15.07.2015, 14:58
QIIB announces its financial results for the first half of 2015
OREANDA-NEWS. QIIB announces its financial results for the first
half of 2015.
His Excellency Sheikh Abdullah Bin Thani Bin Abdull ah Al-Thani, QIIB Vice Chairman announced the Bank's financial r esults for the first half of 2015.
Following a meeting of QIIB’s Board of Directors th at was held to discuss the banks financial performance in the first half o f the year that ended on June 30, 2015, HE Sheikh Abdullah said, “By the end of the period that ended in June, the bank achieved a net profit of QR 438 million riyals compared with QR 402 million riyals in the same per iod of last year, which represents a growth of 9%. This reflects the bank's ability to benefit from the strong and positive elements of the Qatari econ omy that is witnessing a continuous growth thanks to the support and care of HH the Emir of Qatar, Sheikh Tamim Bin Hamad Al Thani.”
He said, “The strength and stability provided by th e Qatari economy have provided a stimulating environment for QIIB, which has clearly benefitted from this and achieved significantly in terms of go od growth rates in items that have been budgeted. All of these confirm the s trong and established position of QIIB in the Qatari banking sector and e conomy".
HE Sheikh Abdulla bin Thani continued, “The targeted growth figures are always ambitious, based on the underlying factors a nd opportunities. Our bank seeks to achieve more in the coming period, es pecially all the necessary factors are seen, be it in terms of opera tional structure or the promising local market. These include great opportu nities the bank strives to benefit from, in line with its policy of focusin g on the local market and contribute to the development of various sectors in the Qatari economy.”
He added: “QIIB will continue to implement its stra tegy, both locally and internationally, and pay special attention to the a pplication of the best standards adopted in the global banking sector and good governance in the field of risk management, while aspiring at the same time to maximise shareholders' equity and increase profitability."
HE Sheikh Abdulla bin Thani expressed confidence tha t the QIIB's Executive Management and employees will continue with their f ocused efforts to upgrade the work, progress towards more creativity and innovation in terms of Islamic banking and achieve the targeted g rowth rates with the aim of achieving compatibility with the market's ne eds.
QIIB Chief Executive Officer, Mr. Abdulbasit Ahmed A l-Shaibei said, "The Bank's total revenues for the first half of 2015 am ounted to QR 740.7 million riyals compared with QR 718.9 million riyal s in the same period of 2014, which indicates a growth rate of 3%.
He also pointed out that QIIB’s total assets at the end of the first half of 2015 reached QR 38.5 billion riyals compared with Q R 36.1 billion riyals in the same period of 2014.
"The bank's financing portfolio has increased at th e end of the first half of this year to reach QR 23.9 billion riyals compared with QR 21.0 billion riyals at the end of the corresponding period last year. T his represents a growth of 13.8%.
Highlighting QIIB’s financial management and liquid ity during the first half of this year (H1, 2015), Mr. Al-Shaibei said, "QIIB 's non-performing funding assets amounted to less than 1.57% as the bank cont inued with its outstanding record in maintaining the operating eff iciency (efficiency ratio) at 23.3%.
On deposits, the CEO explained that these increased to QR 25.6 billion riyals in H1, 2015 compared with QR 25.9 Billion in the same period last year.
The capital adequacy ratio under Basel III reached 17.53%, which reflects the strength of the QIIB's position and readiness t o apply the new standards of the Third Basel Accord, which is a glo bal, voluntary regulatory framework on bank capital adequacy, stress testing and market liquidity risk.
Mr.Al-Shaibei expressed his satisfaction towards th e achieved indicators, which confirm that, "we are moving in the right dir ection and that we hope that to achieve more in the coming period. We are a lso examining the opportunities available in the different sectors an d there is a lot of work to be done and benefit from in order to achieve the be st interests of both the Bank and its shareholders'."
He added: "We are optimistic, thanks to the great d ynamics of the Qatari economy. All sectors are witnessing growth; project s are moving strong, especially the big ones in the area of infrastructu re, which create an environment of favourable opportunities. We stay fo cused on benefitting from our national economy in accordance with the po licies of the bank and in a way that achieves the strategic vision of the Board of Directors. We remain committed to serving the Qatari economy and contributing to its development."
