HE Sheikh Dr. Khalid bin Thani, “QIIB’s 2022 financial results reflect the bank’s distinguished working environment and the ability to benefit from Qatar’s strong economy.”
Dr. Al-Shaibei, “We have made a great achievements during the year 2022. The most significant one are related to digital transformation and the further enhancement of the bank operation efficiency.”
DOHA, January 25, 2023, HE Sheikh Dr. Khalid bin Thani bin Abdullah Al-Thani, Chairman of QIIB’s Board of Directors, announced the bank’s financial results for the year 2022, which demonstrates that the bank continues its efforts to strengthen its position and achieve outstanding performance that reflects its pioneer position within local banking sector.
The announcement of the financial results followed a meeting of QIIB Board of Directors chaired by HE Sheikh Dr. Khalid bin Thani, which was held to discuss the financial statements for the year ended 31/12/2022.
The results showed that QIIB achieved a net profit of QR 1,075 million with a growth rate of 7.2% compared to the previous year, the earnings per share reached QR 0.64.
QIIB’s Board of Directors proposed a cash dividends to the QIIB’s shareholders of QR 0.40 per share (i.e. 40% of the nominal share value). This, however is subject to Qatar Central Bank (QCB) approval.
HE Sheikh Dr Khalid bin Thani stated, “We are pleased to announce the bank’s positive results which reflect its distinguished work environment, , and the ability to benefit from Qatar’s strong economy, which is witnessing an exceptional period, thanks to the support and care of His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar.”
Sheikh Dr. Khalid said, “The results we have disclosed confirm QIIB’s success in strengthening its financial position while facing various challenges related to markets or other factors, with the ability to respond to competition in the banking market. This was and still is evident in the expansion of our customer base and the increase in demand for QIIB’s products and services.”
Sheikh Dr. Khalid pointed out: “The strong performance, the results and the key financial performance indicators in the bank’s 2022 financial statements are also reflected on our continued sustain of high credit rating by the international rating agencies based on QIIB’s firm position, in particular, the quality of assets, adequate capital, stable financing and liquidity, and operation efficiency, which continues to achieve distinguished rate.”
QIIB Chairman noted, “During the past year, QIIB has greatly enhanced its operation environment, digital transformation in particular. In this area, the bank has made significant leaps and plans to remain firm on that path during the next phase to keep pace with the new generation of banking services, in order to meet the requirements and expectations of our esteemed customers”.
He affirmed: “QIIB has made great efforts during the past year to maintain its position and continue to be a reliable partner for the different segments of the business sector in Qatar. Thankfully, we have confidently faced challenges, strengthened our financial position, and contributed to the financing of many projects that represent a unique addition to the local business environment, which in return is witnessing prosperity and strength.
“This is clearly evident in the resounding success of the FIFA World Cup Qatar 2022, which revealed to the world the level of advancement and development that our country is experiencing on all levels, and its ability to provide a global legacy for the benefit of various peoples and nations.”
Sheikh Dr. Khalid expressed his deepest appreciation to QIIB’s executive management and employees for their tremendous efforts to achieve these distinguished results in 2022, and encouraged them to continue with these efforts in order to reinforce the bank’s position, provide the best services to customers, and enhance return to shareholders.
On his part, QIIB Chief Executive Officer Dr Abdulbasit Ahmed al-Shaibei highlighted the details of the bank’s 2022 financial results and noted, “The bank’s revenues by year-end reached QR 2,660 million compared to QR 2,457 million by end of 2021 with a growth rate of 8.3%. Total assets stood at QR 56.4 billion, net financing assets QR 35.0 billion and customers deposits QR 36.7 billion at end of 2022, and total equity at end of 2022 increased to QR 9.1 billion.
The CEO noted, “QIIB’s efficiency continued to achieve outstanding standards as cost to Income ratio improved to 18.7% by the end of 2022, which is one of the top performance ratio in both local and international markets, the bank maintained non performing financing ratio at 2.8%, while strengthening its provisions by increasing its coverage ratio to 94% from 75% in year end 2021. As for Basel III capital adequacy, it reached 17.7% by the end of 2022, exceeding the regulatory limit, which confirms the efficiency of QIIB’s risk management.
Dr al-Shaibei stressed that QIIB results during the past year continued to progress, which is a reflection of the trust gained from the local market and its position within the Qatari banking sector, which is making great strides”.
