QIIB has posted a net profit of QR700mn in the third quarter of this year, up 5.1% on the same period in 2016.
The leading Islamic bank’s total assets at the end of the third quarter jumped 17.5% to QR50.6bn.
Announcing QIIB’s results yesterday, chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said, “Our net profit shows that the bank was able to overcome the challenges and maintain the stable growth rate that distinguishes it for a long time now”.
He said, “We are proud to achieve this growth, which is primarily due to our engagement with the Qatari economy that provides rich and substantial opportunities and one that proves to be strong, dynamic and capable of overcoming challenges at all levels, and sustaining growth and prosperity for the various sectors.”
“Given the circumstances that have arisen, we consider these results as our contribution to the Qatari economy, which has proved its resilience and capabilities in the face of the blockade and attempts to dwarf its growth,” he pointed out.
Sheikh Dr Khalid affirmed that QIIB is committed to implementing its strategy that focuses on the local market, financing various projects and coordinating with all sectors, so as to increase opportunities, facilitate works and help execute projects as scheduled.
“Opportunities available in the local market call for the bank’s active engagement with the local business sector in order to enhance returns to the bank’s shareholders and raise profitability based on internal controls and policies. We also need to put focus on making headway despite competition, even as we manage market risks wisely.”
QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei said, “Total revenues for the third quarter reached QR1.38bn, up 10% on QR1.26bn in Q3, 2016. QIIB’s financing portfolio reached QR29.9bn in the third quarter compared to QR26.8bn in the same period last year, the growth rate being 11.5%.”
With regard to the major financial indicators, the CEO said, “QIIB’s capital adequacy ratio based on the Basel III requirements reached 17.36%, which proves the strength of the bank’s financial position and the wise policies it pursues, especially in risk management.
“The cost to income ratio at 24.4% is one of the best in the banking sector. The credit to deposits ratio at 84.2% reflects the growth of customer deposits and increased liquidity in compliance with Qatar Central Bank regulations.”
Earnings per share reached QR4.63 in Q3 compared to QR4.4 for the same period last year, which shows a growth rate of 5.1%. He affirmed that “QIIB would not spare any efforts to contribute to the development, and financing of various types of projects, regardless of whether they are large infrastructure projects or small and medium enterprises, which we consider as a vital segment of our economy and the one we support systematically in cooperation with the Qatar Development Bank.”
Al-Shaibei said, “We remain focused on the local market. The wise policies pursued and adequate safeguards taken by the Qatar Central Bank had come in handy, when our banking system had to face the headwinds of the blockade.”
In order to diversify its sources of income and gain better liquidity and adapt to the market conditions, QIIB established a $2bn sukuk, which got the approval of UK’s Financial Conduct Authority (FCA) and the London Stock Exchange.
The sukuk programme had been assigned a provisional rating of ‘A2’ by Moody’s and an expected rating of ‘A’ by Fitch Ratings.
QIIB posts QR700mn profit in third quarter
