Qatar First Bank (QFB) has reported a net profit (attributable to shareholders) of QR42mn in the first half (H1) of this year, showing a growth of 2.6% on annualised basis.Last updated: August 11 2022 07:29 PM
The bank continued to deliver a resilient performance despite the challenging global macroeconomic environment.
The H1 2022 witnessed a significant growth in recurring streams of revenue versus the same period previous year.
The dividend income increased by 180% to QR11.1mn and the income from sukuk portfolio increased from QR5.8mn to QR10.2mn.
In line with its focus on fee generation from its asset under management, the fee income increased to QR33.5mn in first six months of the year showing a commendable growth compared to QR6.6mn the same period of the last year. The revenue achieved in first half of the year is in line with the bank’s strategy.
The expenses are in line with the overall strategy with a clear focus on internal controls and growth of business. Furthermore, total assets stood at QR4.5bn. The half-yearly results continued to support the bank’s strategy to achieve sustainable growth.
"QFB continued to deliver a strong second quarter making it the seventh consecutive quarter of profitability, thanks to a solid business model and long-term strategy, which proves that we are on the right path to reach our 2022 objectives and build a stable revenue stream. We are committed to cementing our bank’s position as a regional player in the Shariah-compliant banking industry and a key investment partner for investors for unique and lucrative opportunities from across the globe,” said Sheikh Faisal bin Thani al-Thani, QFB chairman.
Abdulrahman Totonji, QFB’s chief executive, said QFB has maintained a steady profit growth during H1 of 2022 while continuing to expand its presence in the US real estate market with a more diversified investment portfolio.
"We are expanding to other geographies and working towards introducing new products to diversify our portfolio and the portfolio of our clients," he said.
During this period, QFB increased its total share capital by QR379mn as part of the approved “rights issue” process. The bank will complete the process in the third quarter of 2022.
During the second quarter of 2022, QFB acquired the Gateway Plaza building in the US adding to its investment portfolio, which continues to provide stable cash flows. QFB exited Jefferson Square, its real estate investment in the US, generating more than 8% IRR.
Additionally, QFB announced that it will finance a Qatari consortium of investors to participate in the acquisition of a 10.8% stake in Ennismore, the largest and fastest-growing lifestyle hospitality company, by providing €20mn in Shariah-compliant financing.
This move comes as part of the bank’s efforts to tap into different markets further diversifying its portfolio.