QIB approves 57.5% cash dividend for 2021

The shareholders of Qatar Islamic Bank (QIB) on Tuesday approved 57.5% cash dividend for 2021.

At the general assembly meeting, which was held virtually, shareholders also approved the board of director’s report on the results and financial statements for year ended December 31, 2021 and the plan for 2022."Amid the significant developments despite the challenges faced last year, QIB’s results affirmed its position as one the largest Islamic banks locally and internationally," its chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani told shareholders.QIB, which has maintained and strengthened its leadership in the Qatari banking sector, reported a 16% year-on-year growth in net profit to QR3.56bn in 2021.Total assets increased by 11.2% year-on-year to QR193.9bn in 2021. Customer deposits grew 11% to QR131.1bn. Total income amounted to QR8.1bn, showing a growth of 2.2% over the previous year.Moreover, the bank was able to maintain the ratio of non-performing financing assets to total financing assets at around 1.4%, one of the lowest in the banking industry. It also continued to pursue a conservative impairment policy, with coverage ratio of the non-performing financing assets reaching 95% as of the end of 2021, in line with the Qatar Central Bank’s (QCB) directives.Sheikh Jassim highlighted that the bank managed to implement a comprehensive campaign to work from home since the beginning of the pandemic, which resulted in an unprecedented reliance on digital channels by existing and new customers."We have also accelerated the launch of new digital products and services on our mobile application and online platforms to ensure business continuity. We have introduced mandatory controls to protect our frontline employees, while providing full support to our corporate and retail clients in these times of financial uncertainty, in line with the governmental and the QCB's directives," he said.QIB also continued to focus on its digital transformation programme, which has successfully led to a significant increase in its sales and revenues, according to him."This success is the result of the wide adoption of our digital offerings by our customers. The bank played a major role in developing and modernising the banking sector in the country through its innovative digital products and services introduced for the first time in Qatar, whilst being the first Islamic bank to provide a mobile app for its retail and corporate customers and small and medium enterprises," he said.