“We have transformed the plans and strategies approved by the Board of Directors to reality. This can be seen across the balance sheet, which we have disclosed. We have succeeded in overcoming many challenges by promoting innovation and adopting methodical solutions that help us strengthen our financial position”.
The CEO noted, “During the year 2022, QIIB interacted with the local business environment and with its customers who aspired to live the FIFA World Cup experience. Therefore, QIIB launched special credit cards for this exceptional event which was perceived with phenomenal demand. We also launched many special FIFA World Cup offers in cooperation with VISA, which gave our customers the opportunity to obtain tickets to watch the World Cup games and live an international experience that was greatly admired and welcomed. Our country’s success was a considered a pride for us at QIIB, particularly because we have always been avid advocates for sports and the values that it represents in terms of the human and cultural interaction and the openness to the experiences of other people.”
“Last year witnessed a great transition in digital transformation, which paved the way for more services through QIIB’s digital channels. This contributed significantly in enhancing operational efficiency and increasing demand for our services in addition to achieving increased customer satisfaction and fulfilling their needs in accordance with the best internationally approved practices”.
Dr al-Shaibei stated, “Within the framework of digital transformation, last year, QIIB launched a number of services among which is the instant cheque deposit service through ATMs for individuals and corporates. We launched digital debit and credit cards and Western Union service for international money transfers to bank accounts via banking mobile.
“QIIB also launched ‘Samsung Pay’ and ‘Google Pay’ in addition to the instant account opening service for new customers through the mobile app and internet banking. We concluded our efforts in the field of digital transformation with the soft opening of the first ‘Digital Lounge’ at Msheireb Downtown Doha. The unique lounge, enables our customers to obtain all their services through self-service, the official opening is scheduled to take place soon”.
He noted, “As part of QIIB’s policy, we continued focusing on the local market by working closely with various business sectors. Last year, the bank contributed to financing many projects based on the feasibility and risk studies while paying special attention to supporting SMEs. In 2022, QIIB strengthened its partnership with Qatar Development Bank (QDB) by signing an updated renewal agreement for Al Dhameen Program. It is worth noting that QIIB is the first bank to sign the Al Dhameen Program Portfolio Product Agreement in May 2015 with QDB”.
Dr al-Shaibei pointed out: “Although QIIB focuses mainly on the local market, we make sure not to disregard foreign investments based on proper risk management and feasibility studies. In this context, QIIB signed an agreement to establish “Takaful Insurance Company” in the Kingdom of Morocco with 10% share of its capital. The incorporation of Takaful Insurance Company will be a value addition to our investments in Morocco, where QIIB contributes to 40% of Umnia Bank’s capital, which has 48 branches across different regions and cities of Morocco”.
In view of the steady progress achieved by QIIB, the CEO noted: “Various local and international authorities granted QIIB recognition awards based on the bank’s achievements in various fields. The bank received ISO 27001 certification, which is an internationally recognised standard in the field of cybersecurity, granted to corporations that achieve the best conditions and standards in the field of information security.
The banking services award committee granted QIIB the ‘Best Islamic retail bank in Qatar’ award, in recognition of the bank’s leadership and its unique transition achieved during the past period.
Moreover, QIIB received the ‘Best Digital Bank in Qatar’ Award from the Union of Arab banks, the ‘Best Digital Bank in Qatar’ Award from The Global Economics based in UK, and ‘Excellence in Straight Through Processing – STP’ Award from Citibank New York in recognition of QIIB’s advanced level of dealing with ‘Straight Through Processing’, which is in parallel with the best international standards”.
With regard to human resources, Dr al-Shaibei said, “In 2022, QIIB continued its approach of paying special attention to empowering, attracting, qualifying and training Qatari employees so that they will be able to carry out all the tasks assigned thereto in different bank departments and divisions and in various positions. This has and continues to be done in a manner that ensures their professional development in order to reach leadership positions in the bank.
In this respect, he noted that HE the Minister of Labour, Dr. Ali Smaikh al-Marri, honored QIIB during a ceremony that was organised by the Ministry of Labour for companies and the entities involved in job localisation in the private sector.
This honor was dedicated to the bank, in recognition of its leadership and distinction when compared to other entities, in providing the best qualifications and training programs to the national workforce, which in return have achieved a high percentage of job succession, localisation and higher reliance on national personnel.
With respect to social responsibility, the CEO affirmed, “QIIB has always been a pioneer in community service, where the year 2022 represented a continuation of this policy, as the bank maintained its support for many educational and sporting events, activities and initiatives that provide added value to partnership between profitable institutions and society”.