Net profit QR 902.0 million with a growth rate of 7.4%

Total assets stand at QR 57.7 billion

Total Income grew to QR 1.9 billion, EPS stood at QR 0.60

H.E. Sheikh Dr. Khalid bin Thani: We continue to achieve outstanding results, which has been affirmed by international rating agencies.

Dr Al-Shaibei: We continue to focus on the Qatari market, cooperate with all business sectors to finance various projects

 H.E. Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani, Chairman of QIIB Board of Directors, announced the bank’s financial results for the period ending on September 30, 2022, which presented progress and growth in various banks’ activities .

The results announcement followed QIIB Board meeting chaired by H.E. Sheikh Dr. Khalid bin Thani, which was held to discuss the third quarter (Q3) financial results for the period ending on September 30, during which the bank achieved a net profit of QR 902.0 million with a growth rate of 7.4% compared to the same period of 2021

H.E. Sheikh Dr Khalid bin Thani stated: “It is good to announce positive results for the third quarter of the year. What has been achieved today is the result of continuous work and tireless efforts to reach the best possible results, in a way that enhances the financial performance of the bank, and in line with the strength of Qatar’s economy, which is witnessing a boom by virtue of the directives and care of His Highness the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani.”

"The results we have disclosed confirm that QIIB continues to achieve the best financial and regulatory indicators, implement its plans and programmes according to the best standards applied in the financial industry, with the ability to comprehensively respond to any new challenges and competition in the market. This also, have been positively reflected on the various key financial performance indicators disclosed today."

His Excellency pointed out, "QIIB was able to maintain a leading position in the local market and received high credit ratings, as reports of international credit rating agencies praised the bank's firm position, stressing in particular that QIIB has been characterised by the quality of its assets, sufficient capital, and stable funding and liquidity.

“Also, the strong Islamic deposits, support the bank’s funding profile, which is largely made up of local retail deposits with a very low reliance on external funding when compared to the market”.

H.E. Sheikh Dr Khalid bin Thani noted: “The great efforts that QIIB made in order to enhance its efficiency were clearly reflected on the operating costs, which were sustained within the targeted levels.”

His Excellency, praised the great strides that have been achieved in the field of digital transformation, which contributed decisively to a major reduction in operating cost. Which in return enhanced the bank’s profitability and pushed up the growth rates”.

His Excellency, expressed gratitude and appreciation to QIIB’s Executive Management, and all the bank’s employees, for their effort and dedication to work. Those efforts helped the bank achieve its best performance and targeted growth figures in a way that ensures that QIIB continues to enhance its presence in the local market, provides the best banking experience for customers and enhances returns to shareholders”.

 Commenting on the third quarter results, QIIB Chief Executive Officer Dr Abdulbasit Ahmed al-Shaibei said, “The bank’s total revenues at the end of Q3-2022 amounted to QR 1.9 billion, while total assets stood at QR 57.7 billion, compared to QR 58.8 billion at the end of same period of last year.

He pointed out: "Customer deposits reached QR 37.0 billion, compared to QR 39.3 billion during the corresponding period, while the total equity by end of Q3-2022 grow to QR 8.9 billion represents a growth rate of 4.3%".

"QIIB’s operating efficiency continued to achieve more enhancements at 18.8%, which is considered outstanding. As for capital adequacy ratio under “Basel III”, it has reached 17.1%, which exceeds the regulatory required limit, confirming the firm position of QIIB, and indicating its coherent management of different types of risks efficiently”.

"QIIB's results in the third quarter has shown progress in various items. Not only that, we are working effortlessly to achieve more growth, based on the many opportunities presented in different sectors of the Qatari economy."

He continued, "We have made tireless efforts to implement the plans and directions approved by the Board of Directors, related to its business segments, risk management and other operational directions, where there lies an exceptional focus on enhancing operational efficiency during the past period."

He stressed: “QIIB’s digital transformation has witnessed a great shift during the past period, which is witnessed in the provision of most services digitally through different channels. This was clearly reflected on reducing costs, enhancing performance, and expanding the bank’s customer base, which aspires to benefit from our advanced and competitive services. We have responded to our customer needs along with market challenges, and we are determined to continue implementing digital transformation in accordance with the best international practises, and based on the latest technology in the banking sector.”

The CEO stated, “We continue to focus on the local market, seize local opportunities, and cooperate with all sectors for funding various projects. We have paid special attention to the private sector, whether large, medium or small enterprises. This year, we have opened two new corporate services branches- the first one on Salwa Road and the second in the New Industrial Area.

“Clearly, we targeted to interact more closely with this important segment, the private sector, which is in tandem with the continuous development of our corporate digital services base, which in turn witnessed an exceptional leap and had a positive outcome on our customers who praised the advantageous services that both branches is providing”

With regard to the external investments, Mr. al-Shaibei stated: “Although QIIB focuses mainly on the local market, it does not neglect external investment opportunities in highly feasible areas based on adequate risk/profitability studies. QIIB continues to work on taking advantage of many opportunities, and recently announced an agreement to establish Takaful Insurance Company, in partnership with Atlanta Insurance Company, the Moroccan Tourism and Real Estate Loan Bank, and Qatar Islamic Insurance Company.

This constitutes a new expansionary phase to QIIB’s expansion in the Kingdom of Morocco, as the bank contributes 40% of the capital of the Moroccan Umnia Bank, which currently has 48 branches across various regions and cities of Morocco”.

The CEO noted, “With the distinguished results and exceptional performance that the bank achieved recently, it has won appreciation and approval from many prestigious institutions, and was awarded the ‘Best Islamic Bank in the State of Qatar’ in the field of digital services for the year 2022 from the World Union of Arab Bankers.

“As per the World Union of Arab Bankers, the bank deserved this award in view of its great achievements in the field of digital transformation during the past period, and the exceptional development of its list of services and products that was made available digitally to its customers in line with the best standards, as well as its great efforts in developing Islamic banking, and using technology effectively to take its expertise and successes to new markets”.

With respect to the bank’s recognition due to its distinguished performance, the CEO pointed out: “Citibank New York has chosen QIIB for ‘Excellence in Straight through Processing – STP’ Award, in recognition of QIIB’s exceptional level of dealing with Straight through processing which is equal to the best international standards in this regard. This is considered an exceptional recognition for QIIB as it highlights the bank’s strong operational performance and the advanced financial technology that it uses in its various transactions”.

As for Human Resources, Mr. Al-Shaibei said: “QIIB pays special attention to empowering, attracting, qualifying and training Qatari cadres to be able to carry out all the tasks assigned in the bank’s different departments and at all managerial levels , in a manner that ensures their professional development in order to reach leadership positions in the bank.

QIIB’s special attention to the national workforce was acknowledged and honoured by the Ministry of Labour.  QIIB was honoured during a ceremony that was organised by the Ministry of Labour for companies and establishments involved in job localisation in the private sector, in the presence of HE Dr. Ali Smaikh al-Marri, the Minister of Labour.

“The honour came as a result of the bank being among the entities that are providing the best training programmes suitable for national employees, which have achieved a high percentage of job succession and localisation and higher reliance on national labour.”

In regards to social responsibility, the CEO affirmed: “During the past period, QIIB continued to support many initiatives that serve the Qatari community, as it provided sponsorship and support for a range of educational, sports, and social events and other activities in order to achieve the bank’s objective in meeting its obligations towards the society".