Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani.
Doha: Leading Islamic lender QIIB has recorded a net profit of QR785m in the third quarter of 2020, compared to QR777m net profit during the same period last year, QIIB Chairman and Managing Director Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani has announced during the company’s board meeting to announce its financial results yesterday.
QIIB’s total assets witnessed a 12.0 percent increase to QR59.3bn, while total income increased by 4.5 percent to QR1.84bn.
Sheikh Dr. Khalid said: “QIIB was able to continue achieving distinguished results despite the challenges, deriving its strong position from the Qatari economy, which gives all its sectors, especially the banking sector, the best advantages and opportunities in order to achieve positive indicators that help it advance its business, thanks to the support and patronage of the Amir H H Sheikh Tamim bin Hamad Al Thani.
“The period ending on September 30, 2020 had seen the Bank expanding its strategy and operational plans under the current circumstances. We have continued to focus on financing projects in the local market in its various sectors, as it noticed an upward and positive movement, especially since all indicators and reports, locally and internationally, indicate that Qatar is one of the best economies that succeeded in dealing with the current circumstances and emerging challenges. Our priority is to participate in financing large projects and infrastructure projects for their long-term positive impact on the national economy. We are pleased to contribute to the renaissance of our country’s economy, which continues to lead in various fields,” he added.
Sheikh Dr. Khalid added that the Bank’s interest in SMEs remains, and is keen to continue supporting various services and projects, specifically targeting SMEs.
He went on to express his optimism for the coming period, and said that the Bank has made important strides and shortened many timelines in completing its development plans and programmes while facing market factors and various challenges.
“This is what we see as transforming challenges into opportunities. We hope that this approach will continue until achieving the targeted growth in stages and in the long term,” he said.
QIIB Chief Executive Officer Dr. Abdulbasit Ahmad Al Shaibei
QIIB Chief Executive Officer Dr. Abdulbasit Ahmad Al Shaibei added that the Bank has continued improving its operational efficiency during the third quarter, as the cost-to-income ratio was boosted at 20.0 percent, which is a distinct percentage and deemed one of the most important indicators of the Bank’s success in responding to the emerging developments.
He said QIIB’s financing portfolio has increased by 22.6 percent to QR39.2bn during the third quarter of the year, compared to QR31.9bn during the same period last year. The volume of deposits also increased by 12.4 percent to QR36.0bn compared to the same period last year, while earnings per share reached QR0.52. The Bank’s capital adequacy ratio under Basel III had also reached 17.2 percent, which underscores its distinguished financial position.
Dr. Al Shaibei said: “QIIB’s results at the end of the third quarter of 2020 were a continuation of the success we achieved during the first half, and consistent with the plans set by the Bank to keep pace with changes, both in the local and global markets.
"We are pleased to have been able to benefit from the strength of the Qatari economy and the confidence it enjoys, as well as its ability to achieve growth and create opportunities for all sectors, especially the banking sector. The focus lately has been on enhancing operational performance, and through the results achieved, we can confirm that we are making tangible progress and aspire for more.”.
He added that one of the most important achievements of the Bank during this period is its evolution in the field of digital transformation.
He said the Bank has developed various alternative channels and most services became available through electronic platforms such as mobile banking, internet banking for individuals and companies, ATMs and the call centre.
“QIIB also launched a number of cards that facilitate the banking operations for retail customers and companies, such as the salary card, the domestic labour card and the corporate cash deposit card. In the upcoming period, the Bank will continue to focus on developing its alternative channels and enhancing digital payment solutions in line with the best internationally approved standards. These will be done in a way that contributes to the development of QIIB’s operational efficiency and meets the aspirations of our customers to obtain the best services and products that are most appropriate to their needs, with reliability and safety,” he added.
Dr. Al Shaibei also reiterated that global rating agency Moody’s has affirmed QIIB Rating at ‘A2’ with a stable outlook, and Capital Intelligence Ratings (CI) affirmed its ratings of QIIB at ‘A’ with a stable outlook, while Fitch has also affirmed the Bank’s rating at ‘A’ with a stable outlook.
He added: “QIIB continues its strategy by focusing on the opportunities available in the local market and in various sectors. We feel this strategy has achieved a lot for the Bank and contributed to the stability of its performance, indicators and continuous growth, driven by the tremendous confidence given by the Qatari economy to its various sectors, mainly the banking sector”.
He also stressed that “QIIB is actively implementing its plans to attract and empower Qatari cadres in various departments of the Bank while providing them with all training opportunities to enhance qualifications and career advancements, and granting them the benefits and privileges they deserve, in line with Qatar’s National Vision 2030.”
He added that the Bank also continues to support various projects and activities that offer value addition to the society, be it for charity, education, sports, culture or other activities that benefit the nation and community at large”.
