Net profit reaches QR 335.2 million, which represents a 6.1% growth

Total income reach to QR 821.6, which represents a 20.1% growth compared to March 2023.

Total assets reach to QR 62.9 billion, which represents a 14.5% growth compared to March 2023.

Financing assets reach to QR 37.5 billion, and deposits totaled QR 39.7 billion, which represent a growth by 7.2% and 8.4% respectively compared to March 2023.

HE Sheikh Dr. Khalid bin Thani: We continue to achieve steady growth, relying on the strength of the Qatari economy

Dr al-Shaibei: Our first-quarter results reflect QIIB’s good performance and the trust it holds in the banking and business sectors

DOHA, April 29, 2024: HE Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of QIIB Board of Directors , reported the financial results of Qatar International Islamic Bank for the first-quarter period, which ended on March 31, 2024.

At the conclusion of a meeting of QIIB Board of Directors dedicated to discussing the bank's first-quarter 2024 results, His Excellency stated, “The bank's net profit reached QAR 335.2 million at the end of the first quarter, which represents a 6.1% growth.

“This confirms the robust financial position of the bank and its alignment with the strength of the Qatari economy, which is witnessing continuous prosperity and growth, thanks to the support and guidance of His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar.”

He noted, “QIIB’s strategy, which focuses on financing local projects, has yielded positive results and reduced potential risks to record levels. Our continuous profitability has positively impacted the bank's financial position and further solidified the high level of trust it enjoys among customers”.

“With the good results achieved by the bank and stable, positive financial indicators, global credit rating agencies have assigned QIIB high ratings. Fitch Ratings has upgraded QIIB to ‘A’ from ‘A-‘with a stable outlook. Similarly, Capital Intelligence has affirmed QIIB’s rating at ‘A+’ with a stable outlook”, His Excellency pointed out.

It is worth mentioning that credit rating agencies have confirmed that QIIB enjoys many strengths, including high asset quality, strong profitability, and good capital adequacy.

Moreover, its non-performing loan ratio is better than most of its local counterparts. Rating agencies also suggest that QIIB is likely to continue achieving better-than-average results, particularly given its outstanding operational efficiency.

His Excellency, the Chairman of the Board, emphasised, “QIIB will continue to focus on the local market and strengthening partnerships and providing financing to various sectors, especially those that add value to the national economy, enrich local business environment, support innovation, and encourage creativity.”

“Moving forward, we will actively tackle various market challenges and address risks with forward-looking plans that take into consideration factors that may arise from global economic developments. At the same time we will respond to different competitive factors and strive to achieve the highest performance standards in line with the global banking market.”

His Excellency Sheikh Dr. Khalid bin Thani expressed his gratitude and appreciation to QIIB’s executive management and staff for their significant efforts in implementing plans and strategies, improving key performance indicators, and maximising quality standards.

On his part, QIIB’s Chief Executive Officer Dr. Abdulbasit Ahmad al-Shaibei detailed the bank’s first-quarter 2024 results, stating: “Total income for the period that ended on March 31, 2024 amounted to QR 821.6 million, marking an increase of 20.1% compared to QR 683.9 million at the end of Q1-2023.”

He added, “QIIB’s total assets reached QR 62.9 billion at the end of the first quarter, compared to QR 55 billion at the end of the same period last year, a growth of 14.5%.”

The CEO pointed out, “QIIB’s financing assets reached QR 37.5 billion, a growth of 7.2% compared to same period last year at the end of the first quarter, while deposit balances totaled QR 39.7 billion, a growth of 8.4% compared to same period last year”

Dr al-Shaibei continued, “The capital adequacy ratio (under Basel III) rose to 18.54%, indicating the strength of our financial position and our responsiveness to various challenges in the banking market, as well as the prudent management practices we follow in respect of various risks.”

“The disclosed results align with QIIB’s continuous stability and ongoing growth across various budget line-items. They also reflect QIIB’s good performance and the trust it holds in the banking and business sectors at local, regional, and international levels”, he emphasised.

“QIIB will continue to move forward in implementing the strategy and vision of the Board of Directors, which emphasise on enhancing the bank's financing options in the local market, including various sectors and numerous projects that are announced and implemented according to their specified timelines.”

The CEO further highlighted, “QIIB’s strategy aligns with the objectives of the Third Financial Sector Strategic Plan launched by Qatar Central Bank in 2023, which focuses on innovation, efficiency, investor protection, and empowering Qatar to unleash its untapped economic potential in line with Qatar National Vision 2030.”

Dr al-Shaibei pointed out, "The priority of achieving steady growth, increasing shareholder returns, and providing the best services to our customers remains the focus of our work and efforts. This undoubtedly requires continuing our plans to keep pace with the most important global banking developments, especially in digital transformation, where we have already made significant strides. Furthermore, there is a lot to work on based on the best industry standards, thereby reaffirming our leadership in comprehensive Islamic banking services.”

He noted, “Our banking plans and growth strategy are primarily based on the exceptional competencies within the bank's staff. We have long implemented a distinguished human resources policy, focusing on fostering creativity, innovation, and continuous training, and attracting exceptional talents capable of adding value to our work.

“Moreover, we prioritise the empowerment of Qatari men and women, enabling them to work in different tiers of the bank, especially in senior management, specialised, and supervisory positions, thus ensuring the strengthening of national cadres in the banking sector.”

As for QIIB’s corporate social responsibility (CSR), Dr al-Shaibei indicated that QIIB continues its role in serving the community across various domains, including education, charity, humanitarian aid, and sports.

Recently, it embarked on a significant initiative by signing an agreement with Qatar Football Association, whereby QIIB becomes the ‘Official Sponsor’ of the national teams and the Amir Cup for three years, starting from February 2024.

“This agreement comes as part of the bank's support for sports and our commitment to serving our community in line with the Third Financial Sector Strategic Plan,’ Dr al-Shaibei added.