* QIIB's total income amounted to QR1.22bn at the end of the first half of 2022, while the bank’s total assets stood at QR63.2bn
QIIB posted a half yearly net profit of QR571mn, up 5% on the same period in 2021.
The bank’s financial results were announced by its chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani here Monday.
On the occasion, Sheikh Dr Khalid stated: “We achieved the targeted growth rate thanks to the collective efforts made and the rich and distinguished opportunities provided by the Qatari economy to various sectors, banking in particular”.
“QIIB continued to strengthen its financial position and achieve outstanding stability in terms of its various indicators. The bank was able to respond to the various market challenges and rise to the level of competition, thus maintaining its leading position”.
He said: “The bank continues to focus on enhancing its presence in the local market by financing various projects, especially those that provide added value to the Qatari economy. These include major infrastructure projects, SMEs, especially entrepreneurial projects that represent one of the bright facets of Qatar’s economic growth. In this context, it is worth mentioning that QIIB and Qatar Development Bank had signed the Al-Dhameen updated programme agreement on its 10th anniversary, which proved to be successful and to achieve outstanding results. QIIB has always been a pioneer implementing this programme within the local banking sector”.
Sheikh Dr Khalid expressed confidence that the great leap taken by QIIB during the last period, specifically in the field of digital transformation, will be reflected in the bank’s future results and its capacity to achieve the desired outcomes from the approved strategic and interim plans”.
Sheikh Dr Khalid thanked the executive management and employees for their efforts to implement the plans, improve the performance and provide the best services, calling on everyone to exert more efforts to achieve the desired goals”.
Detailing the bank’s H1 results, QIIB CEO Dr Abdulbasit Ahmed al-Shaibei said: “The bank’s total income amounted to QR1.22bn at the end of the first half of 2022, while the bank’s total assets stood at QR63.2bn, compared to QR62.5bn in the same period of 2021.
He noted, “Customer deposits at the end of the first half achieved a growth rate of 1.1%, as they reached QR39.3bn compared to QR 38.8 billion for the corresponding period in 2021. We also maintained our distinguished operational efficiency ratio compared to the locally and internationally acceptable ratios, which reached 18.96% at the end of the first half.
The CEO pointed out: “The total equity at the end of the first half rose by 4.7% to reach QR8.7bn compared to QR8.3bn at the end of the first half of 2021.
“As for the bank’s capital adequacy under Basel III, it remained stable at 16.24%, which is much higher than the required regulatory limit, thus reflecting the strength of the bank's financial position against any potential market risks”.
“The results and the performance that were disclosed at the end of the first half of 2022 are the results of the great efforts made to translate the plans and strategies approved by the Board of Directors into a tangible reality, which are reflected in the numbers and growth rates achieved ".
The CEO said: “We are pleased with the progress that have been made in the first half and we aspire to accomplish more. We focused our efforts on enhancing our operational performance and adapting to the latest market developments. We believe that the circumstances are appropriate to continue achieving good results in the coming period. We are also working at many levels to enhance the bank’s work environment and respond to all kinds of challenges”.
“The bank's customer base continued to expand, and we witnessed an increasing demand for the bank’s various services. The development of digital services, for retail and corporate customers, have had a great impact, as we noted a great shift by our customers to the new banking services that we provide via mobile, Internet or other digital channels. In fact, our digital banking services have become exceptionally popular among customers, which helps us enhance the customers’ banking experience and enrich it with the latest innovations”.
Dr al-Shaibei indicated: “Alongside the progress achieved by the Bank during the last period, QIIB continued to gain local and international appreciation and recognition.”
With regard to Corporate Social Responsibility, the CEO noted: “QIIB continues to implement its vision and take community service initiatives, providing support to a number of events and activities in the fields of sports, education, creativity and innovation, while highlighting the importance of partnership between profitable institutions such as banks and non-profit community institutions”.
