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Tribune News Network
Doha
Qatar International Islamic Bank (QIIB) posted a 4 percent gain in its net profit of QR484 million for the first half of 2018 from QR465 million for the same period last year.
This reflects the bank’s solid’s financial performance that is in keeping with the tenor of the Qatari economy, which is witnessing a rapid and robust growth, the bank said in a statement on Wednesday.
QIIB Chairman and Managing Director Sheikh Khalid bin Thani bin Abdullah al Thani said, “This excellent financial performance of the bank has been endorsed by renowned global rating agencies.” Recently, Fitch and Moody’s upgraded QIIB’s outlook to “stable”.
The total revenue of the bank in the first half of 2018 grew 14.8 percent to QR1.044 billion from QR910 million for the same period in 2017. Similarly, its total assets stood at QR47.6 billion at the end of the first half of the year, compared to QR45.9 billion for corresponding period of 2017.
This represents a growth rate of 3.7 percent, while the bank’s investments portfolio reached QR15.4 billion, which represents 28.1 percent growth compared to the end of the first half of 2017.
QIIB’s capital adequacy ratio (under Basel III) reached 15.91 percent, which confirms the bank’s solid position and its ability to cope with various market risks.
“These achievements can attributed to the strength of the Qatari economy and the government’s great support to the country’s banking sector,” Sheikh Khalid said.
“In line with the market developments, QIIB has devised a strategy that concentrates on the local market and the partnership with various sectors of the Qatari economy with special attention being given to major infrastructure projects.
The QIIB chairman and managing director expressed optimism that 2018 will be an exceptional one for the bank, as all factors promise further growth and expansion. “The Qatari economy is making steady progress and creating promising opportunities, which makes us optimistic about future.”
QIIB Chief Executive Officer Abdulbasit Ahmad al Shaibei said, “The results of the first half of 2018 clearly indicate that the bank continues to grow in an upward trajectory, based on its strong solvency and clear strategic plans that rely on the strength of the Qatari economy and its ability to provide the best opportunities for the banking sector as a whole.”
Doha
Qatar International Islamic Bank (QIIB) posted a 4 percent gain in its net profit of QR484 million for the first half of 2018 from QR465 million for the same period last year.
This reflects the bank’s solid’s financial performance that is in keeping with the tenor of the Qatari economy, which is witnessing a rapid and robust growth, the bank said in a statement on Wednesday.
QIIB Chairman and Managing Director Sheikh Khalid bin Thani bin Abdullah al Thani said, “This excellent financial performance of the bank has been endorsed by renowned global rating agencies.” Recently, Fitch and Moody’s upgraded QIIB’s outlook to “stable”.
The total revenue of the bank in the first half of 2018 grew 14.8 percent to QR1.044 billion from QR910 million for the same period in 2017. Similarly, its total assets stood at QR47.6 billion at the end of the first half of the year, compared to QR45.9 billion for corresponding period of 2017.
This represents a growth rate of 3.7 percent, while the bank’s investments portfolio reached QR15.4 billion, which represents 28.1 percent growth compared to the end of the first half of 2017.
QIIB’s capital adequacy ratio (under Basel III) reached 15.91 percent, which confirms the bank’s solid position and its ability to cope with various market risks.
“These achievements can attributed to the strength of the Qatari economy and the government’s great support to the country’s banking sector,” Sheikh Khalid said.
“In line with the market developments, QIIB has devised a strategy that concentrates on the local market and the partnership with various sectors of the Qatari economy with special attention being given to major infrastructure projects.
The QIIB chairman and managing director expressed optimism that 2018 will be an exceptional one for the bank, as all factors promise further growth and expansion. “The Qatari economy is making steady progress and creating promising opportunities, which makes us optimistic about future.”
QIIB Chief Executive Officer Abdulbasit Ahmad al Shaibei said, “The results of the first half of 2018 clearly indicate that the bank continues to grow in an upward trajectory, based on its strong solvency and clear strategic plans that rely on the strength of the Qatari economy and its ability to provide the best opportunities for the banking sector as a whole.”
