Doha: Global credit rating agency Moody’s has affirmed QIIB’s rating at ‘A2’ with a stable outlook. This indicates that QIIB has managed to maintain the strength of its financial position in the light of the various market factors and challenges during the past period.
On QIIB’s credit strengths, Moody’s highlighted the Bank’s solid asset quality, solid capitalisation and profitability, resilient funding profile, underpinned by a solid retail-focused franchise and very high probability of government support in case of need.
Commenting on Moody’s rating affirmation of QIIB, Chief Executive Officer, Dr. Abdulbasit Ahmed Al Shaibei (pictured) said: “One of the key factors for affirming QIIB at this remarkable level is the strength of Qatar’s economy, which provides protection and support for the State’s different economic sectors, particularly the banking sector. In this regard, we are pleased to raise our various indicators to be consistent with the strength of the Qatari economy.”
He added: “Moody’s affirmation of QIIB rating during its periodic review has great significance and reflects on our success in overcoming challenges and factors that have been witnessed lately by the international markets due to the repercussions of the COVID-19 pandemic. In addition, maintaining our profitability in these circumstances is yet another affirmation of our successful focus on the local market, punctuated by our efforts during our strategic and interim plans for many years.”
Dr. Al Shaibei noted that the positive financial indicators of QIIB during the last period were a natural result of the plans developed by its Board of Directors and a true response to the market developments and operational challenges in rather unusual circumstances.
"We continued our focus on financing priority and infrastructure projects and have worked closely with our customers to enhance our response to various market factors in order to achieve our set goals.
"QIIB’s remarkable rating is attributed to our focus on strengthening the operational environment during the past period. QIIB has achieved notable progress that greatly exceeds the operational performance-related plans and programs, especially in the field of digitisation. The bank focused on the development of alternate digital channels and the results were swift and decisive. As a result, most of the services provided b y the bank became available through alternate channels such as mobile banking and internet banking for individuals, e-Corporate for companies, ATMs, telephone banking, and call center," he added.
He also reiterated that the bank has also launched a number of cards products that facilitate the banking transactions of individuals and companies such as salary cards, household workers’ cards and corporate cash deposit cards. Consequently, this success has made a huge difference and significantly improved the operational environment.
Dr. Al Shaibei added: “In the coming period, QIIB will continue its plans to promote digitisation and digital payments in line with international standards and in a way that has a positive and matching effect on the Bank and its customers alike”.
He expressed confidence that the QIIB rating will remain at high levels during the review of global credit rating agencies and the Bank would continue to benefit from the rich opportunities provided by Qatar’s economy and its well-regulated financial system.
"The continued loyalty of the rapidly growing customer base stands QIIB in good stead. We are delighted to see our customers placing a lot of trust on our various banking products and services, which we confidence will meet the requirements of the largest segment of our customers," he added.
