QIIB succeeded in improving the quality of its funding assets portfolio by decreasing the non-performing loans to 1.6% in 2020, chief executive officer Dr Abdulbasit Ahmed al-Shaibei said.

In 2019, this stood at 1.9%; al-Shaibei said the bank’s ordinary general assembly on Wednesday.

“This confirms the efficiency of the policies of debt collection and credit risk management at the bank,” al-Shaibei said.

Al-Shaibei said, “We endeavored throughout 2020 to rationalise and control the expenditures, which helped us improve the operational efficiency (cost-earnings ratio) to 20.3%, compared to 24.1% at the end of 2019. This was one of the best indicators at local and international levels.”

QIIB’s total equity reached QR8.3bn, while the capital adequacy under Basel III reached 16.6% in end-2020, which “ascertains the strong financial position” of the bank in facing various risks.

He said QIIB results for 2020 revealed that the bank could maintain its indicators at an upward pace despite the unprecedented challenges that were faced.

Al-Shaibei noted QIIB could achieve significant progress in digital transformation, which began many years ago.

“And it was actually moving as per the adopted plans, but the circumstances that followed the pandemic outbreak turned everything upside down, and changed the behaviour and views regarding the banking services in their traditional form. This prompted the bank to gear up provision of more services through the digital channels.

“This means the plans that were supposed to be achieved by the bank in this field in a period of years, were mostly realised within a few months,” al-Shaibei told Gulf Times.

The CEO said QIIB has systematically invested in technological solutions, and could provide most of the services to the clients through the alternative channels. Swift digital conversion and the success in implementing pertinent plans have considerably contributed to improving the bank’s operational environment, while promoting the overall business of the bank and reducing operational costs.

Al-Shaibei said QIIB worked tirelessly to achieve the strategic vision set by the board of directors, which emphasises on giving attention to the local market and focusing on funding the different business sectors, therein.

The bank also maintained its policy on foreign investments by complying with the norms and standards it has set long time ago in relation to foreign investment-related risks.

“This is why the bank has focused on the consolidation of partnerships that were proved to be useful and profitable in a way that promotes the financial position of the bank and increase the earnings of its esteemed shareholders,” al-Shaibei noted.

QIIB posted a net profit of QR937.7mn in 2020 compared to QR927mn in 2019.