QIIB’s net profit grows by 5.1%; assets at QR50.6bn

24/10/2017 06:05 AST

Maintaining its growth trajectory, the Qatar International Islamic Bank (QIIB) recorded a net profit of QR700m in third quarter of 2017 (Q3,17), up 5.1 percent compared to the same period in 2016. The bank’s total assets grew by 17.5 percent to QR50.6bn, year-on-year. Announcing the financial results, Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB said the net profit growth shows that the bank was able to overcome the challenges and maintain the stable growth rate that distinguishes it for a long time now.

“We are proud to achieve this growth, which is primarily due to our engagement with the Qatari economy that provides rich and substantial opportunities and one that proves to be strong, dynamic and capable of overcoming challenges at all levels, and sustaining growth and prosperity for the various sectors,” Sheikh Dr Khalid said.

“Given the circumstances that have arisen, we consider these results as our contribution to the Qatari economy, which has proved its resilience and capabilities in the face of the blockade and attempts to dwarf its growth,” he added. The Chairman affirmed that Qatar International Islamic Bank is committed to implementing its strategy that focuses on the local market, financing various projects and coordinating with all sectors, so as to increase opportunities, facilitate works and help execute projects as scheduled.

“Opportunities available in the local market call for the bank’s active engagement with the local business sector in order to enhance returns to the bank’s shareholders and raise profitability based on internal controls and policies. We also need to put focus on making headway despite competition, even as we manage market risks wisely,” he added.

The Peninsula