Sheikh Dr Khalid (left) and al-Shaibei: Building on Qatar’s economic strength.
Registering “remarkable” growth across various portfolios, QIIB has posted a first-quarter net profit of QR212.3mn compared with QR204.1mn in the same period last year.
The leading Islamic bank’s total assets stood at QR37bn in the first quarter of this year compared with QR34bn in Q1, 2014.
Announcing QIIB’s Q1 results after a meeting of the bank’s board of directors in Doha yesterday, chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani al-Thani said, “QIIB continues to grow and achieve outstanding results based on the strength and high liquidity provided by the Qatari economy; thus converting available opportunities into an ideal environment to achieve greater prosperity and targeted growth results. We are implementing our strategy to keep up with the various developments around us and respond accordingly with the highest standards set by the rapidly growing national economy, which is performing well due to the support and care provided by HH the Emir Sheikh Tamim bin Hamad al-Thani.”
On the economic outlook, Sheikh Dr Khalid said, “The current year looks promising and all indicators show that we are moving according to the plans, achieving interim goals that we are working on while adhering to policies, particularly in the area of risks. We also believe that the market factors and dynamics serve our plans well to increase profitability, as we continuously evaluate all domestic and external opportunities and take advantage of the appropriate ones. We will continue to adopt this strategy, which had proven to be successful as reflected in the growth rates we continuously achieve”.
QIIB chief executive officer Abdulbasit Ahmad al-Shaibei said financing portfolio stood at QR23.2bn in March this year, compared to QR19.9bn in the same period last year, which shows a growth rate of 16.1%.
Customer deposits grew by 1.7% and reached QR25.1bn in the first quarter compared with QR24.7bn in the same period in 2014.
On QIIB’s financial performance ratios in Q1,2015, al-Shaibei said, “The bank maintained the non-performing financing assets ratio at less than 1%, which is one of the lowest in the banking sector; as well as the cost to income ratio, which remains low at 23.1%”.
The capital adequacy under Basel III reached 18.49%, which confirms QIIB’s financial strength and stability.
Al-Shaibei said, “The results of the first quarter are in line with our expectations and plans, although we aspire and work for further growth. The growth rate we have achieved in this quarter shows that 2015 will be, God willing, a new year of growth in respect of various items included in the budget, which will guarantee the best returns for shareholders”.
The CEO further said, “The Qatari market provides fair competition and we carefully monitor it and respond appropriately as best as we can. Our ever growing customer base and their increasing demand for the bank’s products and services clearly highlight the adequate response required to meet the competition.”
He added, “Serving and supporting the national economy is top on the list of our priorities, and therefore, we are actively engaged in financing various projects in all areas, particularly those related to infrastructure and large-sized enterprises that have the potential to derive quality yield for the national economy.
Al-Shaibei pointed out that QIIB’s expansion gained significant momentum in Q1,2015.
“Our bank opened a full-scale branch in Muaither and a corporate branch on the Grand Hamad Street. The corporate branch is dedicated to the banking needs of corporate customers. QIIB also plans further expansion by opening new branches this year to ensure easy accessibility to our existing customers and attract new customers who are eager to take advantage of the bank’s quality services and products”.
Al-Shaibei said, “Even as we rightfully focus on the local market, which we consider our paramount duty, and contribute to the national economy, we diligently study all regional and international investment opportunities. We seek to take advantage of these opportunities so as to enhance the bank’s financial position and increase the shareholders’ returns.”
