Tribune news network
doha
Qatar International Islamic Bank (QIIB) achieved a net profit of QR1,040 million at the end of third quarter (Q3) of 2024, which represents a growth rate of 6.5% compared to the corresponding period in 2023.
The results for the period ending September 30, 2024, was announced by Sheikh Khalid bin Thani bin Abdullah al Thani, Chairman of the Board of Directors of QIIB after a meeting of the Board of Directors, which discussed the financial statements for the third quarter period ending September 30, 2024.
Sheikh Khalid stated, “We are pleased to report solid growth figures for the third quarter, reflecting our continued efforts to strengthen QIIB’s financial position. These results are aligned with the robust solvency of the Qatari economy.”
He added, “Our third-quarter results demonstrate QIIB’s ability to adapt to evolving market conditions and achieve consistent growth, capitalising on the numerous opportunities available in the Qatari market. We have long maintained a focus on the local market as a central element of our strategy, implementing plans that have delivered the desired outcomes.”
Sheikh Khalid further highlighted, “The bank has maintained its leadership position in the banking sector, with high credit ratings reaffirmed by Fitch at ‘A2’ with a stable outlook, and by Moody’s at ‘A’ with a stable outlook. These ratings are a testament to QIIB’s strong profitability, supported by solid assets in the Islamic banking sector, robust liquidity and capital reserves, and high operational efficiency.”
He emphasised QIIB’s commitment to advancing its strategy, stating, “We are determined to enhance our performance and drive growth. Our focus on digital transformation will be a key priority, allowing us to leverage cutting-edge technology in line with the guidelines set by supervisory and regulatory authorities in Qatar.”
He concluded by expressing his gratitude to the Executive Management and all bank employees, commending their hard work in achieving these positive results.
He urged them to continue their efforts in a manner that strengthens QIIB’s position and ensures the provision of top-quality banking services to our customers.
QIIB Chief Executive Officer Dr Abdulbasit Ahmad al Shaibei, detailed the bank’s financial results for the third quarter period ending on September 30, 2024, saying: “QIIB achieved total income at the end of the third quarter amounting to QR2,597 million represents 17.9% growth compared to the same period of last year.
He noted, “Total assets amounted to QR60 billion, while customer deposits are up to QR41 billion with a growth rate of 7.9% and financing assets grew to QR39 represents a growth of 6.1% compared with the same period of year 2023”.
The CEO pointed out: “QIIB’s cost to income ratio stabilised at the end of the third quarter at 19.6%, which is considered one of the best efficiency locally and internationally, while capital adequacy under Basel III reached 19.26%, well above the regulatory requirements.
These confirm the strength of QIIB’s financial position and enhance its position as a leading bank in the field of efficient risk management.”
Shaibei commented, “The bank’s results at the end of the third quarter of 2024 demonstrate that we are on the right path to improving our financial performanceand capitalising on the favourable business environment fostered by the Qatari economy, especially within the banking sector.”
“QIIB remains committed to enhancing operational efficiency, with a particular focus on digital transformation. We are leveraging technological advancements that present the banking industry with exceptional opportunities for continued growth,” he added.
The CEO emphasised, “QIIB enjoys strong confidence both locally and internationally, as evidenced by the success of our recent $300 million AT1 Sukuk issuance, which was subsequently listed on the London Stock Exchange. The issuance attracted substantial investor interest, being oversubscribed by more than eight times, with total book orders reaching $2.5 billion.
“The Sukuk was priced with a profit margin of 187 basis points above the average US Treasury rate for five and a half years, marking the lowest margin achieved for such issuances by banks in the local and regional markets, with a final annual return of 5.45%.”
Regarding QIIB’s strategic priorities, Shaibei stated, “We continue to prioritise the local market, partnering with domestic entities to finance various projects. Additionally, we are dedicated to developing innovative products and services that cater to the needs of diverse customer segments, including individuals and businesses. The third quarter saw the launch of several new offerings, and we will persist in delivering solutions that matter to our customers across different banking areas.”
On human resources, the CEO remarked, “QIIB is committed to nurturing Qatari talent by attracting, training, and empowering them to take on significant roles within the bank. This strategy aligns with government directives and Qatar National Vision 2030, ensuring the continuous development of local professionals and preparing them for leadership positions.”
As for QIIB’s role in social responsibility, Shaibei noted, “The bank remains steadfast in its commitment to serving the community, actively supporting initiatives aimed at driving societal progress across various fields, including sports, education, creativity, and charitable endeavors. We are dedicated to fully fulfilling our responsibilities toward the Qatari community.”
