DOHA: HE Sheikh Abdullah Thani Abdullah al-Thani, QIIB Vice Chairman announced the results of the Bank for the first quarter that ended on March 31, 2017.
After the meeting of QIIB Board of Directors held here to discuss the Bank results for the first quarter, HE Sheikh Abdullah said, “QIIB net profit for the first quarter of 2017 reached 236.5 million Qatari Riyals compared to 223 million Qatari Riyals for the first quarter of 2016, which represents a growth rate of 6%”.
“These outstanding results confirm that the Bank has been able to benefit from the upward trend in economic growth and the other positive factors provided by the Qatari economy, which sees great opportunities. At QIIB, we consider it a duty to contribute to the national economy and meet and overcome various challenges.”
He added: “The diligent work and the implementation of the strategic plans have resulted in achieving greater stability despite the various conditions and factors to which the markets have been exposed. The strong demand on the Bank's services has stimulated various financing activities, which has led to an increase in our financing portfolio and customer deposits. Also, the quality of the bank's assets helped us mitigate several risks.”
“Our endorsement by international credit rating companies is further evidence that QIIB is moving in the right direction. Fitch has confirmed the QIIB rating at ‘A+’ with a stable outlook. Moody's has equally set the Bank rating at ‘A2’ with a stable outlook”, he said.
HE Sheikh Abdullah said, “The first quarter of 2017 gives us optimism about the remaining period of the year. This is because the overall business climate is improving, following the oil price volatility in international markets. All indicators point to the fact that the economic situation is getting better and moving towards greater stability in the region in general and Qatar in particular.”
He said, “The continued implementation of various major projects and infrastructure projects and those related to the World Cup will give further impetus to the national economy. Different business sectors will thus be endowed with distinct opportunities that drive them to more profitability and growth.
“During the current year, QIIB will continue its policy, focusing on the local market while exploring investment opportunities abroad, which contribute to increasing profitability and returns on stock value. While doing so, QIIB will ensure that the guidelines set on this by the Board of Directors will be fully met, especially in relation to risk management,” he added.
For his part, QIIB Chief Executive Officer Mr. Abdulbasit Ahmad Al-Shaibei said, “The total revenues of the Bank at the end of the first quarter of 2017 amounted to 460 million Qatari Riyals compared to 400 million Qatari Riyals during the corresponding period of 2016, which indicates a growth rate of 15%”
“QIIB’s total assets at the end of the first quarter rose by 10% and reached 45.3 billion Qatari Riyals compared to 41.3 billion Qatari Riyals during the same period of 2016”, he added.
“The size of the bank's financing portfolio increased by the end of the first quarter to reach 29.3 billion Qatari Riyals compared to 25.7 billion Qatari Riyals at the end of the first quarter 2016, representing a growth rate of 14%.”
Mr. Al-Shaibei said the level of QIIB’s non-performing assets is now at 1.84%. At the same time, the Bank has maintained its operating efficiency (Cost-to-Income ratio), which reached 25.4% in the first quarter, which is considered one of the best in the Qatari banking sector.
The bank’s total deposits rose to 28.7 billion Qatari Riyals at the end of the first quarter compared with 27.8 billion Qatari Riyals at the end of the same period of last year.
The capital adequacy ratio (Basel III) reached 17.85%, “which confirms the strong financial position of the Bank,” he pointed out.
Mr. Al-Shaibei said, “The results and indicators of the first quarter are in line with our expectations and reflect the Bank's success in implementing the strategies approved by the Board of Directors aimed at achieving further growth in various financial indicators. These also reflect on our abilities in effectively contributing to the financing of various projects and economic sectors, which help us, achieve the set goals and attain the Qatar National Vision 2030’s objectives.”
The CEO believes that “the coming period will be positive, given the many projects and opportunities to build on and enhance growth figures. The QIIB strategy focuses on close partnerships with local businesses, especially in terms of mega projects and infrastructure financing. These projects are considered to be the drivers for growth and they contribute to the improvement of business in all sectors.”
“In parallel, QIIB is paying close attention to financing small and medium-sized enterprises, especially through the partnership with the Qatar Development Bank, which has yielded remarkable results. We hope to continue with this approach and achieve the objectives of financing these projects, which adds greater value to the Qatari economy,” he added.
Mr. Al-Shaibei said, “QIIB will continue to try to fulfil its plans and meet customer needs and market developments, particularly in relation to branch expansion and restructuring. We hope to implement an important part of the plan during this year, as we have already moved some branches and opened others. We have recently opened three branches – one each at City Center, Doha Festival City and Ezdan Mall at Al Wakra, with the aim of getting closer to our customers and providing them with our services in major malls, for longer hours and even during the weekend holidays.”
In addition to the geographic expansion of QIIB’s nationwide branch network, the bank continues to develop alternate channels such as internet banking; telephone banking, mobile banking as well as QIIB’s call centre services, making it easier for customers to get the best services around the clock.
In honour of the bank's quality service and the strength of its financial indicators, QIIB recently received a number of awards including the “Best Islamic Bank in Qatar 2016” from International Finance Magazine, “Best Islamic Bank in Qatar for Retail Services 2016” from Cambridge Ifanalytica, and “Best growing Bank in Qatar in the field of banking cards 2016” from Visa International.
Mr. Al-Shaibei hoped 2017 would be another excellent year for QIIB, especially in view of the hard work and performance of staff members in various departments of the Bank, “which help us provide our customers with quality service.”