Qatar: QIIB net profit surges 6.1% to $92.08mln in Q1

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Doha, Qatar: Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of QIIB Board of Directors, reported the financial results of Qatar International Islamic Bank for the first-quarter period, which ended on March 31, 2024.

At the conclusion of a meeting of QIIB Board of Directors dedicated to discussing the bank’s first-quarter 2024 results, Sheikh Dr. Khalid stated, “The bank’s net profit reached QR335.2m at the end of the first quarter, which represents a 6.1% growth.

“This confirms the robust financial position of the bank and its alignment with the strength of the Qatari economy, which is witnessing continuous prosperity and growth, thanks to the support and guidance of H H Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar.”

He noted, “QIIB’s strategy, which focuses on financing local projects, has yielded positive results and reduced potential risks to record levels. Our continuous profitability has positively impacted the bank’s financial position and further solidified the high level of trust it enjoys among customers”.

“With the good results achieved by the bank and stable, positive financial indicators, global credit rating agencies have assigned QIIB high ratings. Fitch Ratings has upgraded QIIB to ‘A’ from ‘A-‘with a stable outlook. Similarly, Capital Intelligence has affirmed QIIB’s rating at ‘A+’ with a stable outlook”, he pointed out. It is worth mentioning that credit rating agencies have confirmed that QIIB enjoys many strengths, including high asset quality, strong profitability, and good capital adequacy.

Moreover, its non-performing loan ratio is better than most of its local counterparts. Rating agencies also suggest that QIIB is likely to continue achieving better-than-average results, particularly given its outstanding operational efficiency.

The Chairman of the Board, emphasised, “QIIB will continue to focus on the local market and strengthening partnerships and providing financing to various sectors, especially those that add value to the national economy, enrich local business environment, support innovation, and encourage creativity. Moving forward, we will actively tackle various market challenges and address risks with forward-looking plans that take into consideration factors that may arise from global economic developments. At the same time we will respond to different competitive factors and strive to achieve the highest performance standards in line with the global banking market.” Sheikh Dr. Khalid bin Thani expressed his gratitude and appreciation to QIIB’s executive management and staff for their significant efforts in implementing plans and strategies, improving key performance indicators, and maximising quality standards.

On his part, QIIB’s Chief Executive Officer Dr. Abdulbasit Ahmad Al Shaibei detailed the bank’s first-quarter 2024 results, stating: “Total income for the period that ended on March 31, 2024 amounted to QR821.6m, marking an increase of 20.1% compared to QR683.9m at the end of Q1-2023.”

He added, “QIIB’s total assets reached QR62.9bn at the end of the first quarter, compared to QR55bn at the end of the same period last year, a growth of 14.5%.”

The CEO pointed out, “QIIB’s financing assets reached QR37.5bn, a growth of 7.2% compared to same period last year at the end of the first quarter, while deposit balances totaled QR39.7bn, a growth of 8.4% compared to same period last year”