Sheikh Dr. Khalid bin Thani bin Abdullah bin Thani Al Thani, Chairman of the Board and Managing Director of QIIB
DOHA: Leading Islamic lender QIIB recorded a net profit of QR666.4m in third quarter of 2016 (Q3, 16), up 1.5 percent, compared to QR656.5m posted for the same period in 2015. The bank’s total revenues reached QR1.26bn, a 11.6 percent growth compared to QR1.13bn reported a year ago. The Bank’s financing portfolio grew by 10.2 percent to reach QR26.8bn as compared to QR24.4bn in the corresponding period last year.
QIIB’s latest financial results showed that the bank was able to move forward in achieving a better performance, as manifested in the various budget items.
Announcing the bank’s interim results for the third quarter, Sheikh Dr. Khalid bin Thani bin Abdullah bin Thani Al Thani, Chairman of the Board and Managing Director of QIIB said: “QIIB is still playing its active role and is intensifying its efforts to promote growth and achieve the best results. These are reflected on the improving financial performance of the Bank and its rising competencies and enhanced role in contributing to the growth of the Qatari economy, which is witnessing continued significant growth, thanks to the support and patronage of His Highness the Emir, Sheikh Tamim bin Hamad Al Thani.”
He said the positive results achieved by QIIB are of particular importance in the context of various market factors. The Bank was able to tide over the repercussions due to the fall in oil price globally and its subsequent volatility and forecasts suggest that the Bank will be able to achieve more as a result of improving market stability, regionally and globally.
Sheikh Dr Khalid pointed out that Qatar’s economy has been able to maintain a significant growth and indications are that it will be able to continue delivering robust growth.
“In addition, the premier rating agencies have confirmed that QIIB is highly ranked based on the flexibility it enjoys, the State of Qatar’s huge reserves and large financial buffers, as well as the prudent management of the Qatari economy. At QIIB, all these factors are motivating us to be more optimistic and to implement our strategic and phased plans as decided”, he said.
Sheikh Dr. Khalid pointed out that the ambitious plans and projects that the government is implementing create dynamics that stimulate growth, improve the business environment, help complete the projects on time and give a further push to newer projects.
“We at QIIB are ready to contribute to funding these various projects, and keep on working and cooperating with the business sector in the country in various fields,” the Bank Chairman and Managing Director stressed.
Local market remains QIIB’s main focus and top priority. But at the same time, the Bank will not miss investment opportunities outside Qatar, which are found to be feasible. In this regard, QIIB is waiting to complete all legal and executive procedures required for the launching of a joint venture bank in the Kingdom of Morocco, based on the partnership agreement that was signed earlier with the Moroccan real estate and tourism bank - Credit Immobilieret Hotelier (CIH Bank).
QIIB CEO Abdulbasit Ahmed Al-Shaibei noted that the Bank’s results for the third quarter were consistent with its plans and expectations in the background of various factors that have emerged in the market during this period. “Overall, we are optimistic and look forward to achieving further growth and profitability,” the QIIB CEO said.
Al-Shaibei said the Bank’s deposits have increased by 8.0 percent and totaled QR 26.9bn at the end of the third quarter, compared with QR24.9bn in the same period last year. QIIB’s total assets at the end of Q3-2016 reached QR43.1bn, up from QR38.8 bn, representing a growth of 10.9 percent. The revenue per share has reached QR 4.40 compared to QR 4.34 per share, during the same period last year.
Regarding capital adequacy under (Basel III), Al-Shaibei said : “In August 2016 the Bank successfully completed a QR 1.0bn Additional Tier 1 Capital Sukuk issuance after receiving all required regulatory approvals, which contributed to the strengthening of the capital adequacy ratio of up to 19.49 percent at the end of Q3-2016. It is a very distinct ratio that confirms the bank’s financial strength and prudent policies in mitigating risks as well complying with regulatory requirements.
