(MENAFN- The Peninsula) QIIB net profit for the first quarter of 2017 (Q1, 17) reached QR236.5m, up 6 percent, compared to QR223m recorded a year earlier. The bank's growth in financial portfolio stood at QR29.3bn, an increase by 14 percent, during the period.
Announcing the results, QIIB Vice Chairman Sheikh Abdullah bin Thani bin Abdullah AlThani said: 'The outstanding results confirm that the Bank has been able to benefit from the upward trend in economic growth and the other positive factors provided by the Qatari economy, which sees great opportunities. At QIIB, we consider it a duty to contribute to the national economy and meet and overcome various challenges.
He added: 'The diligent work and the implementation of the strategic plans have resulted in achieving greater stability despite the various conditions and factors to which the markets have been exposed. The strong demand on the Bank's services has stimulated various financing activities, which has led to an increase in our financing portfolio and customer deposits. Also, the quality of the bank's assets helped us mitigate several risks.
Sheikh Abdullah said the bank's endorsement by international credit rating companies is further evidence that QIIB is moving in the right direction. Fitch has confirmed the QIIB rating at ‘A+' with a stable outlook. Moody's has equally set the Bank rating at ‘A2' with a stable outlook, he said.
'The first quarter of 2017 gives us optimism about the remaining period of the year. This is because the overall business climate is improving, following the oil price volatility in international markets. All indicators point to the fact that the economic situation is getting better and moving towards greater stability in the region in general and Qatar in particular.
He said, 'The continued implementation of various major projects and infrastructure projects and those related to the World Cup will give further impetus to the national economy. Different business sectors will thus be endowed with distinct opportunities that drive them to more profitability and growth.
QIIB Chief Executive Officer Abdulbasit Ahmad Al-Shaibei said, 'The total revenues of the Bank at the end of the first quarter of 2017 amounted to QR460m compared to QR400m during the corresponding period of 2016, which indicates a growth rate of 15 percent.
'QIIB's total assets at the end of the first quarter rose by 10% and reached 45.3 billion Qatari Riyals compared to 41.3 billion Qatari Riyals during the same period of 2016, he added.
The size of the bank's financing portfolio increased by the end of the first quarter to reach QR29.3bn compared to QR25.7bn at the end of the first quarter 2016, representing a growth rate of 14 percent.
Al Shaibei said the level of QIIB's non-performing assets is now at 1.84 percent. At the same time, the Bank has maintained its operating efficiency (Cost-to-Income ratio), which reached 25.4 percent in the first quarter, which is considered one of the best in the Qatari banking sector.
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