QIIB reports net profit of QR 280.7 million for the first quarter

QIIB Chairman and CEO Sheikh Dr Khalid bin Thani bin Abdullah Al Thani announced the results of the bank’s activities for the first quarter ending March 31, 2021, which showed positive results and remarkable progress in the various items in the Bank’s balance sheet.

The bank achieved a net profit of QR 280.7 million at the end of the first quarter (Q1) 2021, compared to QR 267 million at the end of Q1-2020, with growth of 5.1%. Following the meeting of the bank’s board of directors held to discuss the results of the first quarter of 2021, Sheikh Dr. Khalid bin Thani said: “We are satisfied with the continued performance of the bank. bank facing challenges.

It is clear that QIIB has been able to adapt its strategy to the latest market developments and benefit from the great potentials of the Qatari economy in all areas and sectors, with the support, patronage and advice of Amir HH Sheikh Tamim bin Hamad Al Thani.

He said: “The positive trends seen in the local business sector in the first quarter of 2021 have been reflected in our results. In fact, today we are reaping the rewards of the wise decisions the government has made since last year to deal with the repercussions of the coronavirus pandemic, which has had the greatest impact on many sectors.

And thank God, the Qatari economy has been able to maintain its steady growth and achievements, and maintain its leadership and prosperity, which has reflected on the banking sector and its ability to carry out its plans and strategies ”.

QIIB’s net operating income at the end of the first quarter was QR 436.5 million compared to QR 426 million at the end of the first quarter of 2020. The total assets of the Bank at the end of the first quarter increased by 3.5% to RQ 62.3 billion compared to RQ 61.3 billion in the corresponding period of 2020.

The bank’s financing assets increased to QR 42 billion at the end of Q1-2021, from QR 38.5 billion at the end of the corresponding period of 2020. The Chairman and CEO said, “QIIB has successfully faced unexpected risks and continued to achieve positive growth and results.

More importantly, he was able to turn challenges into opportunities and accelerate his digital transformation plans in a very efficient manner, which had a positive impact on his operational efficiency.

In fact, it is very encouraging because it opens new horizons for the bank, and makes us rely on the experiences that we have accumulated for the benefit of our bank, our customers and our shareholders ”. He said: “QIIB has continued to work with different sectors and participate in the financing of many projects, such as infrastructure and those related to SMEs.

The bank also actively interacts with various lines of business, reflecting the confidence of these sectors in QIIB as a major provider of banking services and the ability of the Bank to respond to market competition and bring its financing activities to a higher level. any other level, while maintaining a distinguished risk. management policy.

This is evidenced by the low level of bad or non-performing loans, which are considered among the weakest in the local banking sector ”. Sheikh Dr. Khalid bin Thani expressed satisfaction with QIIB’s continued journey towards excellence and its ability to achieve a strong financial position reflected by the bank’s credit ratings.

“Capital Intelligence confirmed QIIB’s rating at“ A ”with a stable outlook, preceded by Fitch who confirmed the bank’s already strong rating at“ A ”with a stable outlook. Likewise, Moody’s confirmed the bank’s rating at “A2” with a stable outlook “

QIIB Chairman and CEO expressed optimism for the coming period and the continued positive performance of the bank, especially with the new stimulus package approved by the government to deal with the possible repercussions that could result from the decisions. lockdown due to the spread of the coronavirus.

With regard to the banking sector, these decisions mainly provided that the Central Bank of Qatar will continue to support the liquidity of local banks, if necessary, which would strengthen the positions of Qatari banks and provide them exceptional support to deal with ” less market developments ”.

Sheikh Dr. Khalid underlined: “The bank will continue to focus its strategy in the coming period on the local market, while cooperating with different economic sectors, financing multiple projects and paying special attention to small and medium-sized enterprises, as they are key contributors. serving the Qatari community, in accordance with the principles of Qatar National Vision 2030. ”

He praised the sincere efforts of QIIB senior management and staff to achieve positive results, improve performance and respond to competition, as well as the challenges of unforeseen circumstances, while seeing trends positive in various performance indicators.

