Leading Islamic bank QIIB has posted a net profit of QR927mn in 2019, up 5.1% from the previous year.
The bank’s results were announced after a meeting of its board of directors in Doha yesterday by QIIB chairman and managing director, Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.
The board of directors recommended to the Annual General Assembly of shareholders the distribution of cash dividends equivalent to 42.5% of the capital (QR0.425 per share) subject to obtaining the Qatar Central Bank’s approval.
The earnings per share stood at QR0.58 in 2019.
Sheikh Dr Khalid said that “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, thanks to the support and patronage of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani”.
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 added, “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 the Qatar National Vision 2030. We are honoured to take part and actively contribute to achieving some of the goals of the QNV 2030”.
He 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.
“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 a 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”.
QIIB chief executive officer, Dr Abdulbasit Ahmad al-Shaibei highlighted the bank’s financial indicators for 2019 and said, “The bank’s total assets at the end of 2019 amounted to QR56.8bn compared to QR50.3bn at the end of 2018, with a growth rate of 13.1%. The financing activities portfolio increased to QR37bn compared to QR28bn in 2018, which represents a growth rate of 32.2%.
He said, “The bank’s total equity stood at QR8.2bn at the end of 2019 while its capital adequacy under Basel III registered 18.5%, which reflects the strength of QIIB’s financial position amid various risks. “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”.
Al-Shaibei noted, “Through these results, we are happy to contribute to the growth of the Qatari economy, as we strove during the past year to implement the interim and strategic plans laid down by the Board of Directors. The results are satisfactory for us, as most of the bank’s financial indicators improved, the bank’s established position kept its strength, and 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”.
In terms of foreign investment, al-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.
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).
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