QIIB continues to focus on the local market in view of the significant opportunities provided by the Qatari economy, said bank’s chairman and managing director Sheikh Dr Khalid bin Thani bin Abdulla al-Thani.
“We consider that our contribution to Qatar’s development plans is our duty. We will continue to contribute as much as possible through the financing of various projects in all sectors, infrastructure projects in particular, which are an important driving force in the growth of national economy,” Sheikh Khalid said while addressing the bank’s shareholders at their ordinary general assembly at the Ezdan Tower in Doha yesterday.
QIIB, he said, paid particular attention to SMEs, which enhanced the bank’s “fruitful partnership” with Qatar Development Bank.
“This is a leading partnership that we are proud of, as it positively reflects on the segment of entrepreneurs representing the future.”
In terms of QIIB’s expansion abroad, he said the “bank always seeks to seize available opportunities that meet the conditions of economic feasibility, especially in terms of low risks.”
QIIB was able to maintain its strong financial position and stable growth. It also built partnerships with different investment entities abroad.
During 2018, QIIB continued to achieve growth in important financial indicators such as assets, revenues and net profits.
This growth, Sheikh Khalid said “helped the bank maintain high rankings” given to it by international rating agencies during 2018, “reflecting QIIB’s ability to execute its interim and strategic plans and benefit from the strength of the Qatari economy.”
According to experts and market analysts, Qatar’s is the strongest and best performing economy in the region and is the most capable of facing market fluctuations and challenges posed by external developments.
QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei in his address said, “We achieved a growth rate of 6% last year compared to 2017. The bank’s net profit reached QR882.1mn, while its total assets amounted to QR50.3bn by the end of 2018, compared to QR46.6bn in end-2017. The bank’s operating income amounted to QR2.1bn compared to QR1.9bn at the end of the previous year, which represents a growth rate of 11.9%.
“We are proud to be part of our country’s remarkable success, through the implementation of our planned strategic and interim plans. We believe that behind every challenge, there is an opportunity. The unjust embargo on our country prompted us to search for new markets and new partnerships.
“We believe that our choices and efforts have borne fruits, and we are counting on more positive results in future. Our encouraging experience with the Umnia Bank in Morocco, and its ability in a record time to earn good reputation, encourage us to do more. We now have more than 20 branches in various Moroccan cities. We have an expansion plan in place that will cover all important cities during the coming period,” the CEO noted.
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