* QIIB’s total assets at the end of Q1, 2021 increased by 3.5% to QR62.3bn; “We are pleased with the bank's continuing performance amid the challenges," noted chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani
QIIB posted a first quarter net profit of QR280.7mn compared to QR267mn in Q1,2020, which indicates a growth rate of 5.1%.
The leading Islamic bank’s results were announced by its chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani after a meeting of QIIB Board of Directors on Tuesday night.
Sheikh Dr Khalid bin Thani said, “We are pleased with the bank's continuing performance amid the challenges. It is clear that QIIB was able to adapt its strategy to the latest market developments and benefit from the great potentials of the Qatari economy in all fields and sectors, with the support, patronage and guidance of His Highness Sheikh Tamim bin Hamad al- Thani, the Amir of the State of Qatar".
He said, "The positive trends seen in the local business sector in the first quarter of 2021 have reflected on our results. In fact, we are reaping today fruits of the wise decisions taken by the government since last year to face repercussions of the Coronavirus pandemic, which had the greatest impact on many sectors. And praise be to God, the Qatari economy was able to keep its steady growth and achievements, and maintain its leadership and prosperity, which reflected on the banking sector and its ability to achieve its plans and strategies".
He affirmed, "QIIB continued to work with the various sectors and participate in the financing of many projects, such as infrastructure and those related to SMEs.”
HE Sheikh Dr Khalid bin Thani expressed satisfaction with QIIB’s continuous path towards excellence and ability to achieve strong financial position reflected by the bank’s credit ratings.
“Capital Intelligence affirmed QIIB’s rating at ‘A’ with a stable outlook, preceded by Fitch that affirmed the bank’s already strong rating at ‘A’ with a stable outlook. Similarly, Moody’s affirmed the bank’s rating at ‘A2’ with a stable outlook”.
Sheikh Dr Khalid added, “The bank will continue to focus its strategy during the upcoming period on the local market, while cooperating with the various economic sectors, financing multiple projects and paying special attention to small and medium enterprises, as they are key contributors to serving the Qatari community, in line with the principles of Qatar National Vision 2030.”
QIIB CEO Dr Abdulbasit Ahmed al-Shaibei detailed the bank’s results for Q1-2021, and stated, “QIIB’s net operating income at the end of the first quarter amounted to QR436.5mn compared to QR426mn at the end of the first quarter of 2020, with a growth rate of 2.5%, meanwhile the bank also continued to improve its operation efficiency, which contributed to further drop of the cost-to-income ratio to be at 18.9%, which is considered one of the best ratios in the Qatari banking sector. The bank maintained a low ratio of non-performing loans at the level of 1.57%, which confirms the quality of the bank's financing portfolio.”
"QIIB’s total assets at the end of the first quarter increased by 3.5% to QR62.3bn compared to QR61.3bn during the corresponding period of 2020".
Dr Al-Shaibei said, "The bank's financing assets increased to QR42bn by the end of Q1- 2021 compared to QR38.5bn at the end of the corresponding period of 2020, which represents a growth rate of 9.2%.
"The volume of deposits increased to QR38.2bn at the end of Q1, 2021, while the capital adequacy ratio (under Basel III) reached 17.38%, higher than the ratio required by the Qatar Central Bank, which is 12.5%”.
He affirmed, "QIIB results during the first quarter reflect harmony with the indicators of the Qatari economy, which was able to overcome the various emerging circumstances, especially those related to the Coronavirus pandemic and the global market turmoil resulting from the persistence of the pandemic in various countries around the world”.
Dr Al-Shaibei stated, “We are following up the implementation of our strategic and interim plans set by the bank’s board of directors, which focus on the local market and the financing of various large and infrastructure projects. We are also paying special attention to SME’s enterprises, on account of their tremendous impact on development, as QIIB continues to partner with Qatar Development Bank in this regard.
The CEO pointed out, “During the first quarter, QIIB continued to encourage innovation with a view to provide technological and financing solutions that meet the needs and aspirations of our customers. We were able to make a qualitative addition to our bouquet of digital services by providing financing to customers through digital channels (mobile banking and internet banking).
In terms of digital transformation, Dr al-Shaibei stated, “QIIB was the first bank in Qatar to announce the launch of the visual banking phone service, which is an important channel, which customers can use through their mobile phones to acquire many banking services without the need to visit the bank’s branches..
Dr. Al-Shaibei expressed his optimism about the upcoming period and the ability of QIIB to achieve the targeted growth numbers and gradually implement the established plans, while relying on its high financial worthiness and ability to benefit from the opportunities available in the local market, responding to the market challenges and competition and choosing the appropriate external low risk opportunities”.
