QIIB net profit grows by 6% to QR832m

25/01/2018 06:14 AST

QIIB has announced a net profit of QR832m for the year 2017, up 6 percent compared to the previous year. The bank's earnings per share stood at QR5.50 in 2017.

The Board of Directors recommended to the Ordinary General Assembly of the shareholders to distribute cash dividends of 40 percent (QR 4 per share) subject to Qatar Central Bank approval of the financial statements.

Announcing the results, Sheikh Abdullah bin Thani bin Abdullah Al Thani, Vice-Chairman of QIIB board of directors said: "The Bank's results and its remarkable growth are consistent with the strength of the Qatari economy and its ability to face various challenges it has confronted with. The Qatari economy has proven to be rock solid and firm, driven by diligent planning and systems and procedures, thanks to the patronage and support of His Highness the Emir, Sheikh Tamim bin Hamad Al Thani".

He said, "At QIIB, we remain committed to the Qatari economy and are putting all our strengths and resources to the provision of necessary financing for projects, whether they are infrastructure related or otherwise. We consider this as a duty and not an option as the Qatari economy offers attractive opportunities that are not available in any other economy in the region."

Sheikh Abdullah expressed confidence that QIIB will continue in the growth trajectory and maintain profitability in the period ahead as its strategy has demonstrated its ability to anticipate potential challenges, ensured strength and stability in the bank's financial position and minimized risks.

"Enhancing returns to shareholders, improving the overall working environment, increasing innovation and expanding growth opportunities will remain constant goals for QIIB and we will work with full force to benefit from the various market factors and transform challenges into opportunities for the Bank, the shareholders and customers equally."

Dr. Abdulbasit Ahmad Al Shaibei said that the total revenues of the bank amounted to QR1.9bn at the end of 2017 compared to QR1.7bn in 2016, which represent a growth of 8.8 percent, as customer deposits increased to reachQR 32.5bn in 2017 compared to QR 26.6bn in 2016.

QIIB's total assets increased by end-2017 to reach QR46.6bn, with a growth of 9.6 percent compared to 2016. The shareholders equity stood at QR6.8bn in end-2017, while Capital Adequacy under Basel III ratio to 17.87 percent, which indicates the strength of QIIB's financial position amid various risks.

Dr Al-Shaibei confirmed that the financial results achieved by QIIB in 2017 are in perfect alignment with efforts made to implement the plans set by the bank's Board of Directors and adapt quickly to the various market factors and challenges in 2017, especially those linked to the unjustified blockade on Qatar."

He said the strength of the Qatari economy and its ability to overcome various challenges and obstacles, shielded the country's banking system from any adverse effects as a result of the blockade. The government's policies have turned the blockade into an opportunity and the actions taken by the Qatar Central Bank have contributed to the financial stability of the sector and helped the sector overcome any effects or consequences of the blockade. "We have found that the growth in various items provisioned in our budget confirms these facts."

"During 2017, QIIB maintained its focus and interest on the local market in view of the opportunities provided by the Qatari economy, which is witnessing a major revival in terms of projects, whether they are large and related to infrastructure, or small and medium projects, which the government considers very important in the economy and a contributor to national growth.

In this regard, it is important to mention the effective cooperation and partnership between QIIB and the Qatar Development Bank, which facilitated financing many small and medium projects and e

The Peninsula