• The earnings per share (EPS) QR 5.18, Board of Directors recommends a dividend 40% of issued Capital (QR 4.0 per Share).
• Growth in Financing Portfolio by 9% compared to end of Year 2015
• Total Income grew by 8% with net profit QR 785 million.
• Growth In total Assets to reach QR 42.6 billion by 5.0% increase and Customers Deposits stand at QR 26.6 billion.

Sheikh Dr Khalid Bin Thani: The financial results of the Bank confirm its competence and ability to contribute to the growth of the Qatari economy

Al-Shaibei: QIIB continues to go well with the market requirements; our customers base is fast expanding and we are continually aspiring to achieve more.

HE Sheikh Dr Khalid Bin Thani Bin Abdullah Al Thani, Chairman and Managing Director of QIIB, has announced the financial results of the bank for the financial year ending on December 31, 2016, which revealed QIIB’s ability to keep maintaining growth and improving its financial status.

The announcement followed the BoD meeting chaired by HE Sheikh Dr Khalid Bin Thani that was held to discuss the final statements of the bank for the financial year that ended on December 31, 2016.

The results showed QIIB earned total revenues of QR 1.7 billion, while net profit reached QR 785 million compared to QR 784 million at end of 2015.

QIIB board of directors made a recommendation to the ordinary general assembly of the bank’s shareholders for distribution of profits equivalent to QR 4.0 per Share (Subject to QCB approval of year-end financial statements)

Announcing the results of QIIB’s financial performance in 2016, HE Sheikh Dr Khalid Bin Thani stated: “The results of the bank confirm its competence and ability to contribute to the growth of the Qatari economy, which is advancing and booming in different fields thanks to the support and care of HH Sheikh Tamim Bin Hamad Al Thani, The Emir of the State of Qatar”.

He added: “During the year 2016, QIIB witnessed many achievements, mainly the growth achieved and the adaptation to changes in the market, which imposed several challenges that we overcame thanks to the great efforts of all employees of the bank. Those efforts wouldn’t have been fruitful without the very strong Qatari economy and the special opportunities it offers that create the adequate situation for the banking sector to achieve more successes”. 

“The decrease in oil price and the competition in the market were a challenge as well as an opportunity for us at the same time. Every development in the market may have two sides. QIIB remains focused on taking advantage of these developments. In this context, the financial results were really encouraging and we are looking forward to greater progress in the coming period,” Sheikh Dr Khalid said.

He clarified that “QIIB is still focusing on its activities on Qatar, given the fact that the local market is the most important and most adequate and based on our commitment towards the Qatari society and economy. We are committed to make it grow further.”

“At the same time, we do not disregard the special overseas opportunities, which entail low risks and provide good margin of profits. It is in this context that we have decided to enter Morocco, where we have got the approval of the Central Bank of Morocco for the establishment of a Joint Venture bank in the Kingdom in partnership with Credit Immobilier et Hotelier S.A. (CIH Bank). We hope that the new bank starts its activities as soon as possible, especially because the Moroccan market is relatively new to Islamic banking and that the country’s citizens are keen to make banking transactions based on Islamic Shariah.”

Sheikh Dr Khalid confirmed that QIIB will continue its strategic plans in a phased manner, subject to all the requirements and developments in the market. We will continue to put all efforts towards funding different projects and sectors that add value to our national economy. We believe the local economy has the potential to achieve more growth in the years to come and provide more returns to our shareholders and the bank.”

Sheikh Dr Khalid thanked the shareholders and customers for their confidence in and loyalty towards QIIB. He also thanked the bank’s Executive Management and employees for their great efforts throughout 2016, which yielded significant results, “which we hope to improve continuously.”

QIIB Chief Executive Officer, Mr Abdulbasit Ahmad Al-Shaibei stated: “The results of the bank revealed that the total assets of QIIB increased by 5% compared to 2015 to reach QR 42.6 billion, while the deposits at the end of 2016 totaled QR 26.6 billion.

He said QIIB’s financing portfolio reached QR 27.2 billion in 2016 compared to QR 25.0 billion as at the end of 2015, which represents a growth of 9% .

Also, the capital adequacy under Basel III reached 19.47 %, and this confirms the bank’s strong financial position and its ability to adapt to various requirements of the market”.

And he confirmed that “the results of the year 2016 prove that QIIB could greatly adapt to the developments of the banking market, affirm its position, develop its tools, and enhance stability, which has been the bank’s hallmark since its establishment more than 25 years ago.

The international rating agencies confirmed the strong position of the bank. In 2016, QIIB achieved strong credit ratings with ‘A2’ from Moody’s and ‘A+’ from Fitch, with a stable future outlook from both the premier rating agencies”.

He said, “The results are good, but we are aspiring for and working towards better results and more returns for our shareholders and customers. We are looking at a performance that testifies that we are the best destination for Islamic banking, a segment which has been witnessing rapid growth.”

In 2016, Mr Al-Shaibei said many departments were restructured within QIIB. “We also had a review of our branch network in Qatar. We have opened many new branches, especially in popular malls in the country, where we can provide multi-shift service to our customers. By opening new branches at popular malls, we are enriching the banking experience of our customers.

“The focus on electronic channels will continue in parallel to opening new branches Special attention was given to the development of alternate channels such as internet banking, mobile banking and call centre.”

As in the previous years, QIIB was keen to finance large projects such as infrastructure, industry and transportation, as well as other projects that form the basis of Qatar’s progress and development. We actually consider our contribution to the development of the nation an obligation, and not an option”.

In this context, QIIB attaches top priority to the financing of small and medium-sized enterprises for which the bank has signed up with Qatar Development Bank (QDB) within the framework of the ‘Al Dhameen’ programme. 

With regard to QIIB’s expansion overseas, Mr Al-Shaibei said, “QIIB keeps moving forward, carefully, step by step and chooses the right investments after due diligence. The bank’s most important investment last year was in Morocco, where we got the approval from the Central Bank of Morocco to establish a Joint Venture bank in partnership with Credit Immobilier et Hotelier S.A. (CIH Bank). This is an important step given the rich opportunities offered by the Moroccan economy”. 

On human resources, Mr Al-Shaibei said, “QIIB remains committed to developing the national workforce and to support and carry out the instructions in this regard as issued by the Government of Qatar. We have a programme to attract talented Qatari young men and women and place them at appropriate positions within the bank, where they can learn and grow in their career. The bank also works on qualifying and training all employees so they can perform their roles well and serve the customers according to the best banking standards recognised worldwide.”
 

He said QIIB gives special attention to serving the local community and has supported a number of communal activities, building successful partnerships with many institutions that are engaged in community initiatives. “We are also supporting many good causes in education, culture, sport, and charity.”