Qatar- QIIB's total assets grow by 9.8% to QR42.3bn
Date
7/22/2016 4:24:04 AM
(MENAFN- The Peninsula) QIIB Chairman and Managing Director Sheikh Dr Khalid bin Thani bin Abdullah Al Thani
By Satish Kanady
DOHA: QIIB, one of the leading Islamic lenders in Qatar, recorded a net profit of QR443m for the first half of 2016 , up 1.1 percent compared to QR438m reported a year ago. Re-affirming the resilience of Qatari economy and a stable banking sector, the bank";s total revenues for the first half climbed to QR817m, an increase of 10.3 percent compared to QR741m for the corresponding period in 2015.
QIIB";s total assets grew by 9.8 percent to QR42.3bn. The size of the bank";s financial portfolio surged by 11.9 percent on year-on-year to QR26.7bn, from QR23.9bn recorded a year ago.
Announcing the bank";s financial results, QIIB Chairman and Managing Director Sheikh Dr Khalid bin Thani bin Abdullah Al Thani said the results show QIIB can handle enormous amount of volatility, market surprise and changing expectations.
Sheikh Dr Khalid commented: 'These results reflect the bank";s ability to effectively participate in the rise of the strong Qatari economy that is witnessing a continuous growth.”
He said the bank was able to adapt to the conditions witnessed recently by the market due to the repercussions of oil prices"; decrease, as well as various market factors and maintained a high responsibility policy in the field of operations and risks, which enabled the bank to implement its strategy as per the original plans.
'The high solvency of the Qatari economy and its good response to all variables and diversity had a positive impact on the various sectors, particularly the banking sector, where the business environment maintained its momentum. Many mega projects were also launched without any significant discontinuance in the undergoing projects, which is a positive thing that motivates us to achieve further growth”.
Sheikh Dr Khalid said QIIB";s position is continuously enhanced in the domestic market and the bank contributes to the funding of several projects.
QIIB CEO Abdul Basit Ahmad Al Shaibi
Al Shaibi re-assured that 'QIIB will not hesitate to contribute to the financing of any project that offers added value to the Qatari economy, and will continue to give great attention to small and medium projects for their growth opportunities that are reflected on a large group of society.”
He explained that 'the Bank continues to implement its plans regarding its local expansion through its presence in various critical and important locations and through continuously deploying more developed ATMs. We also pay major attention to alternative channels such as the call center, online banking, online and mobile banking services, which are developed according to the highest quality standards adopted in the banking sector, in a way that helps customers get an integrated and suitable banking service”.
On the bank";s external expansion plans, the CEO said 'QIIB is waiting for the final approval from Bank Al-Maghrib regarding the establishment of a bank in the Kingdom of Morocco, for which QIIB signed a partnership agreement with 'Credit ImmobilierEt Hotelier SA” in Morocco. We hope that the work starts this year in order to meet the needs of the Moroccan banking market which has great got appetite for Islamic banking services”.
Al Shaibi added QIIB is continuously studying foreign markets and it will take advantage of any suitable opportunity that supports the bank";s growth and enhances shareholders"; equity, as long as it will be in accordance with the strict controls followed in the risks"; area.