QIIB has posted a net profit of QR1.26bn in 2024, up 8.2% on the previous year.
Earnings per share reached QR0.77, QIIB said as the bank’s Board of Directors proposed to the General Assembly distribution of additional cash dividends to shareholders at a rate of 27% of the nominal value per share (equivalent to QR0.27 per share).
The results were announced yesterday by QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani after a meeting of the bank’s Board of Directors.
QIIB said the cash dividend recommendation remains subject to approval by the Qatar Central Bank and the General Assembly of Shareholders.
Sheikh Khalid stated: “QIIB has consistently delivered outstanding results over the past year, driven by its robust financial position and the opportunities provided by the thriving Qatari economy, which continues to grow and prosper under the leadership and support of His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar.
“QIIB has successfully improved its performance indicators, achieved solid growth rates, and effectively executed its plans and programmes. These efforts have positively impacted the annual results, inspiring confidence, and a positive outlook for the coming period.
“QIIB has significantly enhanced its operational efficiency, leveraging the remarkable advancements in digital transformation achieved over the past period. The bank has also successfully developed practical solutions to address market challenges and mitigate potential risks.”
He stated: “QIIB’s strong financial position and positive indicators have received international recognition, as reflected in the bank’s high credit ratings from leading global agencies. Fitch and Moody’s reaffirmed QIIB’s ratings at 'A' and 'A2,' respectively, with a stable outlook. These ratings reflect key strengths, including the bank’s strong profitability, solid presence in the Islamic banking sector, robust liquidity and capital reserves, and high operational efficiency.”
Highlighting QIIB’s commitment to the local economy, he noted: “QIIB continues to be a trusted partner for the local business sector, having established extensive relationships across various industries and contributing to the financing of numerous projects that add value to the local business environment. The bank remains committed to this policy of focusing on the local market.”
QIIB Chief Executive Officer Dr Abdulbasit Ahmad al-Shaibei said: “Total revenue by the end of the year reached QR3.52bn, marking an increase of 15.2% compared to QR3.06bn in 2023.
QIIB’s total assets amounted to QR60bn, while net financing assets increased to QR39.3bn, reflecting a growth rate of 7.7% and customer deposits increased to QR41.4bn, reflecting a growth rate of 6.3%.”
“QIIB continued to enhance its operational efficiency (cost-to-income ratio) in 2024, achieving 18.8%, one of the best ratios in the local banking sector. We remain committed to disciplined expense management alongside revenue growth, while maintaining the upward trajectory of the bank’s key financial indicators.
“The bank also maintained the quality of its financing portfolio, as non-performing financing assets representing 3.3% of total financing assets, while the bank continued to strengthen the provisions for these assets, so that the coverage ratio reached to 100% by the end of 2024, which confirms the effectiveness and efficiency of the bank’s risk framework and conservative approach.
“Total equity at the end of 2024 amounted to QR9.60bn, while the capital adequacy ratio, as per Basel III requirements, stood at 19.3 %, exceeding regulatory standards. This reflects the strength of QIIB’s financial position in navigating market conditions and mitigating various risks.”
Dr al-Shaibei affirmed: “QIIB’s 2024 results align with the plans and strategies set by the Board of Directors and were implemented with precision. These results also reflect the favourable conditions across key economic sectors in the State, offering exceptional financing opportunities that enable us to achieve our targeted growth figures.
“As part of strengthening the bank's capital base and leveraging opportunities in the international sukuk market, QIIB issued Tier 1 capital sukuk worth $300mn, which was listed on the London Stock Exchange. The sukuk witnessed strong global investor demand, with subscription requests exceeding eight times the issuance size.”
He noted: “2024 was marked by numerous achievements and progress in delivering exceptional products and services to our individual and corporate clients. We continued to implement our digital transformation plans, achieving tangible milestones that significantly enhanced our operations.
“Among these was the launch of a first-of-its-kind service in the local banking sector—personal financing rescheduling through our mobile banking app. This service now allows customers to reschedule their personal financing instantly and seamlessly through mobile banking.
As part of advancing its digital transformation efforts, he said, “QIIB also launched its digital platform for issuing letters of credit, enabling clients to complete the process without the need to visit the bank. QIIB is the first bank in Qatar to introduce this service. The platform is distinguished by its high standards of efficiency, accuracy, and security, providing companies with the tools they need to seamlessly handle trade finance transactions, thereby enhancing productivity and competitiveness."
Dr al-Shaibei said: “In 2024, QIIB’s product portfolio was significantly enhanced with the launch of the 'Joud' savings account. This innovative savings solution offers customers quarterly profit distributions and the chance to win 141 prizes annually, including a grand prize of QR1mn.
“In light of QIIB’s progress in improving its financial indicators and enhancing its services, the bank received both local and international recognition, earning several prestigious awards.”
Business
QIIB net profit scales up 8.2% to QR1.26bn in 2024
Bank’s Board of Directors proposed to General Assembly of Shareholders distribution of additional cash dividends to shareholders at 27% of nominal value per share
![QIIB Chief Executive Officer Dr Abdulbasit Ahmad al-Shaibei. QIIB Chief Executive Officer Dr Abdulbasit Ahmad al-Shaibei.](https://cdn4.premiumread.com/?url=https://gulf-times.com/gulftimes/uploads/images/2025/01/28/277850.jpg&w=800&q=100&f=webp)
QIIB Chief Executive Officer Dr Abdulbasit Ahmad al-Shaibei.
![QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani. QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.](https://cdn4.premiumread.com/?url=https://gulf-times.com/gulftimes/uploads/images/2025/01/28/277851.jpg&w=800&q=100&f=webp)
QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.
![QIIB's Board of Directors has proposed distribution of additional cash dividends at 27% of nominal value per share QIIB's Board of Directors has proposed distribution of additional cash dividends at 27% of nominal value per share](https://cdn4.premiumread.com/?url=https://gulf-times.com/gulftimes/uploads/images/2025/01/28/277852.jpg&w=800&q=100&f=webp)
QIIB's Board of Directors has proposed distribution of additional cash dividends at 27% of nominal value per share