QFB's first half revenue surges by 46% to QR353m

Date

7/29/2016 1:43:51 AM

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(MENAFN- The Peninsula) Qatar First Bank QFB Chairman Abdulla bin Fahad bin Ghorab AlMarri

By Satish Kanady

DOHA: Qatar First Bank (QFB), a leading Shari";ah compliant bank based in Qatar and listed on Qatar Exchange (QE), has recorded a revenue increase of 46 percent to QR353m ($97m) and a net profit of QR16.8m ($4.6m) for the first half ended June 2016.

The first half saw the completion of a major milestone for the bank when it was listed on Qatari bourse on April 27, delivering the bank";s promise to shareholders.

Ziad Makkawi, CEO, QFB

Ziad Makkawi, CEO, QFB said: 'As we look to the year ahead, we envision that the global economic backdrop will remain challenging specifically as the GCC region adjusts to lower oil prices and slowing economic growth. However, we will continue to push ahead with our expansion strategy into banking and adopt an opportunistic outlook to source viable investment opportunities and generate sound returns for our clients and shareholders.”

In parallel with its listing on the Qatari bourse, QFB has simplified its structure to create greater efficiencies and increase overall effectiveness. The Bank introduced an action plan in 2016 that focused on optimising the bank";s resources and raising its efficiency levels. Additionally, QFB has strengthened its international reach and developed deeper access to key markets by signing with leading players that complement and boost the offerings.

'QFB is at the beginning of a new era. The introduction of our efficiency optimisation plan and the commitment to our strategy resulted in a stronger team with a unique combination of knowledge and regional execution capabilities, as well as a healthier and more efficient balance sheet”, Makkawi added.

During 2016, the Alternative Investments department continued the implementation of its strategy, with the aim of strengthening the Bank";s position as a trusted advisor and gateway for investors who wish to invest in innovative, Shari";ah compliant, private equity and real estate investment opportunities in local, regional and global markets.

Meanwhile, the private equity investments continued to grow in value recorded QR13m in dividends from portfolio companies. English Home, QFB";s Turkey-based home textile chain, expanded its geographic footprint, increasing its number of stores in Turkey from 271 as of December 2015 to 293 as of June 2016, and internationally it expanded from 72 stores as of December 2015 to 89 as of June 2016. The Bank";s subsidiary, Al Wasita Emirates for Catering and Services, successfully increased its capital to Dh80m, from existing shareholders, to further strengthen the company";s financial position and continue its expansion. QFB";s investment in Qatar";s Food Services Company continued to deliver good results with the company opening new stores across Qatar.

The Bank also continued to support the London-based luxury jeweller David Morris in its expansion plans. A flagship store in Rue St Honore in Paris is scheduled to open later this year, along with a new dedicated boutique in Qatar";s Pearl in partnership with the Bank";s local partners.

On the Corporate & Institutional Banking front, QFB";s team has been able to successfully maintain a growing portfolio offering clients a wide range of Shari";ah compliant financing products and liability solutions. Currently, the bank has grown its financing portfolio by more than 27 percent to QR1.4bn.

On the Private Banking & Wealth Management front, QFB announced the development of a pioneering open Shari";ah compliant architecture private banking platform, supported by an exceptional international network of partners.

The Peninsula