QIIB Chief Executive Officer, Dr Abdulbasit Ahmad Al Shaibei and QIIB Chairman and Managing Director, Sheikh Dr Khalid bin Thani bin Abdullah Al Thani (R).
Islamic lender QIIB recorded a net profit of QR882.1m for the full-year 2018, up 6.0 percent compared to 2017. The bank’s total income reached QR 2.1bn, reflecting 11.9 percent growth. The earnings per share stood at QR5.46.
The Board of Directors recommended to the ordinary general assembly of shareholders, the distribution of cash dividends equivalent to QR4.0 per share, subject to QCB’s approval.
Announcing the financial results, QIIB Chairman and Managing Director Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani said: “The bank’s results reflect the strength of the Qatari economy. The economy will continue to prosper under the wise leadership of His Highness the Amir, Sheikh Tamim bin Hamad Al Thani”.
2018 was a significant year for the Qatari economy as it was able to overcome all obstacles and adverse circumstances and make a huge leap in terms of quantity and quality. “At QIIB, we are proud to achieve a growth that reflects our involvement in the Qatari economy, which has proven to have solid and firm foundations”, Sheikh Dr Khalid said.
During the past year, the bank continued to focus on the local market. QIIB’s strategy to enhance its presence and contribution has proven to be the right one, given the rich opportunities provided by Qatar’s economy.
He noted, “QIIB is financing various projects across various sectors, with particular focus on infrastructure, which are a driving force in the growth of the national economy. We also remain committed to small and medium-sized enterprises, especially our fruitful partnership with the Qatar Development Bank. This is a valuable partnership that we are proud of, one that positively benefits the entrepreneurs.”
QIIB, which has been able to maintain its strong financial position and stable growth for more than a quarter of a century, continues to build partnerships with a range of investors abroad, based on its excellent reputation and the great reputation of the Qatari economy. The bank’s investment decisions are always based on proper feasibility studies, especially in terms of risks, with the aim of increasing returns to shareholders and support the bank’s various key indicators.
The Chairman thanked QIIB Executive Management and employees for their efforts during 2018, which he stressed “helped the bank achieve these results”.
Sheikh Dr Khalid urged them to continue working diligently in order to contribute to the bank’s progress and success and meet the requirements of customers from all categories.
QIIB Chief Executive Officer, Dr Abdulbasit Ahmad Al Shaibei said the bank’s total assets at the end of 2018 amounted to QR50.3bn compared to QR46.6bn at the end of 2017. QIIB’s operating revenues reached QR2.1bn, compared to QR1.9bn at the end of the previous year. Customer deposits at the end of 2018 reached to QR31.1bn.
The bank’s total equity stood at QR6.8bn while the Capital Adequacy under Basel III registered 16.42 percent, reflecting the strength of QIIB’s financial position amid various risks.
Dr Al Shaibei said, “QIIB’s results clearly show that we continue to play an active role in the Qatari economy. Last year’s developments proved its strength in facing storms and obstacles, no matter how powerful they were”.
The CEO said, “We are proud to be a part of this success through our outstanding results for 2018. We have implemented strategic and forward-looking plans, and we believe that behind every challenge comes an opportunity. The unfair blockade on our country has prompted us to seek newer markets. We believe that our choices and efforts have borne fruits and we are looking to derive more positive results in future.
“We have had encouraging experience in relation to the opening of Umnia Bank in Morocco, which has demonstrated its ability to gain good reputation in a record time. Currently, Umnia Bank has more than 20 branches in different Moroccan cities. An expansion plan that will cover all important cities of the Kingdom during the coming period is very much on the cards”.
On rating agencies revising up QIIB’s outlook to Stable, Dr Al Shaibei said, “This was the natural outcome, given Qatar’s economic strength and its ability to overcome challenges. The rating agencies confirmed that the change in QIIB outlook stems from its strong position and good performance as the Bank successfully maintained the quality of its assets, robust capital base and strong liquidity”.
In terms of QIIB’s Qatar expansion policy, he stated, “QIIB pursued with its policy locally, and responded to the expansion of its customer base through many channels, such as unveiling innovative services and products, reaching out to customers and providing them with better access to top quality banking services, which they aspire.”
The bank also implemented a strategic plan to restructure its branches, while focusing on its presence in large commercial establishments such as premier malls, providing integrated banking services to customers for longer hours, Dr Al Shaibei added.
