DOHA: Fitch Ratings has upgraded the Long-term Issuer Default Ratings (IDR) of International Islamic (QIIB) to ‘A+’ from ‘A’. The outlook on QIIB’s long-term IDR is ‘Stable’, indicating the bank’s financial strength and liquidity.
QIIB’s upgrade by Fitch follows the sovereign rating of Qatar by Fitch at ‘AA’ with a stable outlook, which underscores the fact that QIIB is in total alignment with various sectors of the vibrant Qatari economy.
Commenting on the Fitch upgrade, QIIB Chief Executive Officer, Abdulbasit Ahmad Al Shaibei (pictured), said: “We are proud to be a part of the success and strength of the Qatari economy. The credit rating upgrade of QIIB is a reflection of the prestigious level enjoyed by the Qatari economy. The new legislation that is applicable to the country’s banking sector, the strength of Qatar’s banking sector and the opportunities offered by the national economy are all factors that helped us grow and perform well. Our activities have been mainly focused on the domestic market, which provides numerous opportunities.”
Al Shaibei said QIIB had been successful in implementing the strategic plans approved by the bank’s Board of Directors. The bank has been able to get continuous ratings upgrade by various global rating agencies. He pointed out that the Bank’s capital base would increase with the approval granted by its shareholders at the General Assembly held on March 15, 2015 to raise up to QR3bn through an additional Tier 1sukuk issuance, which will be used to support the bank’s capital requirements for future growth and expansion. It will also strengthen the Bank’s capital adequacy ratio
The bank maintains a strong capital adequacy according to Basel 3at18.8 percent in the end of 2014 .
DOHA: QNB has further consolidated its position as the leading financial institution in the Mena region with the Fitch Ratings announcing the upgrade of the Group’s Long Term Rating to ‘AA-‘ from ‘A+’. The move by the global ratings agency Fitch follows their recent report on the positive outlook of Qatar and in particular, the “healthy condition” of the Banking Sector. Fitch stated that Local Banks were highly capitalised and that asset quality was solid. Within the comprehensive Fitch Report, QNB was singled out as “The Flagship Bank” in the sector with its impressive market performance and strong public and private sector business relationships.
At the heart of the strong QNB credit ratings is a robust and growing financial performance. Profits for Financial Year 2014 were QR 10.5bn (up 10.3 percent on 2013) and Total Assets increased to a record high level of QR 486bn (up 9.7 percent on 2013). In addition, QNB confirmed its position as “One of the Top 50 World’s Safest Banks” in The Global Finance Annual Survey 2014.
QNB’s strong financial performance is complemented and supported by an expanding international presence. QNB currently operates in more than 26 countries across 3 continents. Following a prudent strategy of international expansion the QNB Group has capitalised on, and strengthened, its brand equity, which was recently recognised by Brand Finance when it confirmed that QNB was now “The biggest banking brand by value in The Middle East and Africa”. Brand Value stood at $2.6bn and this placed QNB as the 79th largest Banking Brand within the Top 500 Global Bank Brands in 2015 up from 101st in 2014.The Peninsula
