QIIB announced its financial results for the first half (H1) of 2019 following a meeting of the Bank's Board of Directors to discuss the financial statements for the period.
QIIB Chairman and Managing Director Sheikh Dr. Khalid Bin Thani said that "As a result of Qatar's economic boom, we find greater responsibility that involves contributing to the development and engaging in active financing operations.
Sheikh Dr. Khalid added "The Qatari economy enjoys strength and stability, possesses growth factors and sees promising opportunities, which helped place us in a strong position. We, at QIIB, have benefited clearly from these factors and achieved many of them, which led to considerable growth rates under various budget items. Once again this confirms QIIB's strong and established position in the country's banking sector and in the overall economy."
At the conclusion of the Board of Directors' meeting held to discuss the results of the QIIB operations for the first half of the year ended on June 30, 2019, Dr. Thani said.
"The Bank's net profit for the first half of 2019 amounted to QR 510.6 million, compared to QR 484.0 million for the same period of 2018, representing an increase of 5.5 percent, which reflects the Bank's compliance with the market requirements and its alignment with the Qatari economy, which is witnessing resurgence in all fields. The Bank's recent steps have yielded positive results, both in terms of structuring many sectors, enhancing the competitive environment vis-a-vis market challenges and responding to expansion requirements, locally and externally," Dr. Thani added.
On the Bank's H1 results, QIIB Chief Executive Officer Dr. Abdulbasit Ahmad Al Shaibei said the bank's total revenues amounted to QR 1,146 million compared to QR 1,038 million for the same period of 2018, with a growth rate of 10.3 percent.
QIIB's total assets at end of the first half of 2019 rose to QR 54.2 billion riyals compared to QR 47.6 billion riyals for the corresponding period of 2018 represent a growth of 13.9 percent and the financing assets grow by 13.1 percent to reach QR 31.4 billion riyals, Dr. Al Shaibei said.
Total deposits rose to QR 33.3 billion in H1, 2019 in comparison with QR 31.1 billion the same period last year, with a growth rate of 7 percent.
Earnings per share reached QR 0.34 and capital adequacy (Basel III) stood at 14.98 percent, which reflects QIIB's financial strength," Dr. Al Shaibei said.
Dr. Al Shaibei expressed satisfaction at QIIB's financial indicators in the first half of this year.
This demonstrated that the bank has achieved the set goals in the context of a comprehensive plan aimed at achieving the strategy set by the Board of Directors.
The strategy focuses on enhancing profitability and deepening partnerships and engagement in local projects, be it infrastructure or others.
"Thus we are able to continue contributing to the strengthening of the national economy and responding to competition in the local banking sector. The bank continued its work in order to enhance the operational structure and ensure its compliance with the best international banking standards. We have systematically invested in the development of the technological infrastructure, enhanced the concepts of sustainability in our work and projects, and focused greatly on creativity, innovation and performance, which resulted in outstanding performance so far," QIIB CEO noted.
Source: QNA
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