QIIB has posted a half yearly (H1) net profit of QR510.6mn, up 5.5% on the same period in 2018.
At the conclusion of the Board of Directors' meeting held to discuss the results of the QIIB operations for the first half of the year ended on June 30, chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said: “The bank's net profit for the first half of 2019 amounted to QR510.6mn, compared to QR484mn for the same period of 2018, representing an increase of 5.5%, which reflects the bank's compliance with the market requirements and its alignment with the Qatari economy, which is witnessing resurgence in all fields.
“The Qatari economy is achieving remarkable results thanks to the support, care and vision of His Highness the Amir Sheikh Tamim bin Hamad al-Thani.”
Sheikh Dr Khalid said, “The Qatari economy enjoys strength and stability, possesses growth factors and sees promising opportunities, which helped place us in a strong position. We, at QIIB, have benefited clearly from these factors and achieved many of them, which led to considerable growth rates under various budget items. Once again this confirms QIIB’s strong and established position in the country’s banking sector and in the overall economy”, Sheikh Dr Khalid said.
“QIIB has continued its policy of focusing on the local market, in order to contribute to the revitalisation of the national economy and finance various projects that complement the development efforts and achieve the objectives of Qatar National Vision 2030”.
“Any foreign investment decision taken by the bank will not affect this trend. We are focused on the local market, although we are satisfied with our partnerships abroad. Over the years, we have succeeded in building multi-dimensional partnerships in various countries. QIIB is very well set on the growth trajectory based on the strength of the Qatari economy.
“The $500mn sukuk issued by the bank earlier, was listed on the London Stock Exchange, and attracted investors from across the world with the issue getting oversubscribed seven times.
“We are very happy about our reputation and the confidence investors place on us and we will strive to enhance it,” Sheikh Dr Khalid said.
QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei said the bank's total revenues amounted to QR1.14bn in H1 compared to QR1.03bn for the same period of 2018, with a growth rate of 10.3%.
QIIB’s total assets stood at QR54.2bn in end-June compared to QR47.6bn in H1, 2018, representing a growth rate of 13.9%. Financing assets grew by 13.1% to reach QR31.4bn in H1, 2019.
Total deposits rose to QR33.3bn in H1 in comparison with QR31.1bn in the same period last year, with a growth rate of 7%.
Earnings per share reached QR0.34 and capital adequacy (Basel III) stood at 14.98%, which reflects QIIB’s financial strength,” he said.
Al-Shaibei expressed satisfaction at QIIB’s financial indicators in the first half of this year. This demonstrated that the bank has achieved the set goals in the context of a comprehensive plan aimed at achieving the strategy set by the Board of Directors.
The strategy focused on enhancing profitability and deepening partnerships and engagement in local projects, be it infrastructure or others.
“Thus we are able to continue contributing to the strengthening of the national economy and responding to competition in the local banking sector.
“The bank continued its work in order to enhance the operational structure and ensure its compliance with the best international banking standards. We have systematically invested in the development of the technological infrastructure, enhanced the concepts of sustainability in our work and projects, and focused greatly on creativity, innovation and performance, which resulted in outstanding performance so far,” the CEO noted.
“We have achieved excellent results in implementing our local expansion plans. The opening of branches in major malls across the country has helped widen our customer base and enhance customer satisfaction.
“The bank has also invested significantly in alternate and modern digital and electronic channels, which provide significant savings in time of our customers. QIIB customers can now perform various operations and access most of the services through alternate channels such as Internet banking, mobile banking, phone banking and the call centre.
Dr al-Shaibei said, "The results achieved by QIIB have been mentioned in reports produced by leading international credit rating agencies. These agencies have provided QIIB a stable outlook, which is mainly due to the strength of the Qatari economy, the soundness of the banking sector and the Bank’s performance and its solid financial indicators.”