He urged all QIIB employees to continue their efforts to strengthen the position of the Bank and achieve the best results for the benefit of all ”. For his part, QIIB, CEO Dr Abdulbasit Ahmed Al Shaibei detailed the bank’s results for Q1-2021, and said: “QIIB’s net operating income at the end of the first quarter was 436.5 million. of QR versus 426 million QR at the end of the first quarter. In the first quarter of 2020, with a growth rate of 2.5%, the bank also continued to improve its operational efficiency, which contributed to a further decline in the cost-income ratio to 18.9%, considered the one of the best ratios in the Qatari banking sector.

The bank maintained a low ratio of non-performing loans at the level of 1.57%, which confirms the quality of the bank’s financing portfolio ”“ QIIB’s total assets at the end of the first quarter increased by 3, 5% to QR 62.3 billion compared to QR 61.3 billion in the corresponding period of 2020 ”.

Dr Al Shaibei said: “The bank’s financing assets increased to QR 42 billion at the end of the first quarter of 2021, compared to QR 38.5 billion at the end of the corresponding period of 2020, which represents a growth rate of 9.2%. “

The CEO underlined: “The volume of deposits rose to QR 38.2 billion at the end of the first quarter of 2021, while the capital adequacy ratio (under Basel III) reached 17.38%, higher than to the ratio required by the Central Bank of Qatar, which is 12.5 percent ”.

He asserted: “The results of QIIB during the first quarter reflect the harmony with the indicators of the Qatari economy, which has been able to overcome the various emerging circumstances, in particular those related to the coronavirus pandemic and the turmoil of the global market resulting from the persistence of the pandemic in various countries around the world ”.

Dr. Al Shaibei said: “We are monitoring the implementation of our strategic and intermediate plans defined by the board of directors of the bank, which focus on the local market and the financing of various large infrastructure projects.

We also pay special attention to SME enterprises, due to their huge impact on development, as QIIB continues to collaborate with Qatar Development Bank in this regard. “In addition, we believe that the government’s decision to extend the national guarantee program to support these projects will have a positive impact on their continuity at a good pace.”

The CEO noted, “During the first quarter of 2021, QIIB continued to drive innovation to deliver technology and financing solutions that meet the needs and aspirations of our customers.

We were able to provide a qualitative complement to our bouquet of digital services by offering financing to customers via digital channels (mobile banking and internet banking).

“Customers can now obtain personal financing without having to visit the bank’s branches, which is one of the solutions provided by the bank as part of its digital transformation process. Many similar measures have already been taken by the bank in response to emerging circumstances and challenges ”.

In terms of digital transformation, Dr Al Shaibei said: “QIIB was the first bank in Qatar to announce the launch of the visual banking phone service, which is an important channel, which customers can use through their mobile phone to acquire many banking services. without the need to visit bank branches.

The bank recently launched the QIIB-Pay platform for contactless payment services. And we are currently focused on developing our digital channels, with most of the bank’s services now available through these channels.

We hope that all services will be delivered through the digital platforms in order to easily meet the banking needs of customers and increase the operational efficiency of QIIB. Dr Al Shaibei expressed his optimism about the coming period and QIIB’s ability to achieve the target growth figures and gradually implement the established plans, while relying on its great financial value and ability to take advantage of the opportunities available in the local market, responding to market challenges and competition and choosing appropriate low-risk external opportunities ”.

In the area of ​​human resources, affirmed the CEO of QIIB, “QIIB continues to implement its Qatari policy and to attract Qataris to join the different departments of the bank, while offering them career development opportunities. career through qualification and training, and by appointing them to specialist and managerial positions. with the aim of strengthening the presence of Qataris in all the Bank’s executives ”.

Regarding corporate social responsibility, Dr Al Shaibei underlined: “QIIB places its role in the service of the community at the top of its priorities, thus seeking to offer banking products and services that bring added value to society. and meet the needs of society in an efficient and appropriate manner.

The Bank also continues to forge partnerships and to support and sponsor numerous community initiatives in various fields, with an emphasis on education, obviously due to its role in the advancement and development of society ”.

Read also

The arrow
Read more

Abbes wins the Prix Dormane de la PA Gr3

29 Apr 2021 – 10:03 AM

It was a special day for the French coach registering a 1-2-3 in this competition as the finalist and the third are also coached by him.




Source link

About Miley Sawngett

Check Also

Egypt publishes digital payments, lending and savings rules for mobile wallets

Last week, the Central Bank of Egypt (CBE) approved the third edition of the rules …