QIIB has posted a net profit of QR784.2mn and a total income of QR1.59bn in 2015, the bank said yesterday.
QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said the 2015 financial results reaffirmed the bank’s “strong financial position and capacity” to achieve continued growth.
The bank has achieved earnings per share (EPS) equivalent to QR5.18 in 2015. It had earned a net profit of QR825.8mn in 2014.
QIIB board of directors made a recommendation to the ordinary general assembly of the bank’s shareholders for distribution of profits equivalent to QR4 a share in 2015, unchanged from 2014.
Sheikh Dr Khalid said, “The continuous development achieved by QIIB confirms the active role we are playing in the Qatari economy, which has witnessed, for quite some time, a boom in its various sectors thanks to the support and patronage of HH the Emir Sheikh Tamim bin Hamad al-Thani.”
He said, “Looked objectively at the results, we will see that development and growth were achieved in various items provisioned in the QIIB budget. The numbers achieved reflect the successful execution of most of the plans and targeted growth rates, although we always seek to exceed expectations as it has a positive impact on the bank and its shareholders alike”.
Sheikh Dr Khalid pointed out that the QIIB’s strategy to focus on the local market was gaining “great momentum”, in terms of the bank’s active involvement in the execution of development plans and the financing of various projects. These include infrastructure projects and large, small, or medium-sized enterprises.
“While focusing on the local market in 2015, the bank profited from highly-beneficial, low-risk foreign opportunities. It also strengthened its partnerships in various regional and international markets. This is clearly reflected on a partnership agreement concluded by QIIB with the aim of applying for the opening of a bank in Morocco. We hope that QIIB will acquire approval this year in order to initiate the establishment of the new bank”.
“The bank has an optimistic outlook for the future, despite challenges in the global economic landscape. We draw upon the high levels of liquidity and strength of the Qatari economy as well as its strong characteristics, which provide it with the ability to continue growing and achieve good numbers”.
QIIB chief executive officer, Abdulbasit Ahmed al-Shaibei pointed out that the bank’s operating revenues reached QR1.59bn in December last year compared with QR1.52bn in 2014, a growth of 4.6%.
Customer deposits increased at end-2015 to QR26.7bn compared with QR26.6bn in 2014, registering a growth of 0.1%.
He said financing assets grew by 14.8% compared to end-2014, whereas QIIB’s assets increased at the end of 2015 to QR40.6bn compared with QR38.4bn in 2014, registering a growth of 5.8%.
Total shareholders’ equity amounted to QR 5.6bn and the capital adequacy in terms of Basel III reached 16.7%, which indicates QIIB’s financial stability and efficiency.
Al-Shaibei said QIIB’s results for 2015 clearly indicated that the bank was able to maintain its growth rate. Its response to various market factors was also clear and appropriate to meet the challenges.
“2015 was a special year for the bank, whether at the local or international level. In Qatar, the bank opened many important branches, including a corporate branch at Grand Hamad Street, which serves various types of companies, as well as in Al Khor, where key clients are served.
“We hope that our expansion policy will match the increase in our customer base in 2015. We hope this growth continues, with God’s will, as we are extremely keen to provide the best Islamic banking services and products to our valued customers”.
He said, “During the past year, the bank sought to comprehensively enhance its technological infrastructure based on the latest standards, with emphasis on electronic channels such as Internet, telephone and mobile banking services. The bank also continued to provide distinguished products and services that meet clients’ expectations in terms of innovation, Shariah-based banking services”.
With regard to corporate financing, al-Shaibei said, “QIIB is always keen to finance large projects such as infrastructure, industry and transportation, as well as other projects that form the basis of Qatar’s progress and development. In 2015, the bank took new steps towards the financing of small and medium-sized enterprises as part of its strategy to support these essential enterprises.
“QIIB gives priority to the local market. But that does not mean that the bank is not taking advantage of international opportunities as it continues to implement its active policy of benefiting from overseas ventures so as to enhance growth rates and maximise shareholders’ returns. In this regard, the bank signed a partnership agreement with CIH Bank to submit an application to the Bank of Morocco for the establishment of a bank in Morocco.”
Sheikh Dr Khalid and al-Shaibei: Active support to Qatar’s economy.
