(MENAFN- Gulf Times) Benefitting from the "strong and positive elements" of the Qatari economy, QIIB has posted a first half net profit of QR438mn, up 9% on the same period last year.
The results were announced by QIIB vice-chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani after a meeting of the bank's Board of Directors here yesterday.
"Our results reflect the bank's ability to benefit from the strong and positive elements of the Qatari economy that is witnessing a continuous growth thanks to the support and care of HH the Emir Sheikh Tamim bin Hamad al-Thani."
He said, "The strength and stability provided by the Qatari economy have provided a stimulating environment for QIIB, which has clearly benefited from this and achieved significantly in terms of good growth rates in items that have been budgeted. All of these confirm the strong and established position of QIIB in the Qatari banking sector and economy".
Sheikh Abdullah added: "QIIB will continue to implement its strategy, both locally and internationally, and pay special attention to the application of the best standards adopted in the global banking sector and good governance in the field of risk management, while aspiring at the same time to maximise shareholders' equity and increase profitability."
QIIB chief executive officer Abdulbasit Ahmed al-Shaibei said, "The bank's total revenues for the first half of 2015 amounted to QR740.7mn compared with QR718.9mn in the same period in 2014, which indicates a growth rate of 3%.
He also pointed out that QIIB's total assets in H1, 2015 reached QR38.5bn compared with QR36.1bn in the same period of 2014. The bank's financing portfolio increased to QR23.9bn in H1 compared with QR21bn in H1, 2014.
Highlighting QIIB's financial management and liquidity in H1, al-Shaibei said, "QIIB's non-performing funding assets amounted to less than 1.57% as the bank continued with its outstanding record in maintaining the operating efficiency (efficiency ratio) at 23.3%.
On deposits, the CEO explained that these increased to QR25.6bn in H1, compared with QR25.9bn in H1, 2014.
The capital adequacy ratio under Basel III reached 17.53% in H1. Al-Shaibei expressed satisfaction at the achieved indicators, which confirmed, "We are moving in the right direction and hope to achieve more in the coming period. We are also examining the opportunities available in the different sectors. There is a lot of work to be done to achieve the best interests of the bank and its shareholders'.
"We are optimistic, thanks to the great dynamics of the Qatari economy. All sectors are witnessing growth; projects are moving strong, especially the big ones in the area of infrastructure, which create an environment of favourable opportunities. We stay focused on benefiting from our national economy in accordance with the policies of the bank and in a way that achieves the strategic vision of the Board of Directors. QIIB remains committed to serving the Qatari economy and contributing to its development."
The CEO said, "There is a great demand for our banking products and services. Our customer base is expanding steadily. We will continue to respond to our customer needs by opening new distribution channels and launching new products and services that meet the aspirations of our clients,"
"In respect of companies, we will work along with small and medium enterprises (SMEs), as they are considered key players in national development. At the same time, we will not overlook any of the significantly large projects and will not spare any efforts at financing these."
QIIB opened several branches that are designed to cater to individuals
and businesses in the first half of the current year.
He said, "It is also expected that QIIB will officially open a branch at the Ezdan Mall within a short period of time, in addition to several other branches before the year-end in order to effectively meet the needs of new and existing customers and the growing demand for our banking services."
Al-Shaibei added, "While focusing on the local market and attaching priority to various activities in the country, QIIB continues to examine foreign investment opportunities and seek to benefit from the appropriate ones, which are in line with the bank's policies, particularly in the area of risk management."
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