The CEO said, "There is a great demand for our banki ng products and services and our customer base is expanding steadil y. We will continue to respond to our customer needs by opening new distri bution channels and launching new products and services that meet the a spirations of our clients, both individuals and corporates.
“In respect of companies, we will work along with s mall and medium enterprises (SMEs), as they are considered key playe rs in national development. At the same time, we will not overlook any of the significantly large projects and will not spare any efforts at financing these.”
Mr.Al-Shaibei said QIIB opened several branches tha t are designed to cater to individuals and businesses in the first half of the current year. These are located at Muaither, Al Khor and Grand Hamad Street (Corporate Branch).
He said, “It is also expected that QIIB will offici ally open a branch at the Ezdan Mall within a short period of time, in additio n to several other branches before the year-end in order to effectivel y meet the needs of new and existing customers and the growing demand f or our banking services.”
In parallel with the expansion, the CEO said: "QIIB attaches great attention to alternative channels and has developed a large b ouquet of these services. These will save our customers a lot of t heir efforts and time. The Bank recently launched an advanced version of banki ng services through mobile phones and launched its new website in accor dance with the best standards and in an innovative design that reflects the new spirit in which the Bank operates, and facilitates customers' acces s to various information and banking services on the Internet.
“The Bank also works on expanding the nation-wide A TMs' network in addition to focusing on improving the quality of ou r 24x7 call center service.”
Mr. Al-Shaibei added, “While focusing on the local market and attaching priority to various activities in the country, QIIB continues to examine foreign investment opportunities and seek to benefi t from the appropriate ones, which are in line with the Bank's policies, p articularly in the area of risk management."
As for human capital, Mr. Al-Shaibei said, "QIIB in vests effectively in its cadres and attaches great attention to properly tra ining, equipping and placing the staff members at the appropriate level Qatarisation remains central to our human capital development. Our strat egy will continue to be guided by spotting Qatari talent and developing it so that we can efficiently serve our community and economy.”
His Excellency Sheikh Abdullah Bin Thani Bin Abdull ah Al-Thani, QIIB Vice Chairman announced the Bank's financial r esults for the first half of 2015.
Following a meeting of QIIB’s Board of Directors th at was held to discuss the banks financial performance in the first half o f the year that ended on June 30, 2015, HE Sheikh Abdullah said, “By the end of the period that ended in June, the bank achieved a net profit of QR 438 million riyals compared with QR 402 million riyals in the same per iod of last year, which represents a growth of 9%. This reflects the bank's ability to benefit from the strong and positive elements of the Qatari econ omy that is witnessing a continuous growth thanks to the support and care of HH the Emir of Qatar, Sheikh Tamim Bin Hamad Al Thani.”
He said, “The strength and stability provided by th e Qatari economy have provided a stimulating environment for QIIB, which has clearly benefitted from this and achieved significantly in terms of go od growth rates in items that have been budgeted. All of these confirm the s trong and established position of QIIB in the Qatari banking sector and e conomy".
HE Sheikh Abdulla bin Thani continued, “The targeted growth figures are always ambitious, based on the underlying factors a nd opportunities. Our bank seeks to achieve more in the coming period, es pecially all the necessary factors are seen, be it in terms of opera tional structure or the promising local market. These include great opportu nities the bank strives to benefit from, in line with its policy of focusin g on the local market and contribute to the development of various sectors in the Qatari economy.”
He added: “QIIB will continue to implement its stra tegy, both locally and internationally, and pay special attention to the a pplication of the best standards adopted in the global banking sector and good governance in the field of risk management, while aspiring at the same time to maximise shareholders' equity and increase profitability."
HE Sheikh Abdulla bin Thani expressed confidence tha t the QIIB's Executive Management and employees will continue with their f ocused efforts to upgrade the work, progress towards more creativity and innovation in terms of Islamic banking and achieve the targeted g rowth rates with the aim of achieving compatibility with the market's ne eds.
