Qatar Islamic Bank AGM approves cash dividend

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Doha, Qatar: The results of Qatar Islamic Bank (QIB) Annual General Meeting (AGM) showed the assembly approved the Board of Director’s Report on the results of the Bank and financial statements for year ended December 31, 2023 and discussion of the plan for the year 2024.

The AGM approved the Sharia Supervisory Board report; External auditors’ report on the financial statements for the year ended 31/12/2023 and the Bank’s balance sheet and profit and loss for the year ended 31/12/2023.

The Assembly also approved the board of directors’ proposal to distribute 72.50% cash dividends of the nominal value per share, i.e. QR0.725 per share.

QIB Chairman, Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani said, “As always, our year was defined by our focus on doing the right thing by our customers and putting them first. Looking back at the 2023 fiscal year, in a challenging operating and macro environment QIB delivered a record net profit of QR4,305m.”

“Our dedication to leveraging technology, optimizing costs, and prioritizing customer needs have allowed us to emerge as the most efficient bank in the world with a cost to income ratio of 17.1%. Furthermore, we generated an ROA of 2.3%, the highest in the Qatari market and an ROE of 17.3%, well above the local market average. The implementation of an effective risk management framework, including the integration of ESG principles in our credit policies & procedures, has enabled us to maintain our high asset quality and the lowest non-performing financing assets ratio of 1.7% in the Qatari banking sector."

"In November 2023, QIB issued a $500m five year Sukuk. The transaction was met with strong demand, with an oversubscription rate of 6.6 times.”

"Through continuous investments to accelerate digital banking across the Bank, “we have grown digital adoption to 79% of our customersby 2023, and 99% of all transactions are now self-serve transactions replacing branch transactionsdigital sales through the mobile app for key products, such as personal finance and credit cards, contributed more than 50% of our total sales volume in 2023,” Sheikh Jassim added.

QIB Chairman further said, “Our commitment to strong corporate governance continues to be a core focus for the Board of Directors. This year, we welcomed four new members to our Board, two of whom are independent members. The Board has been working closely with our senior leadership team, holding additional Board meetings and discussions to provide prudent oversight and guidance on the Bank’s business strategies, risk tolerance, and management practices to support delivering the best of our Bank to customers and shareholders.”