Qatar Banking Sector Tops the Global Efficient Chart Worldwide
Doha, Qatar – 06 December 2023: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has emerged as the most efficient bank in the world with an outstanding 17.4% average cost-to-income ratio, according to the prestigious The Asian Banker Global 1000 World’s Largest and Strongest Banks Ranking 2023 for banks with total assets exceeding $20 billion, by TABInsights, The Asian Banker’s research arm. QIB's exceptional performance highlights its leadership in the Qatari banking sector and positions it as the world's most efficient Bank.
Qatari banks, driven by QIB’s lowest cost-to-income ratio, have surpassed their global counterparts by achieving an impressive average cost-to-income ratio of 21.5%. This outstanding efficiency distinguishes the Qatar Banking Sector as the most efficient globally and positions QIB at the forefront, solidifying its status as the world leader in banking efficiency.
According to The Asian Banker, The global banking landscape witnessed an average cost-to-income ratio of 51.8% among the world’s 1,000 largest banks in 2022, with Qatari banks, including QIB, leading the charge with the lowest cost-to-income ratio globally. The Middle East showcased the lowest asset-weighted average cost-to-income ratio at 37%, underscoring determined commitment to efficiency and cost reduction across the region.
QIB’s remarkable performance is attributed to strategic technology investments, cost-effective digital services, and a streamlined branch network tailored to the local population's needs. QIB reported a 6.5% growth in operating income coupled with a 2.5% increase in operating expenses, resulting in a notable reduction of its cost-to-income ratio from 18.1% in 2021 to an impressive 17.4% in 2022, which continues to be the lowest in the Qatari banking sector and the world. The Bank’s drive to improve efficiency, supported by strict cost management measures, helped in bringing down the cost-to-income ratio.
Commenting of the achievement, Mr. Bassel Gamal, QIB’s Group CEO, said: "QIB's commitment to operational excellence and innovation has propelled us to the forefront of global banking efficiency. Our dedication to leveraging technology, optimizing costs, and prioritizing customer needs has set a new standard for excellence in the industry. This achievement is a result of the collective dedication of the QIB team, supported by our Board of Directors, and fueled by the trust placed in us by our valued customers."
The TAB Global 1000 report identifies the top 10 most efficient banks worldwide, and QIB has solidified Qatar's presence in this elite group. With QIB leading the way, Qatari banks have set a precedent for operational excellence and efficiency that resonates globally.
For more information, please visit www.qib.com.qa
To view The Asian Banker’s report: https://tabinsights.com/article/qatari-banks-most-efficient-worldwide-with-215-average-cost-to-income-ratio