Annual general assembly approves board of directors’ proposal to distribute an additional cash dividend of 55% of paid-up share capital, which translates into QR0.55 per share

QIB’s annual general assembly on Wednesday approved the board of directors’ proposal to distribute an additional cash dividend of 55% of the paid-up share capital, which translates into QR0.55 per share.

This takes the total cash dividend during the year to 80% of the paid up share capital, which is QR0.80 per share.

Addressing the shareholders, QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said: “Our financial performance in 2024 is a testament to the bank’s solid strategy, innovative initiatives, and unwavering commitment to delivering exceptional value to our customers, shareholders, and the broader community.

“Beyond financial success, 2024 was marked by groundbreaking advancements in digital banking, steadfast dedication to environmental, social, and governance (ESG) principles, and robust partnerships within the corporate sector.

“At QIB, we prioritise our customers by placing their needs at the forefront of our operations. This year, we strengthened our core businesses and expanded revenue streams with innovative products and services. Our focus on technology adoption, cost optimisation, and customer-centricity has resulted in a record net profit of QR4.60bn and positioned us as one of the world's most efficient banks. We delivered strong ROA and ROE ratios, providing high returns to our shareholders and reinforcing our confidence in achieving future objectives.

“A balanced and diversified balance sheet remains a cornerstone of our strategy, enabling us to cater to all segments of the Qatari economy while upholding stringent risk management practices, including ESG integration. With one of the lowest non-performing financing assets ratio in Qatar and a sharp increase in digital adoption, including 99% self-service transactions and significant contributions from digital sales, we are setting benchmarks in operational excellence.”

Sheikh Jassim said: “Indeed, we have continued to lead the digital banking landscape in Qatar by introducing innovative services that enhance customer convenience and accessibility. Among the highlights of 2024, we expanded our direct remit services to new countries, introduced international wallet transfers and cash pickup, offering instant money transfers through our mobile App.

“Additionally, we launched the first in Qatar ‘Auto Marketplace’, revolutionising the car-buying experience by integrating financing and vehicle research, selection and purchase. Key advancements also include the rollout of the e-KYC guidelines that allowed QIB to onboard new customers fully digitally, and the introduction of digitally stamped certificate and statements, reflecting our commitment to customer-centricity and technological excellence.”

In alignment with QIB’s vision to drive sustainable growth, the bank took significant strides in environmental, social, and governance initiatives.

“This year, we introduced a new Sustainable Deposit and partnered with the Qatari Businesswomen Association to empower women in business. Furthermore, we joined DHL Express Qatar in their GoGreen Plus Programme and partnered with Injaz Qatar to support life skills development for preparatory students. These efforts underscore our commitment to creating long-term value for our stakeholders while contributing to the well-being of society.

“On the corporate banking front, QIB continued to foster strategic alliances to deliver innovative solutions. We signed a landmark agreement with Edaa to streamline dividend distributions for shareholders of listed companies in Qatar and partnered with the Qatar Financial Centre (QFC) to provide seamless banking solutions for licensed firms.

In September 2024, QIB successfully issued a $750mn sukuk, reflecting the confidence of global investors in QIB’s stability and growth prospects.

In 2024,, QIB achieved positive progress, cementing its position as one of the largest Islamic banks internationally. Total assets of the bank now stand at QR200.8bn, customer deposits at QR125bn while total income reached QR11.7bn.

QIB reported a net profit (attributable to shareholders) of QR4,605mn in 2024, up 7% on 2023.

“Concluding, on behalf of the Board of Directors, I would like to extend our sincerest gratitude and appreciation to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani, and to His Highness the Father Amir, Sheikh Hamad bin Khalifa al-Thani, for their continuous support and encouragement to the banking sector in Qatar. I would also like to thank all officials concerned with the banking sector in Qatar, particularly the Qatar Central Bank, for their continued support on all components of the banking and economic activity.”