QIIB net profit surges 6.1% in Q1 in Qatar

Getty Images/Getty Images
Getty Images/Getty Images
Getty Images/Getty Images

The results were announced after a meeting of the bank’s board of directors

QIIB posted a first quarter net profit of QR335.2mn, up 6.1% on the same period in 2023.

The results were announced after a meeting of the bank’s board of directors by QIIB chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.

He said, “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 His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani.”

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.

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.

Sheikh Khalid said, “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.”

QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei detailed said: “Total income for the period that ended on March 31 amounted to QR821.6mn, marking an increase of 20.1% compared to QR683.9mn 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%.”

“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 totalled QR39.7bn, a growth of 8.4% compared to same period last year”

Al-Shaibei continued, “The capital adequacy ratio (under Basel III) rose to 18.54%, indicating the strength of our financial position and our responsiveness to various challenges in the banking market, as well as the prudent management practices we follow in respect of various risks.”

“The disclosed results align with QIIB’s continuous stability and ongoing growth across various budget line-items. They also reflect QIIB’s good performance and the trust it holds in the banking and business sectors at local, regional, and international levels”, he emphasised.

“QIIB will continue to move forward in implementing the strategy and vision of the Board of Directors, which emphasise enhancing the bank's financing options in the local market, including various sectors and numerous projects that are announced and implemented according to their specified timelines.

“QIIB’s strategy aligns with the objectives of the Third Financial Sector Strategic Plan launched by the Qatar Central Bank in 2023, which focuses on innovation, efficiency, investor protection, and empowering Qatar to unleash its untapped economic potential in line with Qatar National Vision 2030.”

Al-Shaibei noted, "The priority of achieving steady growth, increasing shareholder returns, and providing the best services to our customers remains the focus of our work and efforts.

“Our banking plans and growth strategy are primarily based on the exceptional competencies within the bank's staff. We have long implemented a distinguished human resources policy, focusing on fostering creativity, innovation, and continuous training, and attracting exceptional talents capable of adding value to our work.

“Moreover, we prioritise the empowerment of Qatari men and women, enabling them to work in different tiers of the bank, especially in senior management, specialised, and supervisory positions, thus ensuring the strengthening of national cadres in the banking sector.”
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