QIIB has posted a net profit of QR882.1mn in 2018, up 6% on the previous year.
The bank’s 2018 results were announced after a meeting of its board of directors chaired by Sheikh Dr Khalid bin Thani bin Abdullah al-Thani in Doha yesterday.
The board of directors recommended to the Ordinary General Assembly of shareholders the distribution of 40% cash dividend, which translates into QR4 per share, subject to the Qatar Central Bank approval. Earnings per share stood at QR5.46 in 2018.
Sheikh Dr Khalid said, “The bank’s results reflect the strength of the Qatari economy that achieved and is still achieving prosperity under the patronage and with the support of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani”.
“2018 was a significant year for the Qatari economy as it was able to overcome all obstacles and adverse circumstances and make a huge leap in terms of quantity and quality. At QIIB, we are proud to achieve a growth that reflects our involvement in the Qatari economy, which has proven to have solid and firm foundations”.
“During the past year, we continued to focus on the local market. Our strategy to enhance our presence and contribution has proven to be the right one, given the rich opportunities provided by Qatar’s economy. Thus, we will continue to contribute as much as possible”.
Sheikh Dr Khalid noted, “QIIB is financing various projects across various sectors, with particular focus on infrastructure, which are a driving force in the growth of the national economy. We also remain committed to small and medium-sized enterprises, especially our fruitful partnership with the Qatar Development Bank.”
QIIB chairman said, “QIIB, which has been able to maintain its strong financial position and stable growth for more than a quarter of a century, continues to build partnerships with a range of investors abroad, based on its excellent reputation and the great reputation of the Qatari economy. The bank’s investment decisions are always based on proper feasibility studies, especially in terms of risks, with the aim of increasing returns to shareholders and support the bank’s various key indicators”.
QIIB chief executive officer, Dr Abdulbasit Ahmad al-Shaibei said the bank’s total assets amounted to QR50.3bn in end-2018 compared to QR46.6bn in end-2017.
He said, “Customer deposits at the end of 2018 reached QR31.1bn. The bank total equity stood at QR6.8bn while the capital adequacy under Basel III registered 16.42%, which reflects the strength of QIIB’s financial position amid various risks.”
Al-Shaibei said, “QIIB’s results clearly show that we continue to play an active role in the Qatari economy. Last year’s developments proved its strength in facing storms and obstacles, no matter how powerful they were”.
On QIIB’s outlook that was upgraded by credit rating companies to “stable”, Dr al-Shaibei said, “This was the natural outcome, given our beloved country’s economic strength and its ability to overcome challenges. The rating agencies confirmed that the change in QIIB outlook stems from its strong position and good performance as the bank successfully maintained the quality of its assets, robust capital base and strong liquidity.”
Sheikh Dr Khalid and al-Shaibei: QIIB results reflect the strength of Qatar’s economy.
