(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar International Islamic bank (QIIB) held its ordinary and extraordinary general assembly yesterday virtually.
Based on the growth achieved by Qatar's economy, the 2023 QIIB financial results maintained pace with that growth and managed to strengthen the bank's financial indicators. The bank's strategy has been successful in focusing on Qatar's market and taking advantage of the rich opportunities provided by the Qatari economy.
Addressing the meeting, the Chairman of the Board of Directors, QIIB, sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, said,“During 2023, the bank's operational performance has improved noticeably due to a number of factors, the most significant of which is the great success of the digital transformation plan. QIIB has made significant progress in this field and concluded partnerships with international companies to further align itself with global developments and the rapid technological advancements in the banking sector.”
Sheikh Dr. Khalid remarked“The year 2023 witnessed close work in various local business sectors, and the bank continued to finance projects of all kinds in line with our strategy of focusing on the local market, paying special attention to small and medium enterprises that constitute support and value-added to the broadest segment of society."
"The bank's interest in small and medium projects serves the goal of supporting entrepreneurs who are crucial to building the future. QIIB's outstanding performance during the year 2023 is reflected in the reports and ratings of international credit rating agencies through rating the bank at high ranks.”
He stated that“Fitch rated the QIIB at (A-) with a stable outlook, while Moody's rated QIIB at (A2) with a stable outlook, and Capital Intelligence Agency rated the bank at (A+) with a stable outlook. The three rating agencies unanimously agreed that QIIB is a leading bank, enjoying strong profitability, high-quality assets, high liquidity, good level of capital adequacy, and operational cost effectiveness, which is expected to continue in the long term.”
Sheikh Dr. Khalid noted,“In this context, the results of QIIB for 2023 confirm that it is moving forward, benefiting from the strength of the Qatari economy, which is achieving the best results in all sectors, as total assets reached QR61.6bn, compared to QR56.4bn at the end of the year 2022, with a growth rate of approximately 9.3%. QIIB achieved a net profit of QR1,165m, (One Billion One Hundred and Sixty-Five Million Qatari Riyals) compared to QR1,075m (One Billion and Seventy-Five Million Qatari Riyals) in 2022, i.e. a growth rate of 8.3%, while the earnings per share reached QR0.70 per share. The Board of Directors recommended during the Ordinary General Assembly to distribute cash dividends to shareholders, equal to 45% of the bank's capital, at 45 Dirhams per share.”
He further commented“In our quest towards continuous improvement in performance, QIIB adopted strategic planning to cope with the local, regional and international changes to achieve the desired results.
"The bank also put in place policies to encourage Qatari competencies to engage in the banking business and provides them with all the necessary incentives.”
“Within the framework of fulfilling the requirements of the regulatory and supervisory authorities, QIIB reviewed all its policies and procedures to comply with the laws, regulations and systems, especially, the sound governance and management policy in accordance with the requirements of the Qatar Central Bank and the Qatar Financial Markets Authority. The latest amendment carried out by the bank is the amendment to its Articles of Association to be in line with the amendments and requirements of the supervisory bodies,” he added.
Commenting on the achievements, QIIB Chief Executive Officer, Dr Abdulbasit Ahmad Al Shaibei said:“We are happy to report that, as the year 2023 comes to an end, we have achieved distinguished results with respect to various budget items. These results highlight a prolonged process of development and positive results achieved by QIIB.”
The final statements for the financial year ending on 31/12/2023 showed that the bank achieved a net profit of QR1.16bn, with a growth rate of 8.3% compared to the year 2022, and the net operating income increased by the end of the year 2023 to reach QR1.97bn, with a growth rate of 10.1%, which confirms the effectiveness of the management of the bank's financing and investment activities.
He said“Our broad interest in digital transformation processes and enhancing sustainability efforts and other axes stems from our desire to keep pace with the contents of the third strategy for the financial sector approved by the Qatar Central Bank in the fourth quarter of 2023, as this strategy emphasized several axes, including enhancing the role of Islamic finance, digital innovations, and environmental, social, and institutional governance, sustainability and other axes.” Al Shaibei added,“The results of QIIB for the year 2023 demonstrated the bank's ability to develop its instruments, improve its indicators, and achieve progress in implementing the plans and strategies it approved in the face of the various circumstances and challenges it faced during the past year, whether related to the markets or various other factors.”
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