As for human resources, al-Shaibei affirmed: “QIIB continues to implement its policy by attracting, supporting and empowering Qatari cadres, ensuring that they play a primary role in all the bank’s departments.”
The bank’s financial results were announced by its chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani here Monday.
On the occasion, Sheikh Dr Khalid stated: “We achieved the targeted growth rate thanks to the collective efforts made and the rich and distinguished opportunities provided by the Qatari economy to various sectors, banking in particular”.
“QIIB continued to strengthen its financial position and achieve outstanding stability in terms of its various indicators. The bank was able to respond to the various market challenges and rise to the level of competition, thus maintaining its leading position”.
He said: “The bank continues to focus on enhancing its presence in the local market by financing various projects, especially those that provide added value to the Qatari economy. These include major infrastructure projects, SMEs, especially entrepreneurial projects that represent one of the bright facets of Qatar’s economic growth. In this context, it is worth mentioning that QIIB and Qatar Development Bank had signed the Al-Dhameen updated programme agreement on its 10th anniversary, which proved to be successful and to achieve outstanding results. QIIB has always been a pioneer implementing this programme within the local banking sector”.
Sheikh Dr Khalid expressed confidence that the great leap taken by QIIB during the last period, specifically in the field of digital transformation, will be reflected in the bank’s future results and its capacity to achieve the desired outcomes from the approved strategic and interim plans”.
Sheikh Dr Khalid thanked the executive management and employees for their efforts to implement the plans, improve the performance and provide the best services, calling on everyone to exert more efforts to achieve the desired goals”.
Detailing the bank’s H1 results, QIIB CEO Dr Abdulbasit Ahmed al-Shaibei said: “The bank’s total income amounted to QR1.22bn at the end of the first half of 2022, while the bank’s total assets stood at QR63.2bn, compared to QR62.5bn in the same period of 2021.
He noted, “Customer deposits at the end of the first half achieved a growth rate of 1.1%, as they reached QR39.3bn compared to QR 38.8 billion for the corresponding period in 2021. We also maintained our distinguished operational efficiency ratio compared to the locally and internationally acceptable ratios, which reached 18.96% at the end of the first half.
The CEO pointed out: “The total equity at the end of the first half rose by 4.7% to reach QR8.7bn compared to QR8.3bn at the end of the first half of 2021.
“As for the bank’s capital adequacy under Basel III, it remained stable at 16.24%, which is much higher than the required regulatory limit, thus reflecting the strength of the bank's financial position against any potential market risks”.
“The results and the performance that were disclosed at the end of the first half of 2022 are the results of the great efforts made to translate the plans and strategies approved by the Board of Directors into a tangible reality, which are reflected in the numbers and growth rates achieved ".
The CEO said: “We are pleased with the progress that have been made in the first half and we aspire to accomplish more. We focused our efforts on enhancing our operational performance and adapting to the latest market developments. We believe that the circumstances are appropriate to continue achieving good results in the coming period. We are also working at many levels to enhance the bank’s work environment and respond to all kinds of challenges”.
“The bank's customer base continued to expand, and we witnessed an increasing demand for the bank’s various services. The development of digital services, for retail and corporate customers, have had a great impact, as we noted a great shift by our customers to the new banking services that we provide via mobile, Internet or other digital channels. In fact, our digital banking services have become exceptionally popular among customers, which helps us enhance the customers’ banking experience and enrich it with the latest innovations”.
Dr al-Shaibei indicated: “Alongside the progress achieved by the Bank during the last period, QIIB continued to gain local and international appreciation and recognition.”
With regard to Corporate Social Responsibility, the CEO noted: “QIIB continues to implement its vision and take community service initiatives, providing support to a number of events and activities in the fields of sports, education, creativity and innovation, while highlighting the importance of partnership between profitable institutions such as banks and non-profit community institutions”.
As for human resources, al-Shaibei affirmed: “QIIB continues to implement its policy by attracting, supporting and empowering Qatari cadres, ensuring that they play a primary role in all the bank’s departments.”