(MENAFN- The Peninsula) The Peninsula
Doha: Qatar International Islamic bank (QIIB) reported a net profit of QR902m for the third quarter of the year (Q3 2022), showing an increase of 7.4 percent compared to QR840m recorded during the same period last year, sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of QIIB announced during the presentation of the bank's third quarter financial results for the period ending on September 30, 2022. QIIB's total assets stood at QR57.7bn during the period. The bank's total income grew to QR1.9bn, while EPS stood at QR0.60.
Sheikh Dr. Khalid bin Thani, who chaired the meeting stated:“It is good to announce positive results for the third quarter of the year. What has been achieved today is the result of continuous work and tireless efforts to reach the best possible results, in a way that enhances the financial performance of the bank, and in line with the strength of Qatar's economy, which is witnessing a boom by virtue of the directives and care of the Amir H H Sheikh Tamim bin Hamad Al Thani”.
He added:“The results we have disclosed confirm that QIIB continues to achieve the best financial and regulatory indicators, implements its plans and programmes according to the best standards applied in the financial industry, with the ability to comprehensively respond to any new challenges and competition in the market”.
Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman of QIIB
Sheikh Dr. Khalid bin Thani reiterated that QIIB was able to maintain a leading position in the local market and received high credit ratings, as reports of international credit rating agencies praised the bank's firm position, stressing in particular that QIIB has been characterised by the quality of its assets, sufficient capital, and stable funding and liquidity.
“Also, the strong Islamic deposits support the bank's funding profile, which is largely made up of local retail deposits with a very low reliance on external funding when compared to the market. The great efforts that QIIB made in order to enhance its efficiency were clearly reflected on the operating costs, which were sustained within the targeted levels,” he added.
He went on to highlight the bank's achievements in digital transformation, which contributed to a major reduction in operating cost and enhanced the bank's profitability and growth rates. He expressed gratitude and appreciation to QIIB's Executive Management, and all the bank's employees, for their effort and dedication to work which helped the bank achieve its best performance and targeted growth figures, to ensure that QIIB continues to enhance its presence in the local market, provide the best banking experience for customers and enhance returns to shareholders.
Dr. Abdulbasit Ahmed Al Shaibei, Chief Executive Officer of QIIB
Commenting on the third quarter results, Dr. Abdulbasit Ahmed Al Shaibei, Chief Executive Officer of QIIB said:“The bank's total revenues at the end of Q3-2022 amounted to QR1.9bn, while total assets stood at QR57.7bn, compared to QR58.8bn at the end of the same period last year. Customer deposits reached QR37.0bn, compared to QR39.3bn during the corresponding period, while the total equity by end of Q3-2022 grew to QR8.9bn, representing a growth rate of 4.3 percent”.
Al Shaibei added that QIIB's operating efficiency continued to achieve more enhancements at 18.8 percent, which is considered outstanding. As for capital adequacy ratio under“Basel III”, it has reached 17.1 percent, which exceeds the regulatory required limit, confirming the firm position of QIIB, and indicating its coherent management of different types of risks efficiently.
He said:“QIIB's results in the third quarter has shown progress in various items. Not only that, we are working effortlessly to achieve more growth, based on the many opportunities presented in different sectors of the Qatari economy. We have made tireless efforts to implement the plans and directions approved by the Board of Directors, related to its business segments, risk management and other operational directions”.
He also stressed that QIIB's digital transformation witnessed a great shift during the past period, which is witnessed in the provision of most services digitally through different channels. This was clearly reflected on reducing costs, enhancing performance, and expanding the bank's customer base, which aspires to benefit from the bank's advanced and competitive services.
“We have responded to our customer needs along with market challenges, and we are determined to continue implementing digital transformation in accordance with the best international practices, and based on the latest technology in the banking sector. We continue to focus on the local market, seize local opportunities, and cooperate with all sectors for funding various projects. We have paid special attention to the private sector, whether large, medium or small enterprises. This year, we have opened two new corporate services branches- the first one on Salwa Road and the second in the New Industrial Area,” said Al Shaibei.
With regard to the external investments, Al Shaibei stated:“Although QIIB focuses mainly on the local market, it does not neglect external investment opportunities in highly feasible areas based on adequate risk/profitability studies. QIIB continues to work on taking advantage of many opportunities, and recently announced an agreement to establish Takaful Insurance Company, in partnership with Atlanta Insurance Company, the Moroccan Tourism and Real Estate Loan Bank, and Qatar Islamic Insurance Company.
“This constitutes a new expansionary phase to QIIB's expansion in the Kingdom of Morocco, as the bank contributes 40 percent of the capital of the Moroccan Umnia Bank, which currently has 48 branches across various regions and cities of Morocco,” he added.
He also highlighted the various appreciation and approval the bank has received from prestigious institutions, and was awarded the 'Best Islamic Bank in the State of Qatar' in the field of digital services for the year 2022 from the World Union of Arab Bankers.
Al Shaibei added:“Citibank New York has chosen QIIB for 'Excellence in Straight through Processing – STP' Award, in recognition of QIIB's exceptional level of dealing with Straight through processing which is equal to the best international standards in this regard. This is considered an exceptional recognition for QIIB as it highlights the bank's strong operational performance and the advanced financial technology that it uses in its various transactions”.
QIIB was recently honoured during a ceremony organised by the Ministry of Labour for companies and establishments involved in job localisation in the private sector, in the presence of the Minister of Labour H E Dr Ali Smaikh Al Marri.
In regards to social responsibility, the CEO affirmed:“During the past period, QIIB continued to support many initiatives that serve the Qatari community, as it provided sponsorship and support for a range of educational, sports, and social events and other activities in order to achieve the bank's objective in meeting its obligations towards the society”.