Qatar First Bank Achieves Qr21mn Net Profit In Q1
Date
4/27/2022 11:18:57 PM
(MENAFN- Gulf Times)
Qatar First bank (QFB) posted a Q1 net profit attributable to shareholders of QR21mn, up 2.3% from the QR20.6mn reported in the same period of the previous year. The first quarter of 2022 witnessed a significant growth in fee income of 274% from QR2.3mn in the same period last year to QR8.6mn, dividend income amounting from QR0.9mn in the same period last year to QR10.1mn and sukuk income portfolio from QR2.6mn in the same period last year to QR4.3mn. Growth in the revenue is in line with the bank's strategy.
Furthermore, QFB managed to optimise its total expenses by 9.1%, reflecting the bank's internal control on expenditure. Total assets for the three- month period that ended in March 2022 was at QR4.1bn, registering a growth of 28%, compared to QR3.2bn last year.
During this period, QFB received regulatory approval to proceed with its“rights issue” to increase the bank's capital from QR700mn to QR1.12bn, representing a 60% increase from the current nominal paid-up share capital, by way of offering 420mn new ordinary shares for subscription by means of a rights issue. The capital increase will support the bank's strategic growth plan.
QFB's chairman Sheikh Faisal bin Thani al-Thani said,“We are proud to announce that the Bank continued its profitable momentum in the first quarter of 2022 by achieving steady and satisfactory results, which proves our resilient business model and strategy. Operating income grew and costs were in control. With the capital increase, we will have a stronger capital base thus enabling our strategic growth plan. We take this opportunity to thank our clients for their continued loyalty towards QFB, shareholders for their ongoing commitment, management and staff for their dedication.”
QFB's CEO Abdulrahman Totonji added,“Over the past two years, QFB managed to remain strong, cementing its position with turnaround financial performance. Thanks to our solid foundation, our balance sheet position and liquidity level remained very strong in the last three months, and we managed to build a more diversified investment portfolio.
“With the continuous trust and support of our team and stakeholders, we continue to develop new innovative financial solutions that cater to our wide range of clients with different risk and return appetite.”
QFB continues to increase its global footprint with a more sustainable and robust investment strategy and Shariah-compliant investments, providing greater access for local investors to enter the US real estate market.
MENAFN27042022000067011011ID1104110260
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.