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QIIB posts QR785 mn net profit in 9 months

QIIB posts QR785 mn 
net profit in 9 months

Tribune News Network
Qatar International Islamic Bank (QIIB) on Monday announced it registered a net profit of QR785 million in the first nine months of 2020 compared to QR777 million during the corresponding period last year.
Commenting on the result, QIIB Chairman and Managing Director Sheikh Khalid bin Thani bin Abdullah Al Thani said, “QIIB was able to continue achieving distinguished results despite the challenges, deriving its strong position from the Qatari economy.”
He said, “Given the results achieved, we can say that the bank has succeeded in meeting customers’ expectations and banking services were delivered to them easily, reliably and efficiently. The bank has continued to focus on financing projects in the local market as we have noticed an upward and positive movement Qatar’s economy that has succeeded in dealing with the current circumstances and emerging challenges.”
Sheikh Khalid said, “Our priority is to participate in financing large projects and infrastructure projects due to their long-term positive impact on the national economy.”
He, however, assured that focusing on large projects will not dwindle the bank’s interest in SMEs as it is central to QIIB’s strategy.
Giving further details about the bank’s third-quarter financial results, QIIB Chief Executive Officer Abdulbasit Ahmad Al Shaibei said, “The total revenues at the end of the third quarter amounted to QR 1.84 billion compared to QR 1.76 billion at the end of the corresponding period last year, a growth of 4.5 percent.” He said, “During the third quarter, the bank continued to achieve success in improving operational efficiency as the cost-to-income ratio was 20 percent.”
He said, “Total assets of the bank increased to QR59.3 billion in the third quarter, which represents a growth rate of 12 percent. The size of the financing portfolio amounted to QR 39.2 billion compared to QR 31.9 billion during the corresponding period last year, with a growth rate of 22.6 percent.”
“The volume of deposits reached QR36 billion, which represents a growth rate of 12.4% compared to the same period last year, while earnings per share reached QR0.52,” he said.
“The capital adequacy ratio reached 17.2 percent, underscoring once again the distinguished financial position of QIIB,” he said.
About the bank’s plans, he said, “The focus lately has been on enhancing operational performance, and through the results achieved, we can confirm that we are making tangible progress and aspire for more.”
“The most important response achieved by the bank in facing the market factors was the qualitative evolution in the field of digital transformation. In this area, the bank developed various alternative channels and most services became available through electronic platforms such as mobile banking, internet banking for individuals and companies, ATMs and the call center,” he said.
“QIIB also launched a number of cards that facilitate the banking operations for retail customers and companies, such as the salary card, the domestic labour card and the corporate cash deposit card,” he said.
In the upcoming period, he said, the bank will continue to focus on developing its alternative channels and enhancing digital payment solutions in line with the best internationally approved standards.
QIIB will continue to focus on the opportunities available in the local market and in various sectors, he said.