QIIB Net profit Reaches QR 253.2 Million in Q1 of 2018

Doha, April 15 (QNA) - QIIB announces financial results for the first quarter (Q1-2018) ended on March 31, 2018. The results showed that QIIB achieved net profits amounting to 253.2 million riyals at the end of the first quarter (Q1-2018) compared with 236.5 million riyals in the same period in 2017, which represents a growth rate of 7.1%. HE Vice-Chairman of QIIB Sheikh Abdullah bin Thani bin Abdullah Al-Thani, said that " The Bank's results clearly reflect its success in maintaining growth and delivering outstanding results for the various financial statements items, which have been positive in terms of key indicators". HE said, "The Bank is working relentlessly to take advantage of the great opportunities being offered by the Qatari economy. Recent developments have shown that ours is a strong economy that is able to meet all challenges and achieve growth rates that are considered the best in the region. " QIIB has shown by being strongly and increasingly involved in the financing of various projects under execution at the local level, whether large projects, infrastructure projects or small and medium enterprises. The first quarter financial results actually reflected the success of the Bank in its strategy, which primarily focuses on the local market." HE added. QIIB Chief Executive Officer Dr Abdulbasit Ahmed al Shaibei highlighted some of the key indicators in the first quarter 2018 financial results of the bank. He said, "The total revenues amounted to 517.3 million riyals in Q1, 2018 compared with 460 million riyals at the end of the first quarter of 2017, which represents a growth rate of 12.5%. " "QIIBs total assets at the end of the first quarter rose by 11.3% and reached 50.4 billion riyals compared to 45.3 billion riyals during the same period of 2017, while the total deposits reached 31.1 billion riyals represents 11.6% growth." he added. Al Shaibei said that the Capital adequacy (Basel III) stood at 16.91 %, reflecting the strength of the bank's financial position and its prudent risk management policy." Dr al-Shaibei stated, "These results reflect the efforts made and the systematic implementation of the Board's plans, which have resulted in a continuous improvement in various indicators. Such an improvement has become possible due to the inherent strength of the Qatari economy and its banking sector." "QIIB continues to focus strongly on the local market by participating in the financing of various projects and its engagement with various sectors, particularly the small and medium enterprises (SMEs), a segment which is very important in the development of the national economy. During the first quarter of 2018, we renewed Al Dhameen project agreement with Qatar Development Bank (QDB), which facilitates financing SMEs. "the CEO noted. In addition to focusing on the local market, Al Shaibei noted, "QIIB is carefully considering meaningful and profitable opportunities outside of Qatar, as the bank works on expanding its investment options and building its plans in view of the new situation in the region." Dr al Shaibei said, "The good performance of the bank, its continuing growth in net profits and the strong financial position have prompted leading international credit rating agencies to affirm their high rating on QIIB. Fitch and Capital Intelligence have given A rating to QIIB, which shows their high trust on the Qatari economy in general and its banking sector in particular." In the field of human resources, Dr al Shaibei stated, "The Bank emphasizes on competence in the recruitment process by attracting the best expertise and talents, while giving priority to Qataris and giving them all opportunities and attention such as proper placement and training. This will enable them to advance into various banking and administrative fields and reach senior management positions".(QNA)