatari economy, which gives all its sectors, especially the banking sector, the best advantages and opportunities in order to achieve positive indicators that help it advance its business, thanks to the support and patronage of HH Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar’.
He said, ‘The period ending on September 30, 2020 had seen the bank expanding its strategy and operational plans under the current circumstances.
‘The Bank has continued to focus on financing projects in the local market in its various sectors, as we have noticed an upward and positive movement that we trust will continue, God willing, especially since all indicators and reports, locally and internationally, indicate that Qatar’s is one of the best economies that succeeded in dealing with the current circumstances and emerging challenges.’
Sheikh Dr. Khalid said, ‘Our priority is to participate in financing large projects and infrastructure projects due to their long-term positive impact on the national economy. We are pleased to contribute to the renaissance of our country's economy, which continues to lead in various fields.’
He also noted, ‘Focusing on large projects will not dwindle the Bank’s interest in SMEs as it is central to QIIB's strategy. We view this matter as economic, but in terms of social responsibility, we are keen to continue supporting various services and projects, specifically targeting SMEs’.
QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei, said, ‘The total revenues at the end of the third quarter amounted to QR1.84bn compared to QR1.76bn at the end of the corresponding period last year, i.e. a growth rate of 4.5%’.
He said, ‘During the third quarter, the Bank continued to achieve success in improving operational efficiency, as the cost-to-income ratio more boosted to be at 20.0% in Q3, which is a distinct percentage and deemed one of the most important indicators of the Bank’s success in responding to the emerging developments.
‘The total assets increased to QR59.3bn in Q3, which represents a growth rate of 12%. The size of the financing portfolio amounted to QR39.2bn compared to QR31.9bn during the corresponding period last year, with a growth rate of 22.6%.
‘The volume of deposits reached QR36bn, which represents a growth rate of 12.4% compared to the same period last year, while earnings per share reached QR0.52.
‘The capital adequacy ratio under Basel III reached 17.2%, underscoring once again the distinguished financial position of QIIB’.
Dr al-Shaibei noted, ‘QIIB's results at the end of the third quarter were a continuation of the success we achieved during the first half, and consistent with the plans set by the Bank to keep pace with changes, both in the local and global markets. We are pleased to have been able to benefit from the strength of the Qatari economy and the confidence it enjoys, as well as its ability to achieve growth and create opportunities for all sectors, especially the banking sector’.
Dr al-Shaibei noted, ‘The most important response achieved by the Bank in facing the market factors was the qualitative evolution in the field of digital transformation. In this area, the Bank developed various alternative channels and most services became available through electronic platforms such as mobile banking, internet banking for individuals and companies, ATMs and the 24x7 call centre.
‘In the upcoming period, the Bank will continue to focus on developing its alternative channels and enhancing digital payment solutions in line with the best internationally approved standards. These will be done in a way that contributes to the development of QIIB's operational efficiency and meets the aspirations of our customers to obtain the best services and products that are most appropriate to their needs- with reliability and safety,’ he added.
‘The outstanding financial position of QIIB, God willing, will gain further strength, and endorsed by global credit rating agencies with very high ratings. Global rating agency Moody's has affirmed QIIB Rating at ‘A2’ with a stable outlook, and Capital Intelligence Ratings (CI) affirmed its ratings of QIIB at 'A' with a stable outlook. Fitch affirmed the Bank's rating at 'A' with a stable outlook’.
Dr al-Shaibei reiterated, ‘QIIB continues its strategy by focusing on the opportunities available in the local market and in various sectors. We feel this strategy has achieved a lot for the Bank and contributed to the stability of its performance, indicators and continuous growth, driven by the tremendous confidence given by the Qatari economy to its various sectors, mainly the banking sector’.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Turkey growth outpaces all peers except China
RBA doubles down in defence of yields amid global bond rebound
Asia equities rebound after last week’s rout
Wall St set to learn how tough Biden’s watchdogs will be
Official underscores importance of stronger Qatar-Turkey ties
Qatar banks expected to show profit resiliency this year: Moody's
Natural gas plays a vital role in energy transition: IEF secretary general
Berkshire’s busy 2020 broke a record despite no major deals
QDB teams up with HEC Paris, ITC to launch ‘Go Global’ export accelerator programme