QIIB net profit rises QR840m with 7% growth in Q3

(MENAFN- The Peninsula) The Peninsula

Doha: QIIB reported yesterday a net profit of QR840m for the third quarter ended September 30, 2021, representing an increase of 7 percent compared to the third quarter of 2020. The third quarter earnings per share (EPS) amounted to QR0.55. 

Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors of QIIB announced the Bank's financial results for the period that ended on September 30, 2021.

The results were announced after a meeting of the Board of Directors of QIIB, chaired by sheikh Dr. Khalid bin Thani, to discuss the results of Q3-2021, which indicate the bank's strong position and its alignment with Qatar's economic growth in various sectors, particularly banking.

QIIB Chairman Sheikh Dr. Khalid bin Thani commented,“The Q3 results show that the Bank's growth is accelerating, as we continue to achieve the targeted results, focus on the implementation of our interim and strategic goals and report outstanding performance, thanks to the efforts we put into enabling a work environment that is conducive to innovation and development. Undoubtedly, these results can be attributed to Qatar's strong economy, which provides a favourable environment for business growth and development across all sectors, thanks to the leadership, vision, and support of Amir H H Sheikh Tamim bin Hamad Al Thani.”

“Over the past period, QIIB has focused on achieving an appropriate balance in its business and operational activities, taking into account various market factors and the emerging risks associated with the spread of COVID-19. However, thanks to Qatar's strong economy, diligent work and efforts, those risks were mitigated and turned into opportunities that enabled growth across all lines of business, driving the improvement of financial performance”.

Sheikh Dr Khalid said,“The affirmation of our ratings by Fitch and Moody's, at 'A2' and 'A' respectively, continues to underscore the sound financial position of the Bank. It also demonstrates the fact that we are on the right path, and aligned with the market requirements along with the needs and expectations of our customers.”

He stated,“QIIB has continued to implement plans that focus on locally available opportunities by providing financing to various projects with financial and economic viability, particularly infrastructural projects. We also continued to support entrepreneurs and SMEs with the goal of enhancing the capacity of local businesses to contribute to our country's economic growth.”

Commenting on the operational performance of the Bank, the QIIB Chairman stated,“The remarkable progress made by the Bank in regards to digital transformation, along with the presentation of enhanced services and products that are accessible through various channels, is a genuine indicator of operational efficiency and quality improvement, which in return contributed to the expansion of our customer base as well as higher customer satisfaction.”

Sheikh Dr. Khalid bin Thani thanked the Executive Management and QIIB employees for their efforts towards achieving these remarkable results. 

He urged QIIB employees to collaborate towards achieving better results and accomplishments to improve QIIB's position, in the competitive market. He also urged them to continue with new innovative initiatives that are intended at realizing a positive work environment while improving services presented to customers.

On his part, QIIB Chief Executive Officer,  Abdulbasit Ahmad Al Shaibei stated,“The Bank delivered strong performance in the third quarter, as total revenues grew to QR1,851m, compared to QR1,837m in the same period last year. 

“Total assets stand at QR58.8bn, while financing assets reached QR37.4bn by end of Q3-2021.”

“Customer deposits grew by 9.3 percent to QR39.3bn in Q3-2021. Furthermore, operational efficiency continues with Cost / Income ratio at 18.7 percent, compared to 20.0 percent in the same period last year.  This demonstrates that the Bank's efforts in facing continuous risks and operational challenges have had successfully paid off“ 

“At the end of the third quarter, total equity had reached QR8.6bn and the capital adequacy ratio was at 16.6 percent, exceeding regulatory requirements, which highlights the strong financial position of the Bank.”

“These results are a testament to the efforts made by every member of our team and the exceptional work carried out in dealing with the challenges imposed by the Covid-19 pandemic”, he said. 

“We continue to succeed in achieving positive business results in line with our strategic goals amid all the challenges, owing it to collective efforts of our employees. We look forward to more success and growth together.”

He further said,“Our greatest accomplishment over the past period is the significant improvement seen in the operating environment, driven by our investment in technology and enhancement of our digital banking services. These accomplishments had a positive impact on our entire customer base and helped build customer trust. Not only that, it also assisted us in promoting innovation and gaining a competitive edge, in order to further grow and prosper, in a highly competitive market”

He also noted,“The Bank has brought improved customer experience to retail and corporate market, by offering well rounded service and product engagement across its digital channels without the need to visit any of the bank's branches.”“Additionally, our customers had access to exclusive offers through our digital channels, with exceptional results. This shows how COVID-19 has put a spotlight on the digital banking experience and contributed to a shift in the banking culture and overall customer behaviour.”

Al Shaibei noted,“The Bank is leveraging on the steady improvement in the local business environment, which stimulates business development and investment opportunities for the Bank. The Bank has already provided financing for various projects in different sectors, especially those focusing on strengthening the national economy.”

The CEO also noted,“The Bank has gained recognition from different regional and international agencies for the outstanding performance and exceptional results it has achieved during the last period. QIIB was awarded 'Best Digital Bank in Qatar (2021)' award by the Arab Banks Association, 'Best Islamic Digital Bank in Qatar (2021)' by World Economic Journal, and 'Most Innovative Islamic Retail Bank in Qatar 2021' by International Finance. 

“Furthermore, QIIB's Corporate Banking received an 'Excellence Award' by Global Islamic Finance Awards (GIFA) committee for the 'Best Product in Corporate and Business Credit Cards in 2021'. Commenting on the Corporate Social Responsibility (CSR) initiatives undertaken by the Bank, Al Shaibei said,” QIIB continues to support activities and initiatives that help our community thrive, in line with the objectives of Qatar National Vision 2030. This will be achieved by sponsoring initiatives and projects that are of added value to our community and society as a whole”.

In respect of human resources, the Chief Executive Officer reaffirmed,“QIIB gives careful consideration and attaches top priority to adhering to the government directives and plans aimed at empowering Qatari citizens. The Bank constantly seeks to attract Qatari employees and offer them appropriate training programs that aim to develop and build on their capabilities and skills in a number of areas in the banking industry.

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