Wednesday, July 15, 2020
banner
Home /  Business  /  QIIB 2019 profit up 5% to QR927 mn

QIIB 2019 profit up 5% to QR927 mn

QIIB 2019 profit up 5% to QR927 mn

Tribune news network
Doha
Qatar International Islamic Bank (QIIB) reported a net profit of QR927 million in 2019 with a growth rate of 5.1 percent compared to 2018, and earnings per share of QR0.58, the bank announced in a statement on Tuesday.
The board of directors of QIIB has recommended to the annual general assembly of shareholders to distribute cash dividends equivalent to 42.5 percent of the capital (QR0.425 per share) subject to Qatar Central Bank’s approval.
The bank’s total assets at the end of 2019 amounted to QR56.8 billion compared to QR50.3 billion at the end of 2018, with a growth rate of 13.1 percent.
The financing activities portfolio increased to QR37.0 billion compared to QR28.0 billion at the end of last year, representing a growth rate of 32.2 percent. Operating revenues reached QR2.4 billion in 2019, compared to QR2.1 billion at the end of the previous year, with a growth rate of 14.6 percent.
The bank’s total equity stood at QR8.2 billion at the end of 2019, while its capital adequacy under Basel III registered 18.5 percent, reflecting the strength of QIIB’s financial position amid various risks.
QIIB Chairman and Managing Director Sheikh Khalid bin Thani bin Abdullah al Thani affirmed, “The results of QIIB for 2019 indicate that we were able to keep pace with the momentum and growth of the Qatari economy and its ability to overcome various challenges and accomplish greater achievements in all sectors.”
He said, “In 2019, the Qatari economy continued its positive performance and all indications are that it is at the forefront of the region’s economies, which drew the attention of investors in various countries who sought to take advantage of the opportunities it provides.
“Qatari economy’s dynamics positively reflects on the local economic sectors, namely banking, which is reckoned as a key driver of growth and one of the most important factors for economic stability”.
Sheikh Khalid said, “During 2019, QIIB continued to focus on the local market as part of its strategy, especially with the availability of great opportunities that contribute to the development of the country and the achievement of Qatar National Vision 2030, some of whose goals have already been achieved while others are being realised.”
He further said, “In 2019 and in the previous years, the Qatari banking sector was full of vitality, activity and competitiveness. These please us and appeal to us, even as we participated in the financing of numerous large projects, such as the ones related to infrastructure and small and medium-sized enterprises (SMEs).
“In general, we are satisfied with what we have accomplished in this respect, deemed vital to our activities”.
Sheikh Khalid noted, “Our focus on large projects did not diminish our interest in small and medium-sized enterprises, which we continued to support during the past year, not to mention our distinguished partnership with Qatar Development Bank to support and finance SMEs. This partnership is in fact a bright spot that we seek to continuously focus on so as to contribute to comprehensive development that will potentially impact the widest segment of society”.
“In parallel with QIIB’s focus on the local market, the bank did not fail to strengthen its partnerships globally, building on the strength and solid reputation of the Qatari economy and the bank’s long history of growth and stability, which made it one of the most important institutions for Islamic banking in Qatar and the region as whole.
“There is no doubt that 2019 was a good year for our foreign partnerships that we seek to develop in order to enhance returns to shareholders and strengthen the bank’s financial position,” he added.
QIIB CEO Abdulbasit Ahmad al Shaibei said, “QIIB results for 2019 are encouraging, even as we aspire to achieve better results. But in general, they reflect the positive atmosphere that the Qatari economy is witnessing in various sectors, in terms of favourable opportunities, stimulating and encouraging competition for work, innovation and multilateral partnerships that contribute to achieving good growth figures.”
He noted, “Through these results, we are happy to contribute to the growth of the Qatari economy, as we strived during the past year to implement the interim and strategic plans laid down by the board of directors. The results were satisfactory for us, as most of the bank’s financial indicators improved, the bank’s established position kept its strength, even as the bank’s confidence index rose.
“Credit rating agencies affirmed QIIB’s high ratings with a stable outlook based on a number of factors, namely the strength of the bank’s position among other Islamic banks, quality of its assets, strong profitability, and quality of financing portfolio, growth in operational income and overall improvement in operational efficiency”.
He continued, “Great efforts were made during 2019 to improve the bank’s response to customers’ requirements and upgrade its services and products in line with the best global standards. We have already witnessed an improvement in customers’ satisfaction and an expansion in our customers’ base, which we are responding to with more innovation and dealing appropriately with market competition.”
Shaibei stressed on the fact that QIIB continues to pay special attention to the modern customer service trends, providing alternative channels such as online banking services, mobile banking, phone banking and the call centre.
“The bank made great strides in this field, which receives our keen attention, as it facilitates communication with our customers and provision of services, saving them time and efforts and reduce the bank’s operating expenses,” he said.
Moreover, he said, “Our efforts to improve the quality of services received great attention and much appreciation, as QIIB won the ‘Best Islamic Bank in the State of Qatar award for year 2019’ in the field of banking products and financing solutions during the awards ceremony of Excellence and Achievement Banking organised by the International Union of Arab Bankers.
“QIIB also won the ‘Strongest Islamic Retail Bank Award’ and the ‘Most Innovative Islamic Retail Bank Award’ in Qatar Awards 2019 granted annually by the Islamic Retail Banking Awards Committee in cooperation with the University of Cambridge, which are two of the most prestigious awards granted annually to leading banks in the Islamic finance sectors.
“The bank also won the ‘Best Islamic Bank Qatar Award’ during the annual IFN Awards ceremony organised by Red Money and held last year in the Malaysian capital, Kuala Lumpur”.
In parallel with its interest in developing services and products, the CEO explained, “The bank remained interested in enhancing its technological infrastructure in line with the latest trends in global banking development and so as to increase the bank’s immunity in the field of cybersecurity.
“QIIB received ISO 27001, one of the world’s most prestigious accreditations in Information Security, which reflects its high standing in the protection of the bank’s and customers’ data. The bank also obtained, for the fourth time in a row, the highest certification in the protection of payment card data (PCI-DSS).
In terms of foreign investment, Shaibei noted, “QIIB kept interacting with global markets and strengthening its various partnerships. 2019 was a special year for the bank as it successfully issued sukuks twice during the same year with a very competitive pricing and very strong international allocation. Both sukuks were listed on the London Stock Exchange.”
In respect of human resources management, the CEO said, “QIIB is adopting a policy that encourages competent Qataris to be actively engaged in the banking sector, in line with the human pillar of Qatar National Vision 2030 that focuses on equipping nationals in the bank’s various departments while providing them with necessary incentives, such as training, guidance and promotion opportunities, to guarantee their effective participation in the development of the national banking sector”.

Pages