(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Chairman of QIIB's Board of Directors, sheikh Abdullah bin Thani bin Abdullah Al Thani 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, Sheikh Abdullah bin Thani said,“QIIB recorded a net profit of QR977m at the end of third quarter 2023, compared to QR902m 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 Amir H H 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.”
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 QR2,595m in operating revenues at the end of Q3, compared to QR1,908m in the same period last year 2022, which represents an increase of 36%, meanwhile the net operating reached QR1,462m 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 QR60, compared to QR57 in the same period last year 2022, while its financing assets were QR36 and customer deposits QR37.
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.
“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.
“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.”
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