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Doha, Qatar - Qatar First Bank (QFB), Qatar's leading Shari'ah compliant bank, Authorized by QFC Regulatory authority, offering investment opportunities and innovative financial solutions with local, regional and international reach, reported continued profitability according to their Full Year results for 2015.
Attendees at QFB's Annual General Meeting (AGM) held yesterday, approved the Bank's audited financial results for its seventh full year of operation and outlined a number of significant milestones achieved over the past twelve months across all business units.
The Bank recorded gross income of QAR 336.5 million (US$ 92.5 million) in 2015, and net income of QAR 66 million (US$ 18.1 million) with total assets increasing by 26 per cent to reach QAR 5.9 billion (US$ 1.6 billion). During the year, QFB invested a total of QAR 33.9 million (US$ 9.3 million), bringing the total capital invested to date to QAR 1.54 billion (US$ 423.0 million).
The Bank's Sukuk book continued to grow in size to reach QAR 943 million (USD$ 259 million) and total deposits reached around QAR 3 billion.
Abdulla Bin Fahad Bin Ghorab Al Marri, Chairman or QFB commented:
"As the global investment market continues to go through major challenges, investors are demonstrating a growing interest in Shari'ah compliant financial offerings. This trend confirms QFB's strategy to expand Shari'ah compliant products to the corporate and private banking market, providing expert advice on Islamic Finance services that demonstrate genuine growth and profitability."
"Our strategy focuses on the bank's role as a trusted advisor, a gateway for investors who wish to tap into innovative, shari'ah-compliant, financial solutions and investment opportunities in local, regional and global markets. We are at the beginning of a new era for our bank, and by launching an ambitious strategy, we are complementing our ambition to list our bank on the Qatar Exchange in the coming weeks." Al Marri.
Ziad Makkawi, Chief Executive Officer, QFB said:
"Last year was a milestone year for QFB. We confirmed our strategy and streamlined our businesses to offer Shari'ah compliant services including alternative investments with a focus on private equity and real estate, as well as corporate & institutional banking, private banking & wealth management, and treasury & investments."
Makkawi added: "We are proud to have a solid business structure supported by an experienced and talented team, well-equipped to meet shareholders ambitions and the Board's aspirations. The results of this focus have already become clear and we have started to reap the benefits of our strategy introduced in 2015. Each area of the Bank performed well, generating new recurring income. We also witnessed significant growth in total assets, diversification and improvement of income sources, and enhancement of liquidity levels."
"Our listing on the Qatar Exchange remains a top priority and we continue to work closely with the concerned authorities to complete the listing requirements in the coming weeks." He concluded.
Looking ahead, QFB management team is very well aware that there is still a great deal of work to be done on the bank's journey to success. Despite the challenging global and regional economic conditions, the bank will seek to continue to identify and seize new, attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.-Ends-
Qatar First Bank's 2015 annual report can be found here www.qfb.com.qa
Milestones for 2015
QFB Private Banking Lounge:
In December 2015 QFB launched its exclusive Private Banking Lounge which is a testament to the Bank's commitment to assure its clients that they will enjoy Private Banking services in a unique environment that evokes trust, professionalism, privacy and exclusivity. Located at Suhaim bin Hamad Street, in Al Sadd QFB's Private Banking Lounge serves as an icon in enhancing the bank's image amongst its stakeholders.
Investments Portfolio:
NEW INVESTMENTS
Cambridge Medical & Rehabilitation Centre
QFB acquired a 15.6% stake in Cambridge Medical & Rehabilitation Centre ("Cambridge Medical") based in Abu Dhabi.
Led by TVM Capital Healthcare Partners, Cambridge Medical caters for those in need of non-acute rehabilitation with a high level of physiotherapy as well as treatment for a broad range of conditions including spinal cord injuries, neuromuscular diseases and birth defects. Cambridge Medical is affiliated with US-based Spaulding Rehabilitation Network and Joslin Diabetes Centre, both Harvard Medical School affiliate training centres.
EXITED INVESTMENTS
QFB exited three investments in 2015, with IRRs ranging from 20% to 50%. These were:
Al Noor Hospitals
QFB sold its remaining shares in Al Noor Hospitals ("Al Noor"), which listed on the London Stock Exchange in 2014.
QFB realized total proceeds of US$ 146m and profit of US$ 106m throughout its investment in Al Noor resulting in an IRR of 49%.
Westbourne House, London
In August 2015, QFB completed the Westbourne House project. QFB and a group of GCC investors acquired Westbourne House in 2012; The project has won an architectural design award. During 2015, 85% of the apartments were sold to GCC investors. It is expected that when fully exited the investment will deliver an IRR of 20%.
Dubai Land Plot
QFB sold the plot of land near Burj Khalifa, Dubai, in which it had owned a 50% stake. The sale realised proceeds of ~US$ 18m, profit of ~US$5m and return on capital of 34%.
INVESTMENT PORTFOLIO UPDATES
Memorial Health Group
Memorial continues to successfully expand its geographic footprint as revenue ramps up from its new hospitals: Ankara's revenue more than doubled during 2015, while the combined revenue of Kayseri, Dicle and Diyarbakır increased at more than 30% year over year, resulting in a total EBITDA increase of ~55% in 2015. Furthermore, significant progress has been made in the construction of the new hospital in Bahçelievler. This is expected to be one of the largest private hospitals in Istanbul, comprising 300 beds and a closed area of ~75,000 sqm.
English Home
English Home continued its aggressive expansion plans, adding 93 stores (57 in Turkey and 36 in international markets) to reach a total of 344 stores (272 in Turkey and 72 in international markets). This resulted in a ~45% increase in revenue for 2015 compared with 2014. High growth has been achieved as a result of various initiatives introduced by the new CEO to optimize operations, enabling English Home to dominate the Turkish textile retail market and further expand the company's regional footprint.
About
Qatar First Bank (QFB) is the first independent Shari'ah compliant financial institution regulated by the Qatar Financial Centre Regulatory Authority. Launched in 2009 as an investment bank, QFB has since evolved to broaden its offering to combine the best of a private bank with bespoke investment solutions tailored for the protection, preservation and growth of wealth.
QFB has a diversified shareholder base of prominent individuals and institutions from Qatar and the GCC. QFB's team of professionals have the knowledge and expertise to provide world class, exclusive and cutting edge financial solutions underpinned by the Bank's commitment to deliver excellence in all aspects of business.
Building on its successful track record of investments, QFB is able to provide clients access to lucrative investment opportunities with a potential for solid growth and rewarding returns. QFB caters for ultra-high net worth individuals and corporates in Qatar and beyond against a core philosophy focused on cultivating close, enduring partnerships with all stakeholders.
For information, please contact:
Areej Allan : areej.allan@qfb.com.qa
© Press Release 2016