Tribune News network
Doha
Qatar International Islamic Bank (QIIB) on Sunday announced that the bank has posted a net profit of QR655 million with a growth rate of 6.5 percent compared to the same period of 2023, while earnings per share reached QR0.38.
The announcement of the results came after a meeting of QIIB board of directors chaired by Sheikh Dr Khalid bin Thani to discuss the bank’s financial statements for H1,2024, ending on June 30, 2024.
During its meeting, the bank’s board of directors approved the distribution of interim cash dividends to the shareholders, amounting to 23 percent of nominal share value (QR 0.23 per share), will be paid to eligible shareholders as at the close of trading on July 30, 2024.
Commenting on the financial results, QIIB Chairman Sheikh Dr Khalid bin Thani said, “In the first half of 2024, QIIB maintained its outstanding results, which is a testament to the tremendous efforts made at all levels of the organisation to enhance performance and stay up with Qatar’s economic revival across a range of industries.”
He said, “We have continued to implement our strategy by focusing on the local market, as there are many rich opportunities for different local business sectors in the local market. Additionally, we are dedicated to actively participating in development initiatives that will improve society and strengthen the Qatari economy.”
He said, “QIIB has been able to solidify its financial position and stable growth for a long period, and has consolidated its position locally through the growing confidence it has gained, and externally through the partnerships it has forged with partners in various countries of the world, which have manifested in a high level of trust and desire in continuing cooperation and strengthening business ties in line with the prestigious position of QIIB.”
Sheikh Khalid said, “Based on the distinguished position of the bank and the stable financial results, leading international credit rating agencies rated the bank at high ratings. Fitch upgraded QIIB rating to “A” from “A-”, with a stable outlook. In turn, Capital Intelligence affirmed QIIB rating at “A+” with a stable outlook”.
Moody’s assigned “A2” Ratings to QIIB with a stable outlook.
He said, “These ratings are driven by the strength of the bank’s solid position, which include strong profitability, capital adequacy, and asset quality. Additionally, the non-performing debt ratio at QIIB is among the lowest, and there are indications that the bank will be able to continue achieving better results than average, especially with its outstanding operating efficiency.”
Highlighting the details of the bank’s first half results, QIIB Chief Executive Officer Dr Abdulbasit Ahmed Al Shaibei said, “At the end of H1,2024, the bank’s total income reached QR1,681 million compared to QR1,393 million of the same period with a growth rate of 20.6 percent. Total assets at the end of the first half of the year 2024 amounted to QR59.3 billion, compared to QR58.1 billion at the end of the same period in 2023, with a growth rate of 2.1%, while the financing assets have grown by 7.6 percent reached QR 38.6 billion.”
He said, “Customer deposits at the end of the first half of this year amounted to QR40.4 billion, compared to QR36.3 billion at the end of the same period in 2023. Total equity amounted to QR9.4 billion and the capital adequacy under Basel III reached 19.46 percent, which indicates the strength and robustness of QIIB’s financial position in the face of various potential risks.”
Al Shaibei said, “The distinguished results achieved by QIIB during the period ending on June 30, 2024 are the result of implementing the plans and strategies developed by the board of directors, which focus on the local market, and working closely with the local business sector in its various aspects, as the Qatari economy offers distinct opportunities that we are keen to take advantage in accordance with our adopted standards, which we are keen to be in line with the requirements of the markets.”
He said, “QIIB continued to respond to the expansion of its customer base through many ways, including increasing services and products innovation, and accelerating digital transformation through various available channels, which provided the various categories of our customers with an advanced banking experience that keeps pace with the best global banking developments.”
Turn on page ?
Turn from Page 8
The QIIB CEO said, “The first half of this year witnessed the launch of many products, whether for companies or retails, including products launched for the first time in Qatar, such as the Visa debit card for medium and small companies. The bank also launched promotional offers with competitive benefits for the bank’s customers, which included prizes that the bank granted for the first time. These services and offers have received a great positive response from our customers and have strengthened our position in the banking market in the face of competitive factors”.
He said, “The first half of 2024 also witnessed an important investment at the international level, represented by the success of QIIB in issuing sustainable sukuks (ORYX) worth $500 million, which were listed on the London Stock Exchange. QIIB was the first Qatari bank to issue sustainable sukuks.”
The bank issued these sukuks as part of its engagement in keeping up with the third strategy for the financial sector launched by the Qatar Central Bank, and also as part of keeping up with government trends and plans that pay special attention to sustainability issues and the importance they entail.”
In respect of human resources, the CEO said, “QIIB maintained its policy of giving exceptional attention to Qatari cadres, and encouraging them to engage in various levels of banking work and providing all the necessary incentives to the Qatari Cadres, the bank also continues to attract banking competencies, especially in the field of advanced banking technology and digital transformation techniques”.
With regard to QIIB’s corporate social responsibility, Al Shaibei said, “QIIB attaches great importance to activities and initiatives that serve the community, the first half of 2024 was exceptional in this field, as we carried out many community initiatives, especially signing the sponsorship agreement with the Qatar Football Association, under which QIIB will be the official sponsor of the Amir Cup Championship and the national teams for a period of three years starting from February 2024.
“We engaged in this sponsorship based on the importance of consolidating our service to our society and to the trends, activities and events that provide added value to our country and are consistent with the Qatar National Vision 2030.”Board of directors approves interim cash dividends, amounting to 23% of the nominal share value.Total income reaches QR1.7 billion
