QIIB has posted a first quarter (Q1) net profit of QR316mn, up 7.1% on the same period last year.
In Q1, 2022 QIIB had registered a net profit of QR295mn.
The results were announced by QIIB chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani after a meeting of the bank’s board of directors here Monday.
Sheikh Abdullah stated, “QIIB’s results for the first quarter of 2023 reflect the bank’s progress and growth. We rely on the strong local business environment that provides us with the necessary opportunities to achieve stable and continuous growth.
“This positive environment laden with opportunities offered by the Qatari economy, has encouraged us to exert suitable efforts to make the best out of it. On account of such great efforts, we managed to keep up with the uplift of the Qatari economy, which is witnessing a boom in various fields thanks to the support, care and guidance of His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar.”
“The positive indicators in the market and the great trust in the State of Qatar have helped us move forward and have cast a positive view on the business sector in the first quarter. In addition, the sound management of the banking sector by the supervisory authorities is reflected on it effectively, which provides Qatari banks with many competitive advantages that help them achieve the best targeted results.
“QIIB is fully equipped for competition in the market by strengthening the appropriate tools, whether related to infrastructure, human resources or approved policies, especially in terms of risks”.
Sheikh Abdullah affirmed, “The bank continues to make progress in its digital transformation strategy, after making significant strides, which resulted in a phenomenal enhancement in operational efficiency, expansion of customer base, a significant rise in transactions completed through digital channels, in parallel with the increased services offered through these channels.
“In addition, QIIB has also opened its first digital lounge in Msheireb, and we continue to develop this experience until we achieve successful implementation of the best banking solutions approved globally. Our experience in applying digital solutions, has received global recognition.
“Visa granted QIIB the “Excellence in Product Design” in recognition of QIIB achievements in meeting customer expectations by launching digital payment products that target their needs and reflect an in-depth understanding of customer trends and their positive outlook for innovative digital payment solutions and banking services”.
Sheikh Abdullah noted, “The performance of QIIB and the strength of its financial position during the last period prompted rating agencies to endorse this strong performance, whereas Fitch Ratings affirmed the bank Long-Term Issuer Default Rating (IDR) at (A-), while the outlook is upgraded to positive from stable.
“The ratings agency confirmed that the bank has a strong financial solvency and achieved good profits at the operational level, and net profit. Not only that, but the bank is perceived to have strong liquidity and has been able to develop a successful specialised business franchise”
QIIB chief executive officer Dr Abdulbasit Ahmed al-Shaibei said, “By the end of Q1, net operating income has reached QR474mn compared to QR412mn in Q1,2022 with a growth rate of 15%. The bank also continues to enhance its operational efficiency, which contributed to reducing the cost-to-income ratio to 18%, which is considered one of the best ratios in the Qatari banking sector. The bank maintained the stability of the non-performing ratio at the level of 3%, which represents the high quality of the bank's financing portfolio.”
Al-Shaibei stated, “By the end of Q1, total assets reached QR55bn compared to QR56.4bn in 2022, while the financing assets of the bank at the end Q1 stood at QR35bn. Customer deposits amounted QR35.7bn.
Capital adequacy (Basel III) reached 18.4%, which is much higher than the required regulatory limit of QCB.
“The first quarter results, illustrate our strong financial position and great advancement over the previous period. This strength has been fuelled by the rich opportunities offered by the Qatari economy, which represent, with its various sectors, an exceptional environment that attracts local and international investments.
“We continue to execute strategic and interim plans approved by the bank's board of directors, which encourage involvement in the local market by participating in financing various projects, whether big, small, medium projects or even infrastructure projects, which are considered key to national development”.
Al-Shaibei stated, “During Q1, QIIB continued to implement digital transformation plans in an aim to achieve more operational efficiency and keep pace with global banking developments.
“Also, the bank continued its efforts to provide financing solutions that meet customer expectations and aspirations, and in this context, the bank launched a number of competitive offers and products that meet the clients’ needs in addition to launching ‘Himyan’, the national prepaid debit card”.
The CEO pointed out, “During the next period, QIIB will continue its efforts to achieve the targeted growth numbers, and implement the necessary plans to enhance the growth of the indicators, based on its high financial viability, while addressing the market challenges and the various factors of competition”.