QIIB net profit scales up 8.3% to QR977mn in third quarter

QIIB recorded a net profit of QR977mn at the end of third quarter, compared to QR902mn in Q3, 2022, which represents a growth of 8.3%, bank chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani said Tuesday."Our third-quarter results showed continuous improvement in our financial position across various indicators. We are benefitting strongly from the encouraging and supportive business environment in the local market, as well as from the strength of the Qatari economy, which has full support and care of His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani,” he noted.He stated, "The significant opportunities offered by the Qatari economy have encouraged us to continue implementing our strategy by focusing on the local market and working across different industries. This would help us move forward in achieving our targeted results, respond to customer base expansion and generate increased demand for our services, and maximise returns to our shareholders.”"QIIB’s work environment witnessed a significant improvement by continuing to implement distinct steps to digital transformation, which has clearly contributed to improving operational efficiency. We are determined to continue investing in information technology (IT) infrastructure and capitalise on any potential technology capabilities, with the aim of enhancing the bank's business environment, services, and products.”Sheikh Abdullah stated, "In light of QIIB’s strong position and outstanding performance, various global credit rating agencies have assigned superior ratings to the bank. Fitch affirmed its rating at A- with a positive outlook, while Capital Intelligence upgraded its rating to A+ with a stable outlook."Similarly, Moody's affirmed the bank’s rating at A2 with a stable outlook. These ratings and their underlying reasons indicate that the bank has high-quality assets and strong liquidity to withstand risks, with expectations of maintaining robust profitability.”QIIB chief executive officer, Dr Abdulbasit Ahmad al-Shaibei said, "QIIB generated QR2,595mn in operating revenues at the end of Q3, compared to QR1,908mn in the same period last year, which represents an increase of 36%. Meanwhile the net operating reached QR1,462 million with a growth rate of 12.6%."QIIB maintained stability in its operational efficiency at an excellent level of 17.7%. The bank also maintained the quality of its financing assets portfolio, with a non-performing loan ratio at 3.2%, while the coverage ratio for non-performing loans increased to 90%.At the end Q3, 2023, the bank’s total asset value amounted to QR60.8bn, compared to QR57.7bn in the same period last year, while its financing assets were QR36.8bn and customer deposits QR37.9bn.He noted, "The capital adequacy under Basel III reached 17.2%, which is much higher than the regulatory limit required by the QCB.”QIIB’s third-quarter results illustrate that it has made progress in most indicators, which confirms that we are on the right track, implementing our interim and strategic plans and responding to the competition in an appropriate manner."This allows us to maintain positive figures in our financial results. We continue to focus on the local market and the opportunities, advantages, and attractive investment environment it offers. We actively engage in financing various projects that meet our established standards, whether they are large-scale infrastructure projects or small to medium-sized enterprises, to which we attach great importance. We also collaborate with both governmental and local business sector entities that support them”, he added.The CEO continued, "We have made significant efforts over the years to enhance implementation of our digital transformation plans, with the aim of elevating our competitiveness and maintaining our leadership in this field."To support our digital transformation plan, we have recently signed a memorandum of understanding (MoU) with FinPay, a FinTech company, to establish a partnership aimed at developing and expanding the bank’s digital channels by offering banking services at competitive prices to additional customer segments, both retail and corporate, seeking to benefit from our integrated services.”Al-Shaibei emphasised, "QIIB is committed to providing superior banking experience to its customers by offering them high-efficiency solutions, services, and products that cater to their diverse needs and aspirations, all in line with the highest standards and responsive to competitive factors in the market.”