Qatar First Bank (QFB) earned a revenue of QR334.2mn in 2017, the QSE-listed Shariah-compliant bank said yesterday. 
QFB investment portfolio continued to generate healthy dividends of QR25.5mn, which constitute double the income generated in 2016. 
Furthermore, the bank’s income from financing assets increased by 18.3%, compared to 2016, recording an additional income of QR12.6mn and the financing assets will generate recurring income during the coming years. 
Also, the bank’s income from placement with financial institutions stood at QR25.6mn, mainly derived from cash deployment in Shariah-compliant money market funds. 
QFB recorded a net loss of QR269.3mn for 2017, resulting mainly from the downward revision of the valuations of some of the bank’s investments across several markets. 
Moreover, the bank sold its stake in Amanat Holding, a Dubai based-listed healthcare and education company and generated overall cash returns of QR25.6mn.
In line with the results and the changes instituted during 2017, QFB’s management continued raising efficiency levels through the implementation of the cost rationalisation plan that resulted in a reduction of the staff expenses by 10.8% and other operating expenses by 20.7% with an overall reduction of the expenses by 7.8% compared to 2016. 
The expenses are expected to be reduced further in coming years as it will have full year impacts of the cost initiatives measures.   
Ayman Zaidan, head (Treasury & Investment Management) said, “We continue on rerouting and fully matching QFB with the evolution of Qatar’s and the wider region’s investment direction to access lucrative investment opportunities.”  
While the current volatility in the global markets has impacted the bank’s business, QFB continued to successfully manage its existing portfolio, as well as seeking out new lucrative opportunities. The management is confident that they will perform well in the years to come.
He said, “QFB’s strategy focuses on our role as a trusted adviser, a gateway for investors who wish to tap into innovative, Shariah-compliant, investment opportunities in local, regional and global markets. We will continue to diversify our portfolio, tapping into new and attractive geographical markets. 
“We are well-positioned to provide capital solutions to growing businesses in the region, utilising our expertise and network. We look to partner with market leaders, private and institutional investors, attracting third party money with the objective to create value while following international best practices and the highest levels of corporate governance.”