QIIB has posted a first quarter net profit of nearly QR295mn, up 5% on the same period in 2021.
The leading Islamic bank’s total assets reached QR64.8bn in the first quarter, which represents a growth rate of 4% on Q1, 2021.
QIIB’s financial results were announced by bank chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani after a meeting of its board of directors yesterday.
Sheikh Khalid affirmed, "The bank’s outstanding results in Q1,2022 clearly indicate that we are implementing our adopted strategy with great success, which is based on benefiting from the great potentials and opportunities being offered by the Qatari economy in all fields and sectors, foremost of which is banking.
"QIIB's various indicators have witnessed a unique stability despite all the circumstances related to the global economy,"
he said, and thanked the executive management and all the employees for their efforts to enhance QIIB’s indicators, implement the strategic and interim plans and achieve the targeted growth numbers.
He also encouraged QIIB employees to continue their work with dedication and loyalty for the benefit of all.
QIIB chief executive officer, Dr Abdulbasit Ahmad al-Shaibei said the bank's total revenues reached QR593.4mn at the end of Q1.
The bank's total assets stood at QR64.8bn, compared to QR62.3bn in Q1, 2021, with a growth rate of 4%. Customer deposits increased to QR39.8bn, which represents a growth rate of 4.2%.
He noted, “QIIB continued its efforts to enhance its operational efficiency as it reached 19.3% at the end of Q1,2022. We are pleased to claim that this ratio is outstanding, both at the local and international levels.”
"By the end of first quarter, the total equity amounted to QR8.3bn, while the capital adequacy (under Basel III) stood at 17.3%, which is much higher than the required regulatory limit, reflecting the strength of QIIB's financial position against any potential risks.
He stated, “A major part of enhancing QIIB's operational performance is represented in the major leap in digital transformation. QIIB moved on to implement its plan in digital transformation. Many services were added through digital channels such as mobile banking and internet banking, including the possibility of opening new accounts and paying corporate taxes in co-operation with the General Tax Authority.
“The bank has also strengthened its co-operation with leading international companies such as Mastercard to enhance digital payment solutions and enrich customer experience in these areas according to the best international standards.”
With respect to human resources, al-Shaibei stressed, “During the past period, QIIB devoted its attention to the Qatari workforce, and it has always been keen to empower them in various departments and functional structures of the bank, by providing them with all the training, qualification and career development opportunities, and granting them the privileges to ensure their continuity at work. This is being done in a manner that strengthens the talent base of Qatari males and females who enrich the banking sector with more competencies.”
As for QIIB’s corporate social responsibility, the CEO said, “QIIB has always been committed to serving the Qatari community. It has provided and will continue to provide, support for many sports, social, cultural, educational, and charitable initiatives, and events, in an aim to foster the partnership between the bank and the various community institutions.”
QIIB’s financial results were announced by bank chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani after a meeting of its board of directors yesterday.
Sheikh Khalid affirmed, "The bank’s outstanding results in Q1,2022 clearly indicate that we are implementing our adopted strategy with great success, which is based on benefiting from the great potentials and opportunities being offered by the Qatari economy in all fields and sectors, foremost of which is banking.
"QIIB's various indicators have witnessed a unique stability despite all the circumstances related to the global economy,"
he said, and thanked the executive management and all the employees for their efforts to enhance QIIB’s indicators, implement the strategic and interim plans and achieve the targeted growth numbers.
He also encouraged QIIB employees to continue their work with dedication and loyalty for the benefit of all.
QIIB chief executive officer, Dr Abdulbasit Ahmad al-Shaibei said the bank's total revenues reached QR593.4mn at the end of Q1.
The bank's total assets stood at QR64.8bn, compared to QR62.3bn in Q1, 2021, with a growth rate of 4%. Customer deposits increased to QR39.8bn, which represents a growth rate of 4.2%.
He noted, “QIIB continued its efforts to enhance its operational efficiency as it reached 19.3% at the end of Q1,2022. We are pleased to claim that this ratio is outstanding, both at the local and international levels.”
"By the end of first quarter, the total equity amounted to QR8.3bn, while the capital adequacy (under Basel III) stood at 17.3%, which is much higher than the required regulatory limit, reflecting the strength of QIIB's financial position against any potential risks.
He stated, “A major part of enhancing QIIB's operational performance is represented in the major leap in digital transformation. QIIB moved on to implement its plan in digital transformation. Many services were added through digital channels such as mobile banking and internet banking, including the possibility of opening new accounts and paying corporate taxes in co-operation with the General Tax Authority.
“The bank has also strengthened its co-operation with leading international companies such as Mastercard to enhance digital payment solutions and enrich customer experience in these areas according to the best international standards.”
With respect to human resources, al-Shaibei stressed, “During the past period, QIIB devoted its attention to the Qatari workforce, and it has always been keen to empower them in various departments and functional structures of the bank, by providing them with all the training, qualification and career development opportunities, and granting them the privileges to ensure their continuity at work. This is being done in a manner that strengthens the talent base of Qatari males and females who enrich the banking sector with more competencies.”
As for QIIB’s corporate social responsibility, the CEO said, “QIIB has always been committed to serving the Qatari community. It has provided and will continue to provide, support for many sports, social, cultural, educational, and charitable initiatives, and events, in an aim to foster the partnership between the bank and the various community institutions.”
