QIIB held its ordinary and extraordinary general assembly yesterday virtually. Based   on   the   growth   achieved by Qatar’s economy, the 2023 QIIB financial results-maintained pace with that growth   and   managed   to   strengthen the bank’s financial indicators. The bank’s strategy has been successful in focusing on Qatar’s market and taking advantage of the rich opportunities provided by the Qatari economy. Addressing the meeting, the Chairman of the Board of Directors, QIIB, HE Sheikh Dr.  Khalid bin Thani bin Abdullah Al Thani, said, “During 2023, the bank’s operational performance has improved noticeably due to a number of factors, the most significant of which is the great success of the digital transformation plan. QIIB has made significant progress in this field and concluded partnerships with international companies to further align itself with global developments and the rapid  technological advancements in the banking sector.

”Sheikh Dr. Khalid remarked “The year 2023 witnessed close work in various local business sectors, and the bank continued to finance projects of all kinds in  line  with  our  strategy  of  focusing on the local market, paying special attention to small and medium enterprises that constitute support and value-added to the broadest segment of society."

"The bank’s interest in small and medium projects serves the goal of supporting entrepreneurs   who   are   crucial   to   building the future. QIIB’s out-standing performance during the year 2023 is reflected in the reports and ratings of international credit rating agencies through rating the bank at high ranks. “He stated that “Fitch rated the QIIB at (A-) with a stable outlook, while Moody’s rated QIIB at (A2) with a stable outlook,  and      Capital Intelligence Agency rated the bank  at  (A+)  with  a  stable  outlook.   The   three   rating   agencies unanimously agreed that QIIB is a leading bank, enjoying strong profitability, high-quality    assets, high    liquidity, good level of capital adequacy, and operational cost effectiveness, which is expected to continue in the long term. “Sheikh Dr. Khalid noted, “In this context, the results of QIIB for  2023  confirm  that  it  is  moving  forward,  benefiting  from the strength of the Qatari economy,  which  is  achieving  the best results in all sectors, as total assets reached QR61.6bn, compared to QR56.4bn at the end  of  the  year  2022,  with  a  growth rate of approximately 9.3%. QIIB achieved a net profit f QR1,165m, (One Billion One Hundred and Sixty-Five Million Qatari Riyals) compared to QR1,075m (One Billion and Seventy-Five Million Qatari Riyals) in 2022, i.e.  a growth rate of 8.3%, while the earnings per share reached QR0.70 per share. The Board of Directors recommended   during   the   Ordinary General Assembly to distribute cash dividends to shareholders, equal to 45% of the   bank’s   capital, at   45   Dirhams per share. “He further commented “In our quest towards continuous improvement in performance, QIIB adopted strategic planning to cope with the local, regional and   international   changes      to    achieve    the    desired        results.

The bank also put in place policies to encourage Qatari competencies to engage in the banking business and provides them with all the  necessary  incentives. ”Within the framework of fulfilling the requirements of the regulatory and supervisory authorities, QIIB reviewed all its policies and procedures to comply with the laws, regulations and systems, especially, the  sound  governance  and  management     policy  in accordance with the requirements of the Qatar Central Bank and the Qatar Financial Markets Authority.  

   The latest amendment carried out by the bank is the amendment to its Articles of Association to be in line with the amendments and requirements of the supervisory bodies,” he added. Commenting     on     the achievements, QIIB Chief Executive Officer, Dr. Abdulbasit Ahmad Al Shaibei said: “We are happy to report that, as the year 2023 comes to an end, we have achieved distinguished results with respect to various budget items. These results highlight a prolonged process of development  and  positive  results  achieved by QIIB. The final statements for the financial   year   ending   on   31/12/2023  showed  that  the  bank achieved a net profit of QR1.16bn, with a growth rate of 8.3%  compared  to  the  year  2022,  and  the  net  operating  income increased by the end of the   year   2023   to   reach   QR1.97bn, with a growth rate of  10.1%,  which  confirms  the  effectiveness   of   the   man-agreement of the bank’s financing and investment activities. He said  “Our  broad  interest  in  digital   transformation processes and enhancing sustainability  efforts  and  other  axes stems from our desire to keep pace with the contents of the   third   strategy   for   the   financial sector approved by the Qatar Central Bank in the fourth quarter of 2023, as this strategy emphasized   several   axes,   including enhancing the role of Islamic finance, digital innovations,   and   environmental,   social,  and  institutional  governance,  sustainability  and  other axes.” Al Shaibei added, “The results of QIIB for the year 2023 demonstrated the bank’s ability  to  develop  its  instruments, improve its indicators, and achieve progress in implementing  the  plans  and  strategies it approved in the face of the various circumstances and challenges it faced during the past year, whether related to the markets or various other factors.”