QIIB’s strategy to diversify the bank’s investment and financing portfolios reinforced its position as a leading bank that maintains stable growth and achieves best returns for shareholders and best services and benefits for customers, chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani has said.
Addressing QIIB’s annual general meeting yesterday, Sheikh Dr Khalid noted that the bank “seized best opportunities to achieve potential gains.”
He noted, “We continued to work hard with the Executive Management to accomplish our goals and worked closely with various economic sectors in Qatar in line with our strategy to diversify our investment and financing portfolios as much as possible to distribute potential risks.”
Last year, he said Qatar continued to advance on all aspects and made great leaps in achieving self-sufficiency in most production and service sectors. After its successful hosting of the FIFA World Cup Qatar 2022, the country became a “role model and a pride” for Arabs and the Middle East.
“At Qatar International Islamic Bank, we are proud of these achievements and we thrive to keep pace with the country’s developments.”
Throughout 2022, QIIB managed to maintain the strength of its financial position and stability of growth, and established partnerships of various investment dimensions overseas based on its “distinguished reputation” of the Qatari economy.
“The bank’s financial results for the fiscal year that ended on December 31, 2022 showed that we have been able to balance between maintaining the stability of our financial indicators and profitability and overcoming the negative factors in the markets in recent years,” Sheikh Dr Khalid said.
Chief Executive Officer Dr Abdulbasit Ahmed al-Shaibei said, “QIIB results during the past year continued to progress, which is a reflection of the trust gained from the local market and its position within the Qatari banking sector, which is making great strides.
“We have transformed the plans and strategies approved by the Board of Directors into reality. This can be seen across the balance sheet, which we have disclosed. We have succeeded in overcoming many challenges by promoting innovation and adopting methodical solutions that help us strengthen our financial position.”
Dr al-Shaibei noted, “Last year witnessed a great transition in digital transformation, which paved the way for more services through QIIB’s digital channels. This contributed significantly in enhancing operational efficiency and increasing demand for our services in addition to achieving increased customer satisfaction and fulfilling their needs in accordance with the best internationally approved practices.”
QIIB achieved a net profit of QR1.07bn in 2022, up 7.2% on the previous year.
Total assets stood at QR56.4bn while net financing assets totalled QR35bn last year. Customer deposits totalled QR36.7bn and total equity increased to QR 9.1bn at the end of 2022.
Meanwhile, the AGM approved the Board of Director's recommendations to distribute 40% of the bank capital as cash dividends, equivalent to QR0.40 per share.
It approved the BOD recommendation to issue sukuk qualified as Tier 2 capital of up to $500mn after obtaining the necessary approvals from the supervisory authorities provided the conditions and size of the issuance will be subject to a study of the bank’s needs and market conditions.
The AGM approved board of directors’ recommendation to extend last year General Assembly’s approval of $1bn (for a sukuk) based on a study for each issuance and bank needs after getting all necessary approvals from supervisory authorities. The sukuk should not exceed the bank’s capital and reserves.
It approved board of directors’ recommendation to extend last year General Assembly approval to issue Additional Tier1 Sukuk nonconvertible with the same rules and regulations.
Issued sukuk should not exceed 50% of the bank’s capital based on rules set by regulatory authorities in this regard.
QIIB said the extraordinary general meeting scheduled yesterday could not take place due to a lack of quorum. It has been rescheduled (virtual) for March 20 at 5-30pm.