QIIB has posted a first quarter net profit of QR236.5mn, up 6% on Q1, 2016, the leading Islamic bank announced in Doha yesterday. 
QIIB vice chairman Sheikh Abdullah Thani Abdullah al-Thani said, “These outstanding results confirm that the bank has been able to benefit from the upward trend in economic growth and the other positive factors provided by the Qatari economy, which sees great opportunities. At QIIB, we consider it a duty to contribute to the national economy and meet and overcome various challenges.”
In the first quarter of 2016, the bank had earned a net profit of QR223mn. 
Sheikh Abdullah said, “The diligent work and the implementation of the strategic plans have resulted in achieving greater stability despite the various conditions and factors to which the markets have been exposed. The strong demand on the bank’s services has stimulated various financing activities, which has led to an increase in our financing portfolio and customer deposits. Also, the quality of the bank’s assets helped us mitigate several risks.”
He said, “The first quarter of 2017 gives us optimism about the remaining period of the year. This is because the overall business climate is improving, following the oil price volatility in international markets. The continued implementation of various major projects and infrastructure projects and those related to the World Cup in Qatar will give further impetus to the national economy.”
QIIB chief executive officer Abdulbasit Ahmad al-Shaibei said, “The total revenues of the bank at the end of the first quarter of 2017 amounted to QR460mn compared to QR400mn during the corresponding period of 2016, which indicates a growth rate of 15%”
“QIIB’s total assets at the end of the first quarter rose by 10% and reached QR45.3bn compared to QR41.3bn during the same period of 2016”, he added.
“The size of the bank’s financing portfolio increased by the end of the first quarter to reach QR29.3bn compared to QR25.7bn at the end of the first quarter 2016, representing a growth rate of 14%.”
Al-Shaibei said the level of QIIB’s non-performing assets is now at 1.84%. 
At the same time, the bank has maintained its operating efficiency (cost-to-income ratio), which reached 25.4% in the first quarter, which is considered one of the best in the Qatari banking sector.
The bank’s total deposits rose to QR28.7bn at the end of the first quarter compared with QR27.8bn at the end of the same period of last year.
The capital adequacy ratio (Basel III) reached 17.85%, “which confirms the strong financial position of the Bank,” he pointed out.
Al-Shaibei said, “The results and indicators of the first quarter are in line with our expectations and reflect the bank’s success in implementing the strategies approved by the board of directors aimed at achieving further growth in various financial indicators. These also reflect on our abilities in effectively contributing to the financing of various projects and economic sectors, which help us, achieve the set goals and attain the Qatar National Vision 2030’s objectives.”
Al-Shaibei said, “QIIB will continue to try to fulfil its plans and meet customer needs and market developments, particularly in relation to branch expansion and restructuring. We hope to implement an important part of the plan during this year, as we have already moved some branches and opened others. We have recently opened three branches – one each at City Center, Doha Festival City and Ezdan Mall at Al Wakrah, with the aim of getting closer to our customers and providing them with our services in major malls, for longer hours and even during the weekend holidays.”