QIIB profit growth tops 7% to QR253.2mn in Q1
(4/16/2018 7:48:00 AM)
QIIB has earned a net profit of QR253.2mn in the first quarter of the year, up 7.1% on QR236.5mn registered in the same period last year.
Announcing QIIB’s first-quarter results, QIIB vice-chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani said, “The bank is working relentlessly to take advantage of the great opportunities being offered by the Qatari economy. Recent developments have shown that ours is a strong economy that is able to meet all challenges and achieve growth rates that are considered the best in the region, thanks to the unlimited support and guidance of His Highness the Emir Sheikh Tamim bin Hamad al-Thani.”
Sheikh Abdullah said, “The challenges are often transformed into opportunities, a fact that QIIB has shown by being strongly and increasingly involved in the financing of various projects under execution at the local level, whether large projects, infrastructure projects or small and medium enterprises. The first-quarter financial results actually reflected the success of the bank in its strategy, which primarily focuses on the local market.”
QIIB chief executive officer Dr Abdulbasit Ahmed al-Shaibei said, “QIIB’s total revenues amounted to QR517.3mn in Q1, 2018 compared with QR460mn at the end of the first quarter of 2017, which represents a growth rate of 12.5%.”
He said the bank’s total assets at the end of the first quarter rose by 11.3% and reached QR50.4bn compared with QR45.3bn in Q1, 2017. The total deposits reached QR31.1bn, up 11.6% on the same period last year.
Capital adequacy (Basel III) stood at 16.91 %, reflecting the strength of the bank’s financial position and its prudent risk management policy. Dr al-Shaibei said, “These results reflect the efforts made and the systematic implementation of the board’s plans, which have resulted in a continuous improvement in various indicators. Such an improvement has become possible due to the inherent strength of the Qatari economy and its banking sector.” “QIIB has been able to maintain its stable growth and various market indicators point to the fact that the period ahead will be even more promising, given the incredible opportunities being provided by the Qatari economy that provides the banking sector a solid platform to operate and achieve more growth,” the CEO noted.
The CEO highlighted that “The failure of the blockade in achieving any of its objectives has given the Qatari economy and the banking sector a strong push forward. We have proved that challenges create great opportunities, and it is expected that the Qatari economy will continue to achieve remarkable growth, deemed to be among the best in the region.”
He said, “QIIB continues to focus strongly on the local market by participating in the financing of various projects and its engagement with various sectors, particularly the small and medium enterprises (SMEs), a segment which is very important for the development of the national economy. During the first quarter of 2018, we renewed ‘Al Dhameen’ project agreement with Qatar Development Bank (QDB), which facilitates financing SMEs.”
The CEO confirmed that “QIIB will continue with its development plans in the coming period, taking into account customer needs and to achieve a wider customer base. QIIB will continue restructuring its nation-wide branch network to provide more accessibility and convenience to its growing customer base. Our branch at the City Center is fast nearing completion and will be formally opened soon. We are also working on opening our new branch at The Mall, Al Hilal, and Ezdan Al Wakrah Mall this year. We have further improved the functioning of our Call Center.”