Qatar First Bank (QFB) reduced its net loss by 35%, recording a net loss of QR202mn for the first half of 2020 compared with a net loss of QR310mn for the same period last year.
“Net loss was incurred mainly due to Covid-19 impact on the performance of bank’s assets. QFB continued implementing a cost rationalisation initiative to decrease its total costs, alongside implementing a risk-adjusted income-generating strategy to enhance its returns and shareholder value. As a result, the total costs (excluding one-off impairment costs) were reduced by 27% during the first half of this year compared to the same period last year,” QFB said.
QFB’s board of directors, commented, “As the Covid-19 global pandemic affected all industries around the world, the overall banking industry in Qatar witnessed a mild weakening effect on profitability due to the market slowdown. QFB’s efficient risk management framework and cautious liquidity measures ensured that there is only minor impact to its core banking activities.
“We affirm that QFB is gaining benefits from its revised strategy where our income streams are showing continuous growth momentum along with progressive operational performance and positive financial indicators. We further applaud the effort taken by government and regulators to ensure strength and security of the local economy.”
Earlier in January, QFB acquired "90 North Corporate Campus", a four-building, 262k-square-foot office campus located in Bellevue, Washington. The bank has also existed a second aviation deal through the sale of a Boeing 737-900ER aircraft.
QFB said it “continues to gain from its revised strategy shifting the bank’s operating model to focus on investing in risk-adjusted yield-generating structured investment products syndicated to the bank’s investor-base.”
QFB is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange.
QFB’s board of directors, commented, “As the Covid-19 global pandemic affected all industries around the world, the overall banking industry in Qatar witnessed a mild weakening effect on profitability due to the market slowdown. QFB’s efficient risk management framework and cautious liquidity measures ensured that there is only minor impact to its core banking activities.
“We affirm that QFB is gaining benefits from its revised strategy where our income streams are showing continuous growth momentum along with progressive operational performance and positive financial indicators. We further applaud the effort taken by government and regulators to ensure strength and security of the local economy.”
Earlier in January, QFB acquired "90 North Corporate Campus", a four-building, 262k-square-foot office campus located in Bellevue, Washington. The bank has also existed a second aviation deal through the sale of a Boeing 737-900ER aircraft.
QFB said it “continues to gain from its revised strategy shifting the bank’s operating model to focus on investing in risk-adjusted yield-generating structured investment products syndicated to the bank’s investor-base.”
QFB is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange.
