Robust growth in financing income helped QIIB report net profit of QR666.4mn, translating into earnings-per-share of QR4.4 during January-September this year.
“QIIB is still playing its active role and is intensifying its efforts to promote growth and achieve the best results. These are reflected on the improving financial performance of the bank and its rising competencies and enhanced role in contributing to the growth of the Qatari economy, which is witnessing continued significant growth,” its chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani al-Thani said.
Highlighting that the positive results came amidst various market factors, he said QIIB was able to tide over the repercussions of the fall in global oil prices and its subsequent volatility. Forecasts suggest that QIIB will be able to achieve more owing to improving market stability regionally and globally, he said.
Qatar’s ambitious plans, particularly in infrastructure, create dynamics to stimulate growth and new projects and improve business environment, he said.
“We at QIIB are ready to contribute to funding these various projects, and keep on working and cooperating with the business sector in the country in various fields,” Sheikh Dr Khalid said.
QIIB chief executive Abdulbasit Ahmed al-Shaibei said total revenues reached QR1.26bn at the end of third quarter, which represents a growth of 11.6% year-on-year (y-o-y).
Stressing that the results were consistent with its plans and expectations in the background of various factors that have emerged in the market during this period, al-Shaibei said “overall, we are optimistic and look forward to achieving further growth and profitability.”
QIIB’s total assets have grown by 11% y-o-y to reach QR43.1bn with financing portfolio expanding 10% to QR26.8bn. Deposits have increased 8% y-o-y to total QR26.9bn at the end of September 30, 2016.
In August 2016, QIIB raised QR1bn additional Tier 1 capital through sukuk, which helped it strengthen the capital adequacy ratio to 19.49% at the end of September 30, 2016.
“It is a very distinct ratio that confirms the bank’s financial strength and prudent policies in mitigating risks as well complying with regulatory requirements,” al-Shaibei said.

QIIB plans more branches in Qatar, JV in Morocco
QIIB is planning to open new branches at the City Center and the Mall of Qatar as part of strengthening the domestic network and also hopes to soon open a new joint venture bank in Morocco.
The bank, which has already opened a branch at the Ezdan Mall in Gharafa, is in the process of refurbishing some of its existing branches and relocating others, to better serve the customers and facilitate access to efficient and affordable banking products and services.
In parallel, QIIB is also focusing on modern alternative channels and has already made available e-banking and services via mobile phone, telephone banking and a call centre.
The bank is also setting up more ATMs at key locations across Qatar, as it attaches importance to enhancing its technological infrastructure.
On new products and services, QIIB chief executive Abdulbasit Ahmed al-Shaibei said it has been driven by innovation, especially considering the demand for Islamic banking.
In this regard, QIIB recently launched a features-packed credit card, which enables customers to avail a monthly payment plan equivalent to 5% of the amount due on their credit cards.
“The launch of the Shariah-compliant 5% monthly payment plan for QIIB’s credit cards comes within the framework of innovation and in response to customer requirements. Further, we have seen steadily increasing redemptions by our customer of the rewards attached to our credit cards, indicating their favour with our rewards programme,” he said.
On its overseas operations, QIIB is waiting to complete all legal and executive procedures required for the launching of a joint venture bank in Morocco, based on partnership with the Moroccan real estate and tourism bank – Credit Immobilier et Hotelier (CIH Bank).
“At QIIB, we hope that the bank starts working soon in this region,” its chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani al-Thani said.