QFB achieves highest half-yearly net profit of QR41m over past 5 years

Doha: Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE), has reported a net profit attributable to shareholders of QR41m for the first half of the year, its highest over the last five years.  

The Bank recorded a total income of QR107.2m during the first half of 2021. In line with the Bank’s strategy to focus on real estate products, and to form a stable profit rate yielding assets, the Bank recorded income from real estate products of QR37m. Furthermore, the Bank posted a profit of QR6.4m from stable profit yielding assets, namely, sukuks and sukuk funds which is 123 percent higher than the same period of the previous year.

During the first half of the year, the Bank was able to successfully exit some of its private equity investments recording a disposal gain of QR53m.

Total expenses for the six months’ period ended June 30, 2021 stood at QR41.6m, registering a decrease of 35 percent compared to QR63.9m for the same period last year. This reflects upon the efficient cost management by the Bank for a sustainable growth.

Sheikh Faisal bin Thani Al Thani, Chairman of QFB, said: “We are very pleased with QFB’s overall performance during the first half of 2021, and for concluding our third consecutive profitable quarter despite the challenging market conditions. Qatar First Bank’s strategic vision has once again proven that it is heading in the right direction, and we are happy with the Bank’s achievements and enhanced financial indicators. QFB is committed to being the trusted Shari’ah compliant bank and investment partner in Qatar, the region and across the globe”. 

Abdulrahman Totonji, CEO at QFB, said: “QFB has successfully concluded the first half of the 2021 financial year with remarkable results. With the blessing of God and then the hard work of the QFB team, that worked tremendously to improve the performance of the Bank we have been able to succeed. QFB performed exceptionally well, setting up long-term stable revenue sources, growth, and performance indicators for the Bank and our clients and partners. In line with our strategy, we source and structure investment opportunities to meet the increasing demand of local and international investors. Our products help investors gain access and reach to the real estate market and we are continuously working on developing new products and investment opportunities.”

Qatar First Bank has announced its successful exit from its private equity investments in the Middle East; Cambridge Medical & Rehabilitation Center (CMRC), Food Services Company (FSC), and Al Rifai International Holding (Al Rifai). 

The Bank launched its mobile banking application; the QFB Mobile App, the first banking application in Qatar to be hosted in Microsoft’s Azure cloud. QFB has also completed the acquisition of Healthcare Technology Company Headquarters in Ohio and Waterway Plaza I, a class A+ office tower spanning more than 223,0000 square feet located in suburban Houston, Texas, USA. The Bank also acquired Lulu Messila hypermarket building as part of its intention to establish a strong local presence in the Qatari Market.