Net profit reached to QR 977 million with a growth rate of 8.30%

Net operating income reached to QR 1,462 million, with a growth rate of 12.6%.

Total assets reached to QR 60.8 billion, and financing assets grow to QR 36.8 billion.

Earnings per share is QR 0.65 and capital adequacy ratio is 17.20%

HE Sheikh Abdullah bin Thani: We continue to improve our financial position, and the local business environment is encouraging, thanks to the strength of the Qatari economy

Dr Al-Shaibei: We have made progress in most indicators by the end of the third quarter, and are appropriately responding to the competition.

HE Sheikh Abdullah bin Thani bin Abdullah al-Thani, Chairman of QIIB’s Board of Directors, announced the bank’s financial results for the third quarter that ended on September 30, 2023, which showed progress in various financial indicators.

Following a meeting of the QIIB Board of Directors to discuss the Q3, 2023 financial results, HE Sheikh Abdullah bin Thani said, “QIIB recorded a net profit of QR 977 million at the end of third quarter 2023, compared to QR 902 million at the end of Q3, 2022, which represents a growth of 8.3%.”

“Our third-quarter results showed continuous improvement in our financial position across various indicators. We are benefitting strongly from the encouraging and supportive business environment in the local market, as well as from the strength of the Qatari economy, which has full support and care of His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani,” he noted.

He stated, “The significant opportunities offered by the Qatari economy have encouraged us to continue implementing our strategy by focusing on the local market and working across different industries. This would help us move forward in achieving our targeted results, respond to customer base expansion and generate increased demand for our services, and maximise returns to our shareholders.”

“QIIB’s work environment witnessed a significant improvement by continuing to implement distinct steps to digital transformation, which has clearly contributed to improving operational efficiency. We are determined to continue investing in information technology (IT) infrastructure and capitalise on any potential technology capabilities, with the aim of enhancing the bank's business environment, services, and products.”

The Chairman of the QIIB Board of Directors stated, "In light of QIIB’s strong position and outstanding performance, various global credit rating agencies have assigned superior ratings to the bank. Fitch affirmed its rating at A- with a positive outlook, while Capital Intelligence upgraded its rating to A+ with a stable outlook.

“Similarly, Moody's affirmed the bank’s rating at A2 with a stable outlook. These ratings and their underlying reasons indicate that the bank has high-quality assets and strong liquidity to withstand risks, with expectations of maintaining robust profitability.”

HE Sheikh Abdullah bin Thani expressed his gratitude and appreciation to QIIB’s Executive Management and staff for their significant efforts during the past period, which resulted in the achievement of good results.

He urged everyone to continue exerting utmost efforts to strengthen the bank's position and improve its performance indicators, in addition to addressing various challenges and developing the work environment in line with expectations and aspirations.”

In his comments on the bank’s third quarter financial results, QIIB Chief Executive Officer, Dr. Abdulbasit Ahmad al-Shaibei said, "QIIB generated QR 2,595 million in operating revenues at the end of Q3, compared to QR 1,908 million in the same period last year 2022, which represents an increase of 36%, meanwhile the net operating reached QR 1,462 million with a growth rate of 12.6%.QIIB maintained stability in its operational efficiency at an excellent level of 17.7%, the bank also maintained the quality of its financing assets portfolio, with a non-performing loan ratio at 3.2%, while the coverage ratio for non-performing loans increased to 90%.

At the end Q3 2023, the bank’s total asset value amounted to QR 60.8 billion, compared to QR 57.7 billion in the same period last year 2022, while its financing assets were QR 36.8 billion and customer deposits QR 37.9 billion.

He noted, "The capital adequacy under Basel III reached 17.2%, which is much higher than the regulatory limit required by the QCB.”

QIIB’s third-quarter results illustrate that it has made progress in most indicators, which confirms that we are on the right track, implementing our interim and strategic plans and responding to the competition in an appropriate manner. This allows us to maintain positive figures in our financial results.

“We continue to focus on the local market and the opportunities, advantages, and attractive investment environment it offers. We actively engage in financing various projects that meet our established standards, whether they are large-scale infrastructure projects or small to medium-sized enterprises, to which we attach great importance. We also collaborate with both governmental and local business sector entities that support them”, he added.

The CEO continued, “We have expended significant cumulative efforts over the years to enhance the implementation of our digital transformation plans, with the aim of elevating our competitiveness and maintaining our leadership in this field.

“To support our digital transformation plan, we have recently signed a memorandum of understanding (MoU) with FinPay, a FinTech company, to establish a partnership aimed at developing and expanding the bank’s digital channels by offering banking services at competitive prices to additional customer segments, both retail and corporate, seeking to benefit from our integrated services.”

Dr al-Shaibei emphasised, “QIIB is committed to providing superior banking experience to its customers by offering them high-efficiency solutions, services, and products that cater to their diverse needs and aspirations, all in line with the highest standards and responsive to competitive factors in the market.”

In respect of human resources, the CEO said: “QIIB maintained its policy of job localisation, giving exceptional attention to Qatari cadres. During the past period, we have intensified our efforts to attract outstanding Qatari talents.

“We are also committed to ensure that all Qatari employees receive the necessary training to fulfill their roles to the fullest and advance in their career path across various QIIB departments, in line with the Government directives and Qatar's National Vision 2030 pertaining to human capital.”

With regard to QIIB’s corporate social responsibility, Dr al-Shaibei stated, “During the third quarter, QIIB has exerted significant efforts in the realm of social responsibility. We have provided support and assistance for numerous events and activities that serve the community in many fields, including education, environment, culture, charitable initiatives among others.

“We are also committed to offer products and services with social dimension that contribute to overall national development and provide value addition to customers.”