* QIB shareholders at their AGM on Zoom on Monday approved the increase of the limit for the bank's ‘USD Sukuk programme’ to $5bn instead of $4bn, which is subject to QCB approval.
QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani yesterday said his bank had been able to successfully navigate the pandemic-induced crisis because of government support and its commitment and hard work.
He was addressing QIB shareholders at their AGM on Zoom on Monday.
Sheikh Jassim said, “2020 has been an exceptional year at all levels, due to the impact of the Covid-19 pandemic on economies across the globe, as well as regionally and locally.
“However, thanks to our commitment and hard work, in addition to the government’s support, and the exceptional efforts of the executive management team and staff, we have been able to successfully navigate the crisis, while managing the challenges faced by our customers and employees alike.
“QIB has taken a proactive response to the economic implications of the pandemic by postponing financial instalments for SME’s and individual customers, as well as for all affected sectors, taking part in the Covid-19 National Guarantee Program, devised by the State of Qatar and the Qatar Central Bank.
“We have successfully achieved business continuity, providing our products and services to our clients, individuals and corporate, thanks to the recent investments we have made in our digital transformation strategy.”
QIB’s advanced digital channels played a key role in achieving business continuity, smoothly and effectively, and we were praised for helping our customers, having demonstrated our leadership in providing the best digital banking services, whilst ensuring the safety of its customers, employees, and the community at large as top priority.
“We have been also able to provide various types of support to the community, which significantly contributed to QIB receiving a number of awards regionally and globally, by specialised organisations and international publications, acknowledging our outstanding response to the pandemic, and safeguarding our operational environment.”
During the past year, QIB was also able to successfully complete issuances of sukuks worth $1.65bn including first ever ‘Formosa Sukuk’ to be issued by any bank and provide various alternatives to stabilise liquidity and maintain very good asset quality, with major improvements in information security, in full compliance with all regulatory guidelines.
In light of all those achievements, despite the exceptional challenges faced this year, QIB has reiterated its position as one of the largest Islamic banks in the region and one of the strongest across the globe, with assets growing from QR163.5bn in 2019 to QR174.4bn In 2020, while the total income reached QR7,958mn, registering 3% growth compared to year 2019.
On the other hand, QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.4%, one of the lowest in the industry, while it continued to pursue the conservative impairment policy maintaining a healthy 92.3% coverage ratio for non-performing financing assets as of December 2020.
Within this positive context, QIB has achieved net profits for the fiscal year 2020 of QR3,065mn, at the same level as previous year’s results, despite the exceptional circumstances.
On behalf of QIB’s Board of Directors Sheikh Jassim expressed highest regards and appreciation to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani, for his wise and outstanding leadership in responding to the challenges faced by the country, as well as his support and empowerment of the local banking sector.
Meanwhile, the AGM approved the board of directors’ proposal to distribute 40% cash dividends of the nominal value per share, (ie QR0.40) per share.
It also approved the increase of the limit for QIB’s ‘USD Sukuk programme’ to $5bn instead of $4bn, which is subject to QCB approval.