QIIB posted a half yearly net profit of QR615mn, up 7.7% on the same period last year, the prominent Islamic bank announced Tuesday.
Earnings per share (EPS) reached QR0.41 at the end of the half year period on June 30, QIIB said.
QIIB chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani said, “QIIB indicators as outlined by the financial results announced for the period ending on June 30, 2023 are aligned with Qatar’s strong economy, which possess the best levels of solvency regionally and internationally.
“Backed by the support of His Highness Sheikh Tamim bin Hamad Al-Thani, the Amir of the State of Qatar, Qatar’s economy will continue to achieve the best opportunities and growth for various economic sectors in the country, particularly the banking sector.
“QIIB’s H1 results clearly reflect the bank’s success in implementing its strategy to strengthen its indicators and respond to the various market factors, whether relating to different risks and challenges or competition. We have already witnessed increased demand for our services and products and a rapid expansion in our retail and corporate client base”.
Sheikh Abdullah noted, “QIIB has maintained its leading position in the banking market, its outstanding performance, and good growth figures, which reflect its high credit ranking. Recently, Moody's assigned ‘A2’ ratings to QIIB with a stable outlook as it expected the bank to be able to maintain its high profitability, capital, and liquidity despite current risks, as well as the efficiency of the operational cost and the quality of its assets.
“Fitch Ratings has affirmed QIIB rating at “A-” with a stable outlook. Capital Intelligence Rating also upgraded QIIB rating to “A+” with a stable outlook”.
“The details of QIIB's financial results, which are made public at the end of the first half, reflect the bank’s success in meeting the majority of our planned objectives. This drives us to continue applying our strategy of focusing on the local market and its different segments, which is abundant with potential opportunities that can maintain profitability and assist with achieving continuous growth for the economy, nationally. At the same time, we will seize every investment opportunity possible overseas given reliable feasibility studies and acceptable risks”.
QIIB chief executive officer, Dr Abdulbasit Ahmed al-Shaibei noted, “At the end of H1,2023, the bank’s total income reached QR1.6bn with a growth rate of 33.4% compared to QR1.2bn in H1,2022.
Total assets stood at QR58bn, while bank’s financing assets grew to QR35.8bn. Customers deposits reached QR36.5bn at the end of H1,2023.
Al-Shaibei pointed out, “The bank continued to achieve outstanding operational efficiency as it reached 18.5% at the end of H1,2023. This confirms QIIB's ability to respond to various challenges and success in implementing its various plans that focus on improving operational efficiency, especially in digital transformation”.
The CEO noted, “By the end of H1,2023, the bank’s financing assets portfolio, maintained quality through NPL ratio, which reached 2.8% with coverage up to 95%.
“At the end of H1, 2023, the total equity stood at QR9bn, Basel III capital adequacy reached 17.6%, which exceeds the regulatory limit and confirms QIIB’s well-established financial position”.
“QIIB’s H1 results reflect its success in positively aligning its results with the various circumstances, and challenges, while responding to various developments in the banking environment and its global trends This success is also embodied in terms of methods and techniques, or software and technology, as well as the selection of efficient and highly qualified individuals to carry out plans and programmes, professionally”.
"QIIB has benefitted significantly from the opportunities provided by the Qatari economy across all sectors. Our persistent strategy is to keep focusing on local projects that merit particular attention and funding, such as major infrastructure projects of all kinds.
“QIIB will also stay focused on small and medium enterprises, which we consider as priorities. We will continue to support the SME sector along with entrepreneurship in accordance with the standards and controls that ensure excellence”.
Dr al-Shaibei continued, “H1,2023 witnessed further development in the bank's digital transformation process. We launched new services, including the ‘Swift Go’ payment transfer service, becoming the first bank in Qatar to adopt this service. This is the latest international unified payment solution adopted globally for multiple currencies and with limited ceilings.
“We also launched the ‘Himyan’ card, the national prepaid debit card, that was announced by Qatar Central Bank, with the aim of strengthening the infrastructure for electronic payment services, financial inclusion and empowerment of customers, while reducing cost, and promoting the transition to a cashless society.”