Net Profit reached to QR 615 million with a growth rate of 7.7%

Net Operating Income to QR 943 million with a growth rate of 11.4%

Total Assets stand at QR 58.0 billion and Financing Assets increased to QR 35.8 billion.

EPS of QR 0.41 with CAR ratio of 17.6%

HE Sheikh Abdullah Al-Thani: QIIB indicators are aligned with Qatar’s strong economy

Dr al-Shaibei: We respond properly and promptly to various developments in the banking business environment and its global evolution trends.

DOHA, July 25, 2023: HE Sheikh Abdullah bin Thani bin Abdullah Al-Thani, Chairman of QIIB Board of Directors, announced QIIB’s financial results for the first half (H1) of 2023 ending on June 30, 2023, which indicate that the bank continues to achieve growth in various key indicators.

The announcement of the results came after a meeting of QIIB Board of Directors chaired by HE Sheikh Abdullah bin Thani to discuss the bank's financial statements for H1/2023.QIIB posted a net profit of QR 615 million with a growth rate of 7.7% compared to the same period of 2022, while earnings per share reached QR 0.41.

Commenting on the financial results, HE Sheikh Abdullah bin Thani said, “QIIB indicators as outlined by the financial results announced for the period ending on June 30, 2023 are aligned with Qatar’s strong economy, which possess the best levels of solvency regionally and internationally. Backed by the support of His Highness Sheikh Tamim bin Hamad Al-Thani, the Amir of the State of Qatar, Qatar’s economy will continue to achieve the best opportunities and growth for various economic sectors in the country, particularly the banking sector.

 “QIIB’s H1 results clearly reflect the bank’s success in implementing its strategy to strengthen its indicators and respond to the various market factors, whether relating to different risks and challenges or competition. We have already witnessed increased demand for our services and products and a rapid expansion in our retail and corporate client base”.

HE Sheikh Abdullah bin Thani noted, “QIIB has maintained its leading position in the banking market, its outstanding performance, and good growth figures, which reflect its high credit ranking. Recently, Moody's assigned “A2” Ratings to QIIB with a stable outlook as it expected the bank to be able to maintain its high profitability, capital, and liquidity despite current risks, as well as the efficiency of the operational cost and the quality of its assets.

“Fitch Ratings has affirmed QIIB rating at “A-” with a stable outlook,

“Capital Intelligence Rating also upgraded QIIB rating to “A+” with a stable outlook”.

 “The details of QIIB's financial results, which are made public at the end of the first half, reflect the bank’s success in meeting the majority of our planned objectives. This drives us to continue applying our strategy of focusing on the local market and its different segments, which is abundant with potential opportunities that can maintain profitability and assist with achieving continuous growth for the economy, nationally. At the same time, we will seize every investment opportunity possible overseas given reliable feasibility studies and acceptable risks”.

HE Sheikh Abdullah bin Thani also expressed his gratitude to QIIB’s executive management and employees for their tremendous efforts to achieve the targeted results in H1/2023.

He requested all bank staff to maintain these efforts to reinforce the bank’s position and deliver the best banking products and services to the customers, to ensure distinguished returns to shareholders.

QIIB Chief Executive Officer, Dr Abdulbasit Ahmed al-Shaibei, highlighted the details of the bank’s H1/2023 financial results and noted, “At the end of H1/2023, the bank’s total income reached QR 1.6 billion with a growth rate of 33.4% compared to QR 1.2 billion by end of H1/2022.

“Total assets of QR 58.0 billion, while bank’s financing assets grew to QR 35.8 billion and Customers deposits reached QR 36.5 billion at the end of H1/2023.

The CEO pointed out, “The bank continued to achieve outstanding operational efficiency as it reached 18.5% at the end of H1/2023. This confirms QIIB's ability to respond to various challenges and success in implementing its various plans that focus on improving operational efficiency, especially in digital transformation”.

Dr al-Shaibei noted, “By the end of H1-2023, the bank’s financing assets portfolio, maintained quality through NPL ratio, which reached 2.8% with coverage up to 95%.

 “At the end of H1/2023, the total equity stood at QR 9.0 billion, Basel III capital adequacy reached 17.6%,which exceeding the regulatory limit and confirms QIIB’s well-established financial position”.

The CEO affirmed, “QIIB’s H1 results reflect its success in positively aligning its results with the various circumstances, and challenges, while responding to various developments in the banking environment and its global trends This success is also embodied in terms of methods and techniques, or software and technology, as well as the selection of efficient and highly qualified individuals to carry out plans and programmes, professionally”.

"QIIB has benefitted significantly from the opportunities provided by the Qatari economy across all sectors. Our persistent strategy is to keep focusing on local projects that merit particular attention and funding, such as major infrastructure projects of all kinds. QIIB will also stay focused on small and medium enterprises, which we consider as priorities. We will continue to support the SME sector along with entrepreneurship in accordance with the standards and controls that ensure excellence”.

Dr al-Shaibei continued, “H1/2023 witnessed further development in the bank's digital transformation process. We launched new services, including the ‘Swift Go’ payment transfer service, becoming the first bank in Qatar to adopt this service.  This is the latest international unified payment solution adopted globally for multiple currencies and with limited ceilings.

“We also launched the ‘Himyan’ card, the national prepaid debit card, that was announced by Qatar Central Bank, with the aim of strengthening the infrastructure for electronic payment services, financial inclusion and empowerment of customers, while reducing cost, and promoting the transition to a cashless society.

 “In view of QIIB’s excellence, we received ‘Excellence in Product Design’ award for 2022, from Visa international company, in recognition of its achievement in meeting customer expectations by launching digital payment products that target their needs and reflect an in-depth understanding of customer trends and their positive outlook for innovative digital payment solutions and banking services.

“QIIB has also obtained the (PCI-DSS) certificate, which is the highest certificate in the field of cybersecurity and bank card data protection. This certificate is granted by the international company SISA to institutions and banks that excel in security standards to protect customer information.”

As for QIIB’s corporate social responsibility, the CEO indicated, “QIIB has always been committed to implementing its CSR policy to ensure that all its banking products and services are of added value to the society, and it contributes to its development and fulfills the real needs of customers. The bank also supports and sponsors activities that serve the community in many fields, including education, sports, and health”.

With respect to human resources, Dr al-Shaibei stressed, “During the past period, the bank continued and will continue to implement its policy of job localisation and employment of Qatari males and females at the bank’s various departments, while offering training and qualifying opportunities, paving the way for career enhancement”.