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Tribune News Network
DOHA
QIIB has reported a net profit of QR510.6 million for the first half (H1) of 2019, an increase of 5.5 percent compared to 2018 H1, the bank announced in a statement on Wednesday.
QIIB Chairman and Managing Director Sheikh Khalid bin Thani bin Abdullah al Thani said in a statement that the strong results reflect the bank’s compliance with the market requirements and its alignment with the Qatari economy, which is witnessing resurgence in all fields.
Sheikh Khalid said, “The Qatari economy enjoys strength and stability, possesses growth factors and sees promising opportunities, which helped place us in a strong position.
“The bank’s recent steps have yielded positive results, both in terms of structuring many sectors, enhancing the competitive environment vis-a-vis market challenges and responding to expansion requirements, locally and externally.
“QIIB has continued its policy of focusing on the local market, in order to contribute to the revitalisation of the national economy and finance various projects”.
He said, “Any foreign investment decision taken by the bank will not affect this trend. We are focused on the local market, although we are satisfied with our partnerships abroad.
“Over the years, we have succeeded in building multi-dimensional partnerships in various countries. QIIB is very well set on the growth trajectory based on the strength of the Qatari economy.
“The $500 million sukuk issued by the bank earlier, was listed on the London Stock Exchange, and attracted investors from across the world with the issue getting oversubscribed seven times.”
Briefing on the bank’s H1 results, QIIB CEO Abdulbasit Ahmad al Shaibei said the bank’s total revenues amounted to QR1.14 billion compared to QR1.03 billion in 2018 H1, achieving a growth rate of 10.3 percent.
QIIB’s total assets at end of the first half of 2019 rose to QR54.2 billion, a growth of 13.9 percent compared to 2018 H1, and the bank’s financing assets grew by 13.1 percent to QR31.4 billion.
Total deposits at the bank grew by 7 percent to QR33.3 billion.
Earnings per share amounted QR0.34 and capital adequacy (Basel III) stood at 14.98 percent, reflecting QIIB’s financial strength.
Expressing satisfaction at QIIB’s financial indicators in the first half of this year, Shaibei said, “The results demonstrate that the bank has achieved the set goals in the context of a comprehensive plan aimed at achieving the strategy set by the board of directors.
“The strategy focuses on enhancing profitability and deepening partnerships and engagement in local projects, be it infrastructure or others.
“Thus we are able to continue contributing to the strengthening of the national economy and responding to competition in the local banking sector.”
He said, “We have systematically invested in the development of the technological infrastructure, enhanced the concepts of sustainability in our work and projects, and focused greatly on creativity, innovation and performance, which resulted in outstanding performance so far.” “
Shaibei further said the opening of branches in major malls across the country has helped widen QIIB’s customer base and enhance customer satisfaction.
“The bank has also invested significantly in alternate and modern digital and electronic channels, which provide significant savings in time of our customers.”
DOHA
QIIB has reported a net profit of QR510.6 million for the first half (H1) of 2019, an increase of 5.5 percent compared to 2018 H1, the bank announced in a statement on Wednesday.
QIIB Chairman and Managing Director Sheikh Khalid bin Thani bin Abdullah al Thani said in a statement that the strong results reflect the bank’s compliance with the market requirements and its alignment with the Qatari economy, which is witnessing resurgence in all fields.
Sheikh Khalid said, “The Qatari economy enjoys strength and stability, possesses growth factors and sees promising opportunities, which helped place us in a strong position.
“The bank’s recent steps have yielded positive results, both in terms of structuring many sectors, enhancing the competitive environment vis-a-vis market challenges and responding to expansion requirements, locally and externally.
“QIIB has continued its policy of focusing on the local market, in order to contribute to the revitalisation of the national economy and finance various projects”.
He said, “Any foreign investment decision taken by the bank will not affect this trend. We are focused on the local market, although we are satisfied with our partnerships abroad.
“Over the years, we have succeeded in building multi-dimensional partnerships in various countries. QIIB is very well set on the growth trajectory based on the strength of the Qatari economy.
“The $500 million sukuk issued by the bank earlier, was listed on the London Stock Exchange, and attracted investors from across the world with the issue getting oversubscribed seven times.”
Briefing on the bank’s H1 results, QIIB CEO Abdulbasit Ahmad al Shaibei said the bank’s total revenues amounted to QR1.14 billion compared to QR1.03 billion in 2018 H1, achieving a growth rate of 10.3 percent.
QIIB’s total assets at end of the first half of 2019 rose to QR54.2 billion, a growth of 13.9 percent compared to 2018 H1, and the bank’s financing assets grew by 13.1 percent to QR31.4 billion.
Total deposits at the bank grew by 7 percent to QR33.3 billion.
Earnings per share amounted QR0.34 and capital adequacy (Basel III) stood at 14.98 percent, reflecting QIIB’s financial strength.
Expressing satisfaction at QIIB’s financial indicators in the first half of this year, Shaibei said, “The results demonstrate that the bank has achieved the set goals in the context of a comprehensive plan aimed at achieving the strategy set by the board of directors.
“The strategy focuses on enhancing profitability and deepening partnerships and engagement in local projects, be it infrastructure or others.
“Thus we are able to continue contributing to the strengthening of the national economy and responding to competition in the local banking sector.”
He said, “We have systematically invested in the development of the technological infrastructure, enhanced the concepts of sustainability in our work and projects, and focused greatly on creativity, innovation and performance, which resulted in outstanding performance so far.” “
Shaibei further said the opening of branches in major malls across the country has helped widen QIIB’s customer base and enhance customer satisfaction.
“The bank has also invested significantly in alternate and modern digital and electronic channels, which provide significant savings in time of our customers.”
