February 27, 2024

QIIB net profit reached QR615 mn with a growth rate of 7.7%

 

 

QIIB on Tuesday posted a net profit of QR615 million for the first six months of 2023, up 7.7 percent compared to the same period in 2022.

Earnings per share reached QR 0.41.

Sheikh Abdullah bin Thani bin Abdullah Al Thani, Chairman of QIIB Board of Directors, expressed his satisfaction with QIIB’s performance, stating that the bank’s indicators are in line with Qatar’s strong economy, which is known for its robust solvency both regionally and internationally. He credited this success to the support of His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, and emphasized that Qatar’s economy will continue to provide ample opportunities for growth in various sectors, particularly the banking industry.

The Chairman highlighted the bank’s leading position in the market, its outstanding performance, and high credit ranking. He mentioned that reputable rating agencies such as Moody’s, Fitch Ratings, and Capital Intelligence Rating have acknowledged QIIB’s financial strength and stability.

Sheikh Abdullah urged the bank’s executive management and employees to maintain their efforts to reinforce QIIB’s position and continue providing the best banking products and services to customers, ensuring favorable returns to shareholders.

Dr Abdulbasit Ahmed Al-Shaibei, QIIB’s Chief Executive Officer, provided a detailed overview of the bank’s financial results for H1/2023. Notably, the bank’s total income reached QR1.6 billion, representing a significant growth rate of 33.4% compared to the previous year. Total assets reached QR 58.0 billion, while the bank’s financing assets grew to QR 35.8 billion, and customer deposits reached QR 36.5 billion by the end of H1/2023.

The CEO emphasised QIIB’s commitment to operational efficiency and digital transformation, which has enabled the bank to respond effectively to various challenges. The bank’s financing assets portfolio maintained a high quality, with a non-performing loan (NPL) ratio of 2.8% and a coverage ratio of 95%.

Dr Al-Shaibei also highlighted QIIB’s accomplishments in digital payment solutions, including being the first bank in Qatar to adopt the ‘Swift Go’ payment transfer service and launching the ‘Himyan’ card, the national prepaid debit card, as announced by Qatar Central Bank.

As part of its corporate social responsibility, QIIB is actively involved in initiatives that contribute to society’s development and addresses real customer needs in fields such as education, sports, and health.

The CEO also stressed the bank’s commitment to job localization and the employment of Qatari males and females across various departments, offering training and career enhancement opportunities.

Overall, QIIB’s financial results for H1/2023 reflect its successful alignment with market circumstances, achievements in operational efficiency, and commitment to customer-oriented services and products.

 

 

 

 

Qatar tribune