Capital Intelligence Ratings announced that it has upgraded its Long-Term Foreign currency rating (LT FCRs) for QIIB to ‘A+’ with a stable outlook and highlighted the bank's many strengths that have enhanced its credit rating.
In its report, which included upgrading the rating of QIIB, Capital Intelligence Rating stated, “The bank has a strong financial solvency in general, and the bank managed post improved profitability at both the operating and net levels, and it also has strong liquidity.
Importantly, these upward revisions follow the upgrade of Qatar’s sovereign ratings (‘AA’/‘A1+’/Stable) earlier.
The ratings agency also indicated that the rating upgrade has been based, in addition to what was mentioned, on the possibility of exceptional government support in case of need, and that the bank was able to develop a successful specialised business module.
Commenting on Capital Intelligence’s upgrading of the bank’s LR FCRs rating to ‘A+’ with a stable outlook, QIIB chief executive officer, Dr Abdulbasit Ahmed al-Shaibei stated, “We are certainly pleased with this rating, because it clearly indicates that we are fully consistent with the strong and robust growth of the Qatari economy within which we draw our strength, and build on the rich opportunities it provides in various fields.”
“The reasons cited by Capital Intelligence vis-a-vis QIIB rating upgrade clearly indicates that the bank holds a distinguished financial position and continues to enhance its various indicators, including profits and capitalisation and liquidity, which is reflected on our financial statements that we recently disclosed at the end of 2022.”
Rating upgrade in this particular period has many indications, one of which is the momentum that we were able to achieve, despite the challenges that have risen along with the markets at the global level, foremost of these are the challenges posed by the spread of Covid-19 pandemic in the recent past as well as the global turmoil resulting from geopolitical and economic challenges. It has resulted in high inflation, and difficulties in supply chains clearly affected the markets."
Al-Shaibei pointed out: “Our strategy, which has always relied on the local market and participation in high-feasibility projects, as well as the adoption of a cautious risk policy, enabled us to maintain the growth trajectory. This has also helped us overcome various challenges, whether in foreign markets or those resulting from competition in the banking market, to which we were able to respond, especially through a large-scale activity in digital transformation operations. This has clearly enhanced our operational performance, improved the work environment and gave us a strong impetus forward.”
The CEO expressed his confidence that the “higher pace achieved in respect of various indicators of QIIB will continue during the coming period, driven by the strength of the Qatari economy, the plans and strategies drawn up by QIIB, and based on a solid foundation of indicators shown by the bank's financial statements."
Dr Abdulbasit Ahmed al-Shaibei, QIIB chief executive officer.
QIIB corporate office at Grand Hamad Street in Doha.