QIIB net profit scales up 5% to QR735mn
October 15 2018 08:02 PM
Sheikh Dr Khalid bin Thani bin Abdullah al-Thani (L), Dr Abdulbasit Ahmad al-Shaibei
Sheikh Dr Khalid bin Thani bin Abdullah al-Thani (L), Dr Abdulbasit Ahmad al-Shaibei

Doha

* The premier Islamic bank's total income for nine months up to September amounted to QR1.58bn; total assets stood at nearly QR49bn

QIIB has earned a net profit of QR735mn in the nine months up to September, up 5% on the same period last year. 
The results were announced by QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah bin Thani al-Thani after a meeting of the bank’s board of directors here on Monday. 
“This proves the bank’s efficient performance and its consistency with the outstanding performance of the Qatari economy, which achieved great growth across various sectors, thanks to the directions and support of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.”
Sheikh Khalid said the bank's results in the third quarter were “consistent with all neutral indicators and ratings” that placed the Qatari banking sector in general, and QIIB in particular, in a strong and well-established financial position, which will continue to achieve outstanding results based on the strength of the Qatari economy whose growth rates are the highest in the region".
"The bank's key indicators have improved over the past period and we were able to achieve what we have planned, even though we keep aspiring for more. The projects and opportunities available in the local market have increased QIIB’s appetite for contributing to the various development plans, by financing mega projects and infrastructure projects and strongly contributing to the financing of small and medium-sized enterprises. 
“In the area of supporting and nurturing SMEs, QIIB has played a pioneering role and we strive to keep this image in future as well.”
Sheikh Khalid said, "QIIB continues to focus strongly on the local market as part of its strategy. Its moral and national commitments require its contribution to the growth of the Qatari economy, participation in the financing of various sectors and establishment of comprehensive partnerships, especially since the opportunities available in the local market cannot be found in most other countries of the region.” 
Sheikh Khalid noted that the Qatari economy had been able to overcome all the challenges that it recently faced and turned these into opportunities. 
“We, at QIIB, will continue to benefit from the market factors and opportunities available, which thankfully are numerous in our country, and draw our plans on that basis".
QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei said, “The bank’s total income for the nine months ended on September 30 amounted to QR1,584mn compared to QR1,385mn for the same period in 2017”.
He clarified that QIIB’s total assets at the end of the third quarter stood at nearly QR49bn, while the financing portfolio exceeded QR28bn.
QIIB’s capital adequacy ratio (under Basel III) reached (by the end of the third quarter) 16.47 %, which confirms the bank's solid position and its ability to cope with the various market risks.
The CEO said, “These results clearly indicate that QIIB continues to achieve growth and success, drawing on the strength and resilience of the Qatari economy, which proved its capabilities to ward off its challengers”.
Al-Shaibei said, "The bank will continue to implement its funding policies that give priority to infrastructure projects and mega projects, especially those related to the FIFA World Cup-2022 as well as other projects all over the country, without forgetting our commitment to financing and supporting small and medium-sized enterprises. 
“This year and for the second year in a row, QIIB won the ‘Al-Dhameen Best Partner Bank Award’, given by its partner Qatar Development Bank as part of a programme that supports small and medium-sized enterprises”.
Al-Shaibei stated, “We continue to proceed with the Board of Director’s provisional or strategic policies that aim at increasing growth, improving the performance and responding to the continuous demand for the Bank’s services and expansion of its customer database”.
“The strength of the Qatari economy and the development of the bank's various indicators have prompted premier international credit rating companies to review their ratings of QIIB and change its outlook to stable, based on its strong financial position and good performance, as it was able to maintain the quality of its assets and its solid capital base.
“Furthermore, the bank enjoys strong liquidity, which is very important for us, as it clearly reflects the success of the Qatari economy and the local banking sector over repercussions that resulted from the unjust blockade”.
The CEO pointed out that QIIB has been pursuing an expansion plan in the local market, focusing on its presence in important commercial centres across Qatar to serve customers for longer hours.
In the recent months, the bank opened five branches in popular malls, the latest one was at The Mall in Al Hilal. The bank hopes to open a branch at the Ezdan Mall, Al Wakrah before the year-end, he said.
In parallel, the bank is also focusing on the development of its banking services through alternative channels, such as telephone banking, ATMs, mobile banking and Internet banking for individuals and companies.

Last updated: October 15 2018 08:06 PM


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