Chairman of QIIB’s Board of Directors Sheikh Abdullah bin Thani bin Abdullah Al Thani
THE PENINSULA — DOHA
QIIB achieved a net profit of QR316m with an overall growth of 7.1 percent in the first quarter that ended on March 31, 2023 compared to QR295m for the same period of 2022 according to the financial results announced by Chairman of QIIB’s Board of Directors Sheikh Abdullah bin Thani bin Abdullah Al Thani.
The chairman announced the bank’s financial results for the first quarter which indicate that the bank continues to enhance its financial position for various budget items.
After QIIB’s Board Meeting, which was held to discuss the bank’s financial results for Q1-2023, Sheikh Abdullah bin Thani ssaid, “QIIB’s results for the first quarter of 2023 reflect the bank’s progress and growth. We rely on the strong local business environment that provides us with the necessary opportunities to achieve stable and continuous growth.
“This positive environment laden with opportunities offered by the Qatari economy, has encouraged us to exert suitable efforts to make the best out of it. On account of such great efforts, we managed to keep up with the uplift of the Qatari economy, which is witnessing a boom in various fields thanks to the support, care and guidance of H H Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar.”
The chairman noted, “The positive indicators in the market and the great trust in the State of Qatar have helped us move forward and have cast a positive view on the business sector in the first quarter. In addition, the sound management of the banking sector by the supervisory authorities is reflected on it effectively, which provides Qatari banks with many competitive advantages that help them achieve the best targeted results.”
“QIIB is fully equipped for the competition in the market by strengthening the appropriate tools, whether related to infrastructure, human resources or approved policies, especially in terms of risks”.
Sheikh Abdullah bin Thani affirmed, “The bank continues to make progress in its digital transformation strategy, after making significant strides, which resulted in a phenomenal enhancement in operational efficiency, expansion of customer base, a significant rise in transactions completed through digital channels, in parallel with the increased services offered through these channels.
“In addition, QIIB has also opened its first digital lounge in Msheireb, and we continue to develop this experience until we achieve successful implementation of the best banking solutions approved globally. Our experience in applying digital solutions, has received global recognition.
“Visa granted QIIB the “Excellence in Product Design” in recognition of QIIB achievements in meeting customer expectations by launching digital payment products that target their needs and reflect an in-depth understanding of customer trends and their positive outlook for innovative digital payment solutions and banking services”.
Sheikh Abdullah bin Thani pointed out, “The performance of QIIB and the strength of its financial position during the last period prompted rating agencies to endorse this strong performance, whereas “Fitch” Ratings affirmed the bank Long-Term Issuer Default Rating (IDR) at (A-), while the outlook is upgraded to positive from stable.
“The ratings agency confirmed that the bank has a strong financial solvency and achieved good profits at the operational level, and net profit. Not only that, but the bank is perceived to have strong liquidity and has been able to develop a successful specialized business franchise”
The chairman expressed his gratitude to QIIB’s executive management and employees for their tremendous efforts to achieve these distinguished results in the first quarter of 2023, with overall improvement in various performance indicators, and requested all the bank staff to maintain these efforts to reinforce the position of the bank and achieve the best results for the benefit of all”.
On his part, QIIB Chief Executive Officer, Dr Abdulbasit Ahmed Al Shaibei, commented on the detailed bank’s Q1 results of 2023 as follows. “By the end of Q1, net operating income has reached QR474.0m compared to QR412.0m by end of Q1-2022 with a growth rate of 15.0 percent. The bank also continues to enhance its operational efficiency, which contributed to reducing the cost-to-income ratio to 18.0%, which is considered one of the best ratios in the Qatari banking sector. The bank maintained the stability of the non-performing ratio at the level of 3.0 percent which represents the high quality of the bank’s financing portfolio.”
Dr. Al Shaibei stated, “By the end of Q1-2023, the total assets reached QR 55.0bn compared to QR56.4bn by year end 2022, while the financing assets of the bank at the end Q1-2023 stand at QR 35.0bn and the Customer’s deposits amounted QR35.7bn.
He noted, “The capital adequacy (Basel III) reached to 18.4 percent which is much higher than the required regulatory limit of QCB”.
Dr Al Shaibei confirmed, “The first quarter results, illustrate our strong financial position and great advancement over the previous period. This strength has been fueled by the rich opportunities offered by the Qatari economy which represent, with its various sectors, an exceptional environment that attracts local and international investments.”
“We continue to execute strategic and interim plans approved by the bank’s Board of Directors, which encourage involvement in the local market by participating in financing various projects, whether big, small, medium projects or even infrastructure projects, which are considered key to national development”.
Al Shaibei stated, “During Q1-2023, QIIB continued to implement digital transformation plans in an aim to achieve more operational efficiency and keep pace with global banking developments.”
“Also, the bank continued its efforts to provide financing solutions that meet customer expectations and aspirations, and in this context, the bank launched a number of competitive offers and products that meet the clients’ needs in addition to launching ‘Himyan’, the national prepaid debit card”.
The Chief Executive Officer pointed out, “During the next period, the bank will continue its efforts to achieve the targeted growth numbers, and implement the necessary plans to enhance the growth of the indicators, based on its high financial viability, while addressing the market challenges and the various factors of competition”.
With respect to human resources, Dr Al Shaibei stressed, “During the past period, the bank continued and will continue to implement its policy of job localization and employment of Qatari males and females at the bank’s various departments, while offering training and qualifying opportunities while paving the way for career development in all banking and supportive departments”.
