Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB
Doha: Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB, announced the bank’s results for the first half (H1) that ended on June 30, 2021. The results were announced following a board meeting presided by Sheikh Dr. Khalid to discuss the bank’s results for H1, 2021, which proved that the bank continued to achieve growth in its various items and strengthen its financial position as one of the leading banks in Qatar.
QIIB achieved a net profit of QR543.9m, representing a growth rate of 6.1 percent compared to the same period of 2020, while the bank’s earnings per share stood at QR0.36.
Sheikh Dr. Khalid pointed out, “The bank’s results for the period that ended on June 30, 2021 confirm that QIIB is proceeding with the implementation of its plans in appropriate manner, relying on the strength of the Qatari economy, which enjoys the highest levels of solvency and credit rating- regionally and internationally, thus providing all growth and sustainability factors for the banking sector and for various business sectors, thanks to the support and patronage of Amir H H Sheikh Tamim bin Hamad Al Thani”.
He noted, “The most important thing that can be seen from these distinguished results achieved by QIIB is the ability of the bank to face the unexpected challenges and risks related to the repercussions of the Coronavirus pandemic (COVID-19). Our bank was able to transform challenges into opportunities, as manifested in the solid results and growth figures has achieved and the significant improvement seen in our operating environment”.
Bank’s total revenues amounted to QR1.26bn with a growth rate of 4.3 percent, total assets increased to QR62.5bn with a growth rate of 5.3 percent and financing assets grew by 16 percent, to QR40.6bn.
“A review of the bank’s financial position at the end of the first half clearly reflects QIIB’s ability to achieve most of its goals set in the Bank’s strategic plans, although our ambition is still greater. The bank benefitted from its strategy that focuses on local opportunities, as the performance of national business sectors and government plans implemented to advance the national economy in its various sectors pushed the indicators of institutions and companies of all sizes into green spaces, and provided them a significant boost that positively reflected on the investment climate as a whole”.
Sheikh Dr. Khalid further explained, “The encouraging indicators and positive results achieved by the bank during the first half of 2021 are gaining more importance with the rapid increase of competition in the banking sector, which we welcome and consider as one of the most important factors in improving quality, promoting innovation and providing more appropriate banking solutions for various customer segments. QIIB is pleased to respond appropriately to competition, which has been reflected in the steady increase of our customer base”.
Sheikh Dr. Khalid stated, “In particular, what has been achieved during the past period in the field of digital transformation is a milestone in improving the bank’s performance at various levels. It also contributes effectively to enhancing the bank’s operating efficiency and keeping pace with the most important developments in banking technology at the global level”.
He affirmed, “The Bank will continue to enhance its digital channels, provides the necessary technological infrastructure and resources in order to achieve all objectives of its ambitious plan in this field”.
The Chairman and Managing Director indicated, “The outstanding performance achieved by QIIB prompted international credit rating agencies to acknowledge the strength of its financial position and the solidity of its various indicators.
“The bank maintained high credit ratings of ‘A2’ from Moody’s, ‘A’ from Fitch and ‘A’ from Capital Intelligence Agency all with a stable outlook. All these ratings reflect the bank’s prestigious position at the local, regional and international levels”.
Sheikh Dr Khalid thanked the executive management and all QIIB employees for their great efforts during the past period, and called upon everyone to continue showing perseverance and team spirit so as to achieve the targeted numbers as set forth in the bank’s strategies”.
QIIB Chief Executive Officer, Dr. Abdulbasit Ahmed Al Shaibei, elaborated further on the bank’s financial results during the first half of 2021, and said, “The bank’s total revenues reached QR1,264m during the first half representing a growth rate of 4.3 percent compared to the same period of the previous year. QIIB’s total assets increased to QR62.5bn compared to QR59.3bn at the end of the first half of 2020, with a growth rate of 5.3 percent, the bank’s financing assets has reached QR40.6bn at the end of the first half represents a growth rate of 16 percent, while the customers’ deposits increased by 11.6 percent to reach QR38.8bn”.
The CEO indicated that QIIB was able to significantly enhance its operating efficiency during the first half of 2021, contributing to a further reduction of its (cost-to-income) ratio to be 18.3 percent compared to 21.4 percent at the end of the corresponding period last year. It also confirms the success of QIIB’s plans to face the challenges faced by the banking sector during the last period.
Dr. Al Shaibei spoke about the quality of the bank’s financing assets portfolio, affirming its continuous improvement by reducing the NPL ratio from 2 percent at the end of H1-2020 to be 1.6 percent in H1, 2021, which is a significant success of the bank’s risk management framework that reflects the effectiveness of the policies taken in that respects.
He added, “The total equity at the end of the H1-2021 amounted to QR8.3bn, while the bank’s capital adequacy ratio under Basel III at the end of H1 stood at 17.3 percent, which is higher than the regulatory requirements, thus confirming the bank’s high solvency”.
QIIB CEO stressed, “The bank’s results in the H1-2021 are the outcomes of the plans and goals that have been accomplished as part of the bank’s short and long-term strategy by facing emerging challenges and various market factors, which we were able, praise be to God, to adapt to and achieve the targeted growth figures”.
He noted, “There are many factors that contributed to this growth achieved by QIIB, and at the forefront comes Qatari economy and the opportunities it provides for the banking sector, where we built our plans for a long time now around the local market, and the circumstances and experiences proved that our decision was sound and had outstanding results. The numerous innovative services launched by the Bank during the past period played a role in expanding the customers’ base, in addition to the important and effective role played by digital transformation and the provision of most services, products through alternative channels, which contributed to enhancing the bank’s operating efficiency and reducing its expenses”.
Dr. Al Shaibei stated, “The bank launched during the first half of the current year a series of innovative products and services that were highly appreciated by the customers and the business sector in general, some of which designed for companies such as the corporate and business cards, while others for individuals such as QIIB mobile financing service, in addition to many other services”.
He noted, “In view of the tangible efforts made by the, especially in the field of digital transformation, QIIB received Arab and international recognition, and was awarded the ‘Best Digital Bank in Qatar’ from the Union of Arab Banks for its tangible progress in digital transformation. It also succeeded in facing the urgent circumstances related to the spread of the COVID-19, by providing digital solutions to its customers enabling them to obtain banking services easily and safely.
In the field of human resources, he noted, “QIIB continues to support the government’s plans to attract Qataris, provide them with training and qualification opportunities at the various levels and prepare them to achieve their career ambitions and give their best so as to serve their country, develop and lead the banking sector through national cadres and expertise”.
