Corporate and investment banking firm Qatar First Bank (QFB) swung to a net profit in the first nine months of the year after a loss in 2020.
Net profit attributable to shareholders amounted to 62 million riyals ($17 million), compared to a loss of 227.9 million riyals in the same period last year. It is the bank’s highest nine-month profit recorded in any year since 2016, QFB said in a statement on Thursday.
Total income stood at 168 million riyals, compared to the negative total income of 82 million riyals in the previous year. Dividend income also jumped 322 percent year on year to 10 million riyals, driven mainly by the bank’s real estate investments and sukuk funds.
The bank said it has witnessed higher income from its investments in real estate and continued to reduce its expenses despite improving key financial indicators. Overall, the bank was able to cut its outgoings by 24 percent.
Its total real estate assets under management (AUM) grew by 140 percent to 3.9 billion riyals, following the acquisition of a multi-tenant office building in Dallas, Texas.
“QFB’s significant performance and strong financial results are a testament of the bank’s stability and resilience during the first three quarter of 2021 despite the challenging macroeconomic conditions,” said Sheikh Faisal bin Thani Al-Thani, chairman of QFB.
“The bank’s clear strategic direction, sourcing of profitable investments, and prudent risk management framework are behind the strong results.”
QFB is listed on the Qatar Stock Exchange and is the first independent Shariah-compliant bank authorised by the Qatar Financial Centre Regulatory Authority.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
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© ZAWYA 2021