Qatar First Bank (QFB) on Sunday reported a half yearly net loss of QR301.3mn compared with net loss of QR353.9mn for the same period in 2018.
The Shariah-compliant bank based in Qatar and listed on the QSE posted a total income of QR13.8mn in H1, compared with a negative income of QR243mn in the same period of 2018.
QFB chief executive officer Ali Mohamed al-Obaidly said, “Even though the bank had to announce a loss this quarter, our operations show positive growth momentum. However, it was internally a tough call to make. QFB resolved totally to wash away any previously accumulated losses.
“Though QFB still has to achieve its growth goals, I believe it is ready now for a fresh start free from any past bad performance burdens. Senior management in line with QFB’s newly elected BoD shall exert all best efforts to correct the QFB trajectory and get it back into the green. I, therefore, appreciate our shareholders and stakeholders patience and trust.”
Fee-based income reached QR15.5mn for the first half of 2019, an increase of 54.4% compared to QR10mn for the same period 2018 due to QFB’s newly implemented business strategy of moving away from asset-based income generation to being a fee income based business. Moreover, QFB’s prudent control measures have positively impacted the overall performance in relation to total income.
“Operationally our 2019 financial year started with a positive note, generating a net profit in the first quarter after many continuous quarters of losses. Our income streams are showing positive signs growth momentum which is a manifest that QFB is progressively and steadily moving forward in the right direction,” al-Obaidly said.
“To further fuel our growth business teams are focused on increasing the bank’s assets through direct sourcing and structured products using multiple deals along with new financial products and solutions that generate higher returns targeting new and existing clients.
“QFB’s shareholders recently elected a robust well diversified new BoD, which consists of prominent economic and business figures who are collectively working to improve the bank financial performance on a well-structured long-term growth plan while looking in to generate positive returns to its shareholders,” al-Obaidly added.
QFB chief executive officer Ali Mohamed al-Obaidly said, “Even though the bank had to announce a loss this quarter, our operations show positive growth momentum. However, it was internally a tough call to make. QFB resolved totally to wash away any previously accumulated losses.
“Though QFB still has to achieve its growth goals, I believe it is ready now for a fresh start free from any past bad performance burdens. Senior management in line with QFB’s newly elected BoD shall exert all best efforts to correct the QFB trajectory and get it back into the green. I, therefore, appreciate our shareholders and stakeholders patience and trust.”
Fee-based income reached QR15.5mn for the first half of 2019, an increase of 54.4% compared to QR10mn for the same period 2018 due to QFB’s newly implemented business strategy of moving away from asset-based income generation to being a fee income based business. Moreover, QFB’s prudent control measures have positively impacted the overall performance in relation to total income.
“Operationally our 2019 financial year started with a positive note, generating a net profit in the first quarter after many continuous quarters of losses. Our income streams are showing positive signs growth momentum which is a manifest that QFB is progressively and steadily moving forward in the right direction,” al-Obaidly said.
“To further fuel our growth business teams are focused on increasing the bank’s assets through direct sourcing and structured products using multiple deals along with new financial products and solutions that generate higher returns targeting new and existing clients.
“QFB’s shareholders recently elected a robust well diversified new BoD, which consists of prominent economic and business figures who are collectively working to improve the bank financial performance on a well-structured long-term growth plan while looking in to generate positive returns to its shareholders,” al-Obaidly added.