QIIB Chief Executive Officer, Mr. Abdulbasit Ahmed A l-Shaibei said, "The Bank's total revenues for the first half of 2015 am ounted to QR 740.7 million riyals compared with QR 718.9 million riyal s in the same period of 2014, which indicates a growth rate of 3%.
He also pointed out that QIIB’s total assets at the end of the first half of 2015 reached QR 38.5 billion riyals compared with Q R 36.1 billion riyals in the same period of 2014.
"The bank's financing portfolio has increased at th e end of the first half of this year to reach QR 23.9 billion riyals compared with QR 21.0 billion riyals at the end of the corresponding period last year. T his represents a growth of 13.8%.
Highlighting QIIB’s financial management and liquid ity during the first half of this year (H1, 2015), Mr. Al-Shaibei said, "QIIB 's non-performing funding assets amounted to less than 1.57% as the bank cont inued with its outstanding record in maintaining the operating eff iciency (efficiency ratio) at 23.3%.
On deposits, the CEO explained that these increased to QR 25.6 billion riyals in H1, 2015 compared with QR 25.9 Billion in the same period last year.
The capital adequacy ratio under Basel III reached 17.53%, which reflects the strength of the QIIB's position and readiness t o apply the new standards of the Third Basel Accord, which is a glo bal, voluntary regulatory framework on bank capital adequacy, stress testing and market liquidity risk.
Mr.Al-Shaibei expressed his satisfaction towards th e achieved indicators, which confirm that, "we are moving in the right dir ection and that we hope that to achieve more in the coming period. We are a lso examining the opportunities available in the different sectors an d there is a lot of work to be done and benefit from in order to achieve the be st interests of both the Bank and its shareholders'."
He added: "We are optimistic, thanks to the great d ynamics of the Qatari economy. All sectors are witnessing growth; project s are moving strong, especially the big ones in the area of infrastructu re, which create an environment of favourable opportunities. We stay fo cused on benefitting from our national economy in accordance with the po licies of the bank and in a way that achieves the strategic vision of the Board of Directors. We remain committed to serving the Qatari economy and contributing to its development."
The CEO said, "There is a great demand for our banki ng products and services and our customer base is expanding steadil y. We will continue to respond to our customer needs by opening new distri bution channels and launching new products and services that meet the a spirations of our clients, both individuals and corporates.
“In respect of companies, we will work along with s mall and medium enterprises (SMEs), as they are considered key playe rs in national development. At the same time, we will not overlook any of the significantly large projects and will not spare any efforts at financing these.”
Mr.Al-Shaibei said QIIB opened several branches tha t are designed to cater to individuals and businesses in the first half of the current year. These are located at Muaither, Al Khor and Grand Hamad Street (Corporate Branch).
He said, “It is also expected that QIIB will offici ally open a branch at the Ezdan Mall within a short period of time, in additio n to several other branches before the year-end in order to effectivel y meet the needs of new and existing customers and the growing demand f or our banking services.”
In parallel with the expansion, the CEO said: "QIIB attaches great attention to alternative channels and has developed a large b ouquet of these services. These will save our customers a lot of t heir efforts and time. The Bank recently launched an advanced version of banki ng services through mobile phones and launched its new website in accor dance with the best standards and in an innovative design that reflects the new spirit in which the Bank operates, and facilitates customers' acces s to various information and banking services on the Internet.
“The Bank also works on expanding the nation-wide A TMs' network in addition to focusing on improving the quality of ou r 24x7 call center service.”
Mr. Al-Shaibei added, “While focusing on the local market and attaching priority to various activities in the country, QIIB continues to examine foreign investment opportunities and seek to benefi t from the appropriate ones, which are in line with the Bank's policies, p articularly in the area of risk management."
As for human capital, Mr. Al-Shaibei said, "QIIB in vests effectively in its cadres and attaches great attention to properly tra ining, equipping and placing the staff members at the appropriate level Qatarisation remains central to our human capital development. Our strat egy will continue to be guided by spotting Qatari talent and developing it so that we can efficiently serve our community and economy.”
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