Shareholders approve 50% cash dividend for 2024

HE Sheikh Dr. Khalid bin Thani: QIIB strategy remains focused on Qatari market

QIIB’s strategy remains focused on the Qatari market, leveraging the abundant opportunities offered by the national economy, according to bank chairman Sheikh Dr Khalid bin Thani bin Abdullah Al-Thani. In his report to the QIIB ordinary general assembly last night, Sheikh Dr Khalid said, “By effectively addressing various challenges and responding to market developments, the bank continued executing its phased and strategic plans. This approach yielded outstanding results, further enhancing QIIB’s position, achieving solid growth rates, and maintaining its leadership among banks in key financial indicators.” QIIB’s ordinary and extraordinary general assembly meetings were chaired by Sheikh Dr Khalid. Bank shareholders approved all items on the agenda. He said in 2024, QIIB’s operational performance saw signify cant progress,          reflecting  the continued success of its digital transformation strategy. QIIB achieved substantial milestones in this regard during the year and is actively forging partnerships with leading global companies to further enhance its digital capabilities. These eff orts align with global advancements and the rapid technological progress shaping the banking sector. “2024 was marked by close collaboration with various local business sectors, as the bank continued financing projects of all types in line with its strategy of focusing on the local market. Special attention was given to SMEs, which provide significant support and added value to a broad segment of society. The bank’s commitment to SMEs is driven by its goal of empowering entrepreneurs, who represent a vital pillar in building a sustainable future,” Sheikh Dr Khalid noted. Once approved, the dividends will be disbursed through the legally authorised entity, Edaa, which will ensure the distribution to eligible shareholders in accordance with established procedures. QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei said, “In 2024, QIIB achieved significant milestones, reinforcing its commitment to delivering top-tier products and services to both retail and corporate customers. Our continued focus on digital transformation led to key advancements that enhanced our operations and customer experience. “One of the year’s highlights was the launch of a personal financing rescheduling service via mobile banking. The first of its kind in the local banking sector. Additionally, QIIB introduced a digital platform for issuing documentary credits, allowing customers to complete the process without visiting a branch. This innovation made QIIB the first bank in Qatar to off er such a service.” QIIB’s 2024 results were consistent with the plans and strategies set by the board of directors and executed with precision, he said. These results also align with the positive economic climate prevailing in most sectors of the country, which provides exceptional financing opportunities that help us achieve targeted growth figures. Al-Shaibei noted, “As part of its strategy to reinforce capital strength and leverage international financial markets, QIIB successfully issued a Tier 1 Capital Sukuk of $300mn, listed on the London Stock Exchange. “The issuance received overwhelming demand, with subscription requests exceeding eight times the issued amount, totaling over $2.5bn. Priced at a spread of 187 basis points above the five-and-a-half-year US Treasury average, the issuance achieved a final annual yield of 5.45%, marking one of the lowest rates for such issuances in the region.” In 2024, QIIB posted a net profit of QR1.26bn, representing a growth rate of 8.2% compared to 2023. Earnings per share stood at QR0.77. Total revenue at the end of the year reached QR3.52bn, a 15.2% rise from QR3.06bn in the previous year. Total assets grew to QR60bn, while net financing assets expanded to QR39.3bn, registering a 7.7% increase.

QIIB’s shareholders at their AGM last night approved distribution of an additional cash dividend of 27% of the paid-up capital, amounting to QR409mn for 2024. This brings the total cash dividend distribution for the year to 50% of the paid-up capital, totaling QR757mn.