19/07/2018 07:55 AST

Leading Islamic lender QIIB has recorded a net profit of QR484m for the first half of 2018 (H1, 2018), up 4 percent, compared to QR465m posted during the same period in 2017. The bank’s total revenues rose 14.8 percent to QR1.04bn compared to QR910m delivered in H1, 17.

QIIB’s total assets stood at QR 47.6bn at the end of the first half of the year, reflecting a 3.7 percent year-on-year growth. The bank’s investments portfolio reached QR 15.4bn, up 28 percent compared to the end of the first half of 2017.

Commenting on the financial results, Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB said the first half results reflects the Bank’s financial performance has been consistent with that of the Qatari economy, which is witnessing a rapid and robust growth.”Thanks to the support and patronage of His Highness the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani.”

Sheikh Dr Khalid said: “The great resilience shown by the Qatari economy in facing the siege and various other challenges provided a unique environment that enabled the bank to finance many projects, which reflected positively on the various items on the QIIB financial position and the strength of its performance rations…This excellent financial performance of the Bank has been endorsed by renowned global rating agencies, which affirmed in advanced position. Recently, Fitch and Moody’s upgraded QIIB’s outlook to stable. This achievement can be clearly attributed to the strength of the Qatari economy and the Government’s great support to the country’s banking sector”, he said.

In line with the market developments, Sheikh Dr Khalid added, QIIB has devised a strategy that concentrates on the local market and the partnership with various sectors of the Qatari economy with special attention being given to major infrastructure projects. At the same time, the bank will continue to pursue opportunities outside of Qatar very diligently, focusing on risk mitigations and after elaborate feasibility studies. This will potentially lead to increased profitability and continued growth in various financial indicators of the Bank.

The QIIB Chairman and Managing Director expressed optimism that 2018 will be an exceptional one for the Bank, as all factors promise further growth and expansion. The Qatari economy is making steady progress and creating promising opportunities, which makes us optimistic about future.

QIIB Chief Executive Officer Dr Abdulbasit Ahmad Al Shaibei (pictured) said the bank’s capital adequacy ratio (under Basel III) reached 15.91 percent, which confirms the Bank’s solid position and its ability to cope with various market risks.

“The results of the first half of 2018 clearly indicate that the QIIB continues to grow in an upward trajectory, based on its strong solvency and clear strategic plans that rely on the strength of the Qatari economy and its ability to provide the best opportunities for the banking sector as a whole”, he said.

Dr Al Shaibei added: “The continuous improvement of the Bank’s performance ratios is an evidence of the strength of the Qatari banking sector. All figures, published information and expert analyses show that the Qatari economy is the best in the region and is able to continue to achieve growth and contribute to finance various projects with greater efficiency.”

The unjust siege imposed on Qatar by the blockading countries to hinder the nation’s development, has been converted into incredible opportunities, quest for self-reliance, new initiatives and creativity, search for new markets and partnerships and relationships with other countries and regions of the world, he said.

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