QIIB announces financial results for the first quarter (Q1) of 2022

  • Net profit reached QR 295 million with a growth rate of 5.0%
  • Total Assets reached QR 64.8 billion with a growth rate of 5.0%
  • Earnings per share stood at 0.19 and Capital Adequacy Ratio at 17.30%

HE Sheikh Dr. Khalid bin Thani: We continue implementing our approved strategy successfully.

Dr. Al-Shaibei: We seek to further improve operational efficiency and enhance digital transformation

DOHA, April 24, 2022: HE Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani, Chairman , QIIB’s Board of Directors announced the bank's financial results for first quarter (Q1) 2022, which indicate that the bank continues to achieve the targeted growth rates and improve its various indicators.

The announcement of the results followed a meeting held by QIIB Board of Directors, chaired by HE Sheikh Dr Khalid bin Thani to discuss the financial results for Q1, ending on March 31, 2022.

The results showed that QIIB achieved a net profit of QR 294.9 million, which represents an overall growth of 5.0% compared to the same period of 2021.

HE Sheikh Dr Khalid bin Thani affirmed, "The bank’s outstanding results in Q1-2022 clearly indicate that we are implementing with great success our adopted strategy, which is based on benefiting from the great potentials and opportunities being offered by the Qatari economy in all fields and sectors, foremost of which is the banking sector.

HE Sheikh Dr. Khalid bin Thani noted: "QIIB's various indicators have witnessed a unique stability despite all the circumstances related to the global economy.

HE Sheikh Dr Khalid bin Thani thanked the executive management and all the employees for their efforts to enhance QIIB’s indicators, implement the strategic and interim plans and achieve the targeted growth numbers.

He also encouraged QIIB employees to continue their work with dedication and loyalty for the benefit of all.

On his part, QIIB Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei revealed the bank’s financial results for Q1-2022, stating, “The bank's total revenues reached at the end of Q1, QR 593.40 Million. The total assets stood at QR 64.8 billion, compared to QR 62.30 billion by Q1-2021, with a growth rate of 4.0%, customer deposits increased to reach QR 39.8 billion, with a growth rate of 4.2%

He noted, “QIIB continued its efforts to enhance its operational efficiency as it reached 19.30% by the end of Q1-2022. We are pleased to claim that this ratio is outstanding, both at the local and international levels.”

He added, "By the end of Q1-2022, the total equity amounted to QR 8.3 billion, while the capital adequacy Basel III stood at 17.30% which is much higher than the required regulatory limit, which reflects the strength of QIIB's financial position against any potential risks.

He stated, “A major part of enhancing QIIB's operational performance is represented in the major leap in digital transformation. QIIB moved on to implementing its plan in the field of digital transformation. Many services were added through digital channels such as mobile banking and internet banking, including the possibility of opening new accounts and paying corporate taxes in cooperation with the General Tax Authority.

“The bank has also strengthened its cooperation with leading international companies such as Mastercard to enhance digital payment solutions and enrich customer experience in these areas according to the best international standards.”

He noted, "Given the importance of digital transformation, in parallel, traditional channels are being enhanced and adopted whenever needed, especially, with corporate services. QIIB gives special attention to its corporate clients, and as part of this care, we are in the final stages of opening two new corporate branches.

“The first branch is on Salwa Road and the second is in the New Industrial Area, where we will provide an integrated service to corporate clients in addition to various quality services that are being provided through the current corporate branch on Grand Hamad Street and our digital channels”.

With respect to human resources, Dr al-Shaibei stressed, “During the past period, QIIB devoted its attention to the Qatari workforce, and it has always been keen to empower them in various departments and functional structures of the bank, by providing them with all the training, qualification and career development opportunities, and granting them the privileges to ensure their continuity at work, in a manner that strengthens the talent base of Qatari males and females who enrich the banking sector with more competencies.”                                                    

As for QIIB’s corporate social responsibility, the CEO indicated, “QIIB has always been committed to serving the Qatari community. It has provided and will continue to provide, support for many sports, social, cultural, educational, and charitable initiatives, and events, in an aim to foster the partnership between the bank and the various community institutions.”