Qatar First Bank achieves half-yearly net profit of QR 41 million


Qatar First Bank (QFB) achieved half-year net profit attributable to shareholders of QR41mn.

This makes it a third consecutive quarter of net profit for shareholders and the highest half-yearly net profit for QFB in the past five years.
QFB recorded a total income of QR 107.2 million in the first half of 2021. In accordance with its strategy to focus on real estate products and form a stable rate of profit generating assets, the bank recorded income of real estate products of QR 37 million. In addition, the bank made a profit of RQ 6.4million on assets generating stable profits namely sukuks and sukuk funds, up 123% from same period last year. .
During the first half (S1) of the year, the bank was able to successfully exit some of its private equity investments recording a capital gain of QR 53 million.
Total spending for the six-month period ending in June was QR 41.6 million, down 35% from QR 63.9 million for the same period last year. . This is reflected in the bank’s efficient cost management for sustainable growth.
QFB Chairman Sheikh Faisal bin Thani al-Thani said: “We are very pleased with the overall performance of QFB in the first half of 2021 and to have concluded our third consecutive profitable quarter despite the difficult market conditions.
“Qatar First Bank’s strategic vision has once again proven that it is heading in the right direction, and we are pleased with the bank’s achievements and improved financial metrics. QFB is committed to being the trusted Sharia-compliant bank and investment partner in Qatar, the region and the world.
QFB CEO Abdulrahman Totonji said, “QFB has successfully concluded the first half of fiscal 2021 with remarkable results. With God’s blessing and then the hard work of the QFB team, who worked tremendously to improve the performance of the bank, we were able to be successful. QFB has performed exceptionally well, building long-term stable revenue streams, growth and performance indicators for the Bank and our clients and partners.
“In line with our strategy, we seek and structure investment opportunities to meet the growing demand from local and international investors. Our products help investors access and reach the real estate market and we are constantly working on the development of new products and investment opportunities.
Qatar First Bank announced its successful exit from its private equity investments in the Middle East; Cambridge Medical & Rehabilitation Center (CMRC), Food Services Company (FSC) and Al Rifai International Holding (Al Rifai).
The bank launched its mobile banking application; the QFB mobile app, the first banking app in Qatar to be hosted in Microsoft’s Azure cloud.
QFB also completed the acquisition of the Healthcare Technology Company headquarters in Ohio and Waterway Plaza I, a 223,000 square foot Class A + office tower located in the suburbs of Houston, Texas.
The bank also acquired the Lulu Messila hypermarket as part of its intention to establish a strong local presence in the Qatari market.


About Miley Sawngett

Check Also

MBS’ Credit Suisse stake isn’t just another Gulf Bank bailout

Comment this story Comment As Credit Suisse Group AG is revamped, the Saudis have stepped …