His Excellency Sheikh Abdullah Bin Thani Bin Abdullah Al Thani, Chairman of the Board of Directors of QIIB, announced the results of the bank’s business for the first quarter ending on 31/3/2023, which confirmed that the bank continues to strengthen its financial position in relation to the various budget items.
By the end of the first quarter of 2023, QIIB achieved a net profit of 316 million riyals, compared to 295 million riyals at the end of the first quarter of 2022, a growth rate of 7.1%.
His Excellency Sheikh / Abdullah bin Thani stated at the end of a meeting of the bank’s board of directors held to discuss the results of the first quarter of 2023, saying: “QIIB’s results during the first quarter of this year showed remarkable progress, and we maintained growth for as long as the bank’s results were known, and we are We rely on the strong local business environment that provides us with the necessary opportunities to achieve stable and continuous growth.”
Positive environment full of opportunities
He added: “This positive environment full of opportunities provided by the Qatari economy motivated us to make appropriate efforts to benefit from it in the best way. Tamim bin Hamad Al Thani, Emir of the country.
His Excellency continued: “The positive indicators in the market and the great confidence enjoyed by the State of Qatar help us move forward, and cast a shadow that reflected positively on the business sector in the first quarter, and the wise management of the supervisory authorities on the banking sector is reflected in the sector effectively, which gives Qatari banks advantages.” A lot of competition helps them achieve the best targeted results.
Sheikh Abdullah bin Thani pointed out: “QIIB continued to rise to the level of competition in the market by strengthening the appropriate tools for that, whether it was related to infrastructure, human resources or approved policies, especially in the field of risks.”
His Excellency affirmed: “The bank is moving rapidly to complete the remainder of the digital transformation plan, after we have come a long way in it. As a result, operational efficiency has increased significantly, the customer base has expanded, and the percentage of transactions completed through the bank’s digital channels has increased significantly. In parallel with the increase in the services that we provided through these channels, we also accomplished the opening of the first digital lounge for QIIB in Msheireb, and we will continue to develop this experience in order to adopt the best internationally approved banking solutions. Al Islami was recently awarded the “Excellence in Product Design” award, in recognition of the bank’s achievement in responding to customers’ aspirations by launching payment products that suit them, meet their needs in an appropriate manner, and reflect an in-depth understanding of customer trends and their positive view towards innovation with regard to digital payment solutions and banking services.
His Excellency Sheikh Abdullah bin Thani noted: “QIIB’s performance and the strength of its financial position during the past period prompted the rating agencies to praise this strength, as Fitch Ratings affirmed the bank’s long-term rating at (A-) while upgrading its outlook. From a future outlook to a positive outlook, the agency confirmed that the bank has a strong financial solvency and achieved good profits at the operational and net profit levels. It also enjoys strong liquidity, and was able to develop a successful specialized business model.
His Excellency thanked the executive management and all QIIB employees for the great efforts that have been made, in order to achieve outstanding results in the first quarter, with a general improvement in various performance indicators. The results are good for everyone.”
The strength of the financial position
For his part, Dr. Abdul Basit Ahmed Al Shaibi, Chief Executive Officer of QIIB, the bank’s results for the first quarter of 2023, he indicated: “The net operating revenues amounted to 474 million riyals at the end of the first quarter, compared to 412 million riyals at the end of the first quarter of 2022, i.e. a growth rate of 15%. The bank also continued to Enhancing its operational efficiency, which contributed to reducing the cost-to-return ratio to 18.0%, which is considered one of the best ratios in the Qatari banking sector. The bank maintained the stability of the non-performing debt ratio at 3.0%, which indicates the quality of the bank’s financing portfolio.
He added: «The total assets of QIIB amounted to 55.0 billion riyals, compared to 56.4 billion riyals at the end of 2022, and the balances of financing assets amounted to 35.0 billion riyals at the end of the first quarter, while customer deposits amounted to 35.7 billion riyals.
The CEO pointed out that the capital adequacy (Basel III) amounted to 18.4%, which represents a distinguished percentage and higher than the limit required by the Qatar Central Bank.
Dr. Al-Shaibi confirmed: “QIIB’s results at the end of the first quarter are a reflection of the strength of its financial position and the great development achieved by the bank during the last period, which gives us more strength and confidence in the rich opportunities offered by the Qatari economy, which in its various sectors represents an exceptional environment that attracts investments locally. And internationally.”
He added, “We are continuing to implement the strategic and interim plans approved by the Bank’s Board of Directors, which emphasize involvement in the local market by participating in financing various projects, whether large and infrastructure projects, or small and medium-sized projects that depend on a lot in development.”
Dr. Al-Shaibi continued: “During the first quarter of 2023, QIIB continued to implement digital transformation plans with the aim of achieving more operational efficiency and keeping abreast of banking developments globally. It also continued its efforts to provide financing solutions that are appropriate to customers’ needs and aspirations, and the bank launched a number of competitive offers.” and products that suit their needs. He also launched the “Hamiyan” card, the national prepaid debit card.
Community Service
The CEO explained: “The bank will continue its efforts during the coming period to achieve the targeted growth figures, and implement the necessary plans to enhance growth in the indicators, based on that on its high financial merit, while responding to the challenges in the market and the various factors of competition.”
With regard to human capital, Dr. Al-Shaibi said: “The bank has continued, during the past period, and will continue in the future, its policy of localizing jobs and attracting Qatari men and women to the various departments of the bank, while ensuring that they are provided with qualification and training opportunities, and creating all reasons for upgrading the bank’s career ladder and in all specializations. Banking and support.
As for the bank’s social responsibility, he indicated: “QIIB attaches great importance to the implementation of its policy in the field of community service, and the bank is keen to ensure that all banking products and services it provides are of added value to society and contribute to development and fulfillment of real needs of customers. The bank also provides support And care for activities that serve the community in many areas, including education, sports, health, and so on.
