(MENAFN - Gulf Times)
*Bank's total assets in Q1 amounted to QR54.3bn compared to QR50.4bn at the end of the same period of 2018
QIIB has posted a first quarter net profit of QR266mn, up 5.1% on the same period last year.
Announcing QIIB's first quarter results, chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said, 'This reflects that the strength of the bank's financial performance is consistent with that of the Qatari economy, which is witnessing prosperity and growth, thanks to the support and patronage of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.
He said, "Our country today is considered a major workshop that boasts of strategic, industrial, agricultural, sports and health projects among others. Thus, we are responsible for implementing our strategy, which focuses on the local market and financing of similar projects and SMEs as part of our ethical responsibility to support horizontal development. SMEs are among the most important tools that support entrepreneurs, youth employment and equitable and sustainable development.
'QIIB does not spare any effort to achieve satisfactory growth numbers, so as to increase returns for shareholders while paying particular attention to hedging and analysing risks accurately and comprehensively, particularly with regard to foreign investments.
He said, 'Despite our focus on the local market, we have noticed that QIIB's position and trustworthiness at the international markets reached record levels, as evidenced by the recent interest in the $500mn sukuk issued by the bank and subsequently listed on the London Stock Exchange. The offering was oversubscribed seven times with a total order book of $3.4bn, attracting investors from around the world with 30% from the Middle East and the remaining 70% from Europe, Asia, Australia and other countries.
QIIB CEO Dr Abdulbasit Ahmad al-Shaibei said, "The bank's total income for the period that ended on March 31 reached QR558mn compared to QR514mn for the same period last year, which represents a growth rate of 8.6%.
QIIB's total assets in Q1 amounted to QR54.3bn, compared to QR50.4bn at the end of the same period of 2018, with a growth rate of 7.6%.
QIIB's financing assets reached QR31bn, while the total customer deposits grew by 9.7% to reach QR35.3bn at the end of the first quarter.
Dr al-Shaibei noted that the bank's capital adequacy under Basel III stand at 16.13%, which reflects QIIB's strong financial position, ability to respond to the various challenges and the soundness of our policies in respect of the various risks involved.
'QIIB's results prove that we are moving ahead with the strategy and vision laid down by our Board of Directors, which has always focused on the bank's various financing options in the local market, in line with the government's plans and numerous development projects in Qatar.
"The success we are achieving in QIIB and the banking sector in general is a renewed affirmation that we had overcome the blockade and the plans of the countries that imposed it and tried to undermine the Qatari economy and target the banking sector in many ways, failed miserably, al-Shaibei noted.
"QIIB's results for the first quarter mirror the outstanding performance continuously achieved by the bank. This can very well be tracked through the strong indicators seen in our various financial position items, high rating and stable outlook given to it by credit rating agencies, the CEO added.
In recognition of the bank's strong performance and position, al-Shaibei said: 'QIIB was named the Best Islamic Bank in Qatar for 2018 at RedMoney annual IFN Awards ceremony held this year in Kuala Lumpur, Malaysia. The bank won this prestigious award based on many criteria namely its outstanding performance, profitability, strong financial position, rating, total assets, earnings per share, ability to strengthen its indicators, endeavour to improve Islamic banking activity in international markets.