Net profit reaches QR 571 million, reflecting a growth of 5%
Total assets stood at QR 63.2 billion, while Total Deposits reached QR 39.3 billion.
Total Income grow to QR 1.22 billion, EPS stood at QR 0.38
HE Sheikh Dr. Khalid bin Thani: We reached the targeted growth rate thanks to the ample opportunities provided by the Qatari economy
Dr Al-Shaibei: Our intensive efforts focused on enhancing the bank’s operational performance and adapting to the latest market developments
DOHA, July 25, 2022: QIIB Chairman HE Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani, announced the bank’s results for the period ending on June 30, 2022, which confirmed that the bank is strengthening its financial position in terms of various indicators, and moving forward in implementing its ambitious strategic goals and plans .
The announcement of the results came after a QIIB Board Meeting chaired by HE Sheikh Dr. Khalid bin Thani to discuss the bank's financial statements for the first half (H1) of 2022.
The banks interim resulted marked a net profit of QR 571 million, with an overall growth of 5% compared to the same period in 2021.
On the occasion, HE Sheikh Dr Khalid stated: “We achieved the targeted growth rate thanks to the collective efforts made and the rich and distinguished opportunities provided by the Qatari economy to various sectors, banking in particular”.
“QIIB continued to strengthen its financial position and achieve outstanding stability in terms of its various indicators. The bank was able to respond to the various market challenges and rise to the level of competition, thus maintaining its leading position”.
HE the Chairman affirmed, “The Bank continues to focus on enhancing its presence in the local market by financing various projects, especially those that provide added value to the Qatari economy. These include major infrastructure projects, SMEs, especially entrepreneurial projects that represent one of the bright facets of Qatar’s economic growth. In this context, it is worth mentioning that QIIB and Qatar Development Bank had signed the Al-Dhameen updated programme agreement on its 10th anniversary, which proved to be successful and to achieve outstanding results. QIIB has always been a pioneer implementing this programme within the local banking sector”.
HE Sheikh Dr. Khalid bin Thani expressed his confidence that the great leap taken by QIIB during the last period, specifically in the field of digital transformation, will be reflected in the bank’s future results and its capacity to achieve the desired outcomes from the approved strategic and interim plans”.
Sheikh Dr Khalid thanked the executive management and all the bank's employees for their efforts to implement the plans, improve the performance and provide the best services, calling on everyone to exert more efforts to achieve the desired goals”.
For his part, QIIB CEO Dr Abdulbasit Ahmed al-Shaibei explained in details the bank’s financial results for the first half of 2022.
He said, “The bank’s total income amounted to QR1.22 billion at the end of the first half of 2022,while the bank’s total assets stood at QR 63.2 billion, compared to QR 62.5 billion at the end of corresponding period of 2021
He noted, “Customer deposits at the end of the first half achieved a growth rate of 1.1%, as they reached QR 39.3 billion compared to QR 38.8 billion for the corresponding period in 2021. We also maintained our distinguished operational efficiency ratio compared to the locally and internationally acceptable ratios, which reached 18.96% at the end of the first half.
The CEO pointed out, “The total equity at the end of the first half rose by 4.7% to reach QR 8.7 billion compared to QR 8.3 billion at the end of the first half of 2021. As for the bank’s capital adequacy under Basel III, it remained stable at 16.24%, which is much higher than the required regulatory limit, thus reflecting the strength of the bank's financial position against any potential market risks”.
“The results and the performance that were disclosed at the end of the first half of 2022, are the results of the great efforts made to translate the plans and strategies approved by the Board of Directors into a tangible reality, which are reflected in the numbers and growth rates achieved ".
The CEO said, “We are pleased with the progress that have been made in the first half and we aspire to accomplish more. We focused our efforts on enhancing our operational performance and adapting to the latest market developments. We believe that the circumstances are appropriate to continue achieving good results in the coming period. We are also working at many levels to enhance the bank’s work environment and respond to all kinds of challenges”.
“The bank's customer base continued to expand, and we witnessed an increasing demand for the bank’s various services. The development of digital services, for retail and corporate customers, have had a great impact, as we noted a great shift by our customers to the new banking services that we provide via mobile, Internet or other digital channels. In fact, our digital banking services has become exceptionally popular among customers, which helps us enhance the customers’ banking experience and enrich it with the latest innovations”.
Dr al-Shaibei indicated, “Alongside the progress achieved by the Bank during the last period, QIIB continued to gain local and international appreciation and recognition.
“The Islamic Retail Banking Awards Committee awarded QIIB the “Best Islamic Bank in Retail Services” award, while The Global Economics awarded it the “Best Bank in Qatar for Credit card Offers” award. The bank also obtained the respected ISO 27001 international certificate in the field of information security, which is granted to institutions that achieve high standards in the field of date protection and customer information preservation. Certainly, the Bank’s appreciation and recognition echo the bank’s actual improvement of its services and products and technological advancement, which we are keen to keep aligned with the latest global banking developments”.
With regard to Corporate Social Responsibility, the CEO noted, “QIIB continues to implement its vision and take community service initiatives, providing support to a number of events and activities in the fields of sports, education, creativity and innovation, while highlighting the importance of partnership between profitable institutions such as banks and non-profit community institutions”.
As for human resources, he affirmed, “The Bank continues to implement its policy by attracting, supporting and empowering Qatari cadres, ensuring that they play a primary role in all the Bank’s departments. We continue to provide them the best training and work related qualification, as well as grant them privileges that motivate them to continue working for the bank and assuming leadership positions in line with Qatar National Vision 2030 in terms of empowering national cadres.