The bank’s results were announced by chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani after a meeting of its board of directors here yesterday.
He said QIIB results demonstrated the bank’s consistent improvement and validated its alignment with the high level of solvency that the Qatari economy enjoys thanks to the patronage and support of His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar.
Earnings per share reached QR0.38 in H1, QIIB said.
During its meeting, QIIB board of directors approved the distribution of interim cash dividends to the shareholders, amounting to 23% of nominal share value (QR0.23 per share), which will be paid to eligible shareholders as at the close of trading on July 30.
Sheikh Dr Khalid said: “In the first half of 2024, QIIB maintained its outstanding results, which is a testament to the tremendous efforts made at all levels of the organisation to enhance performance and stay up with the State of Qatar’s economic revival across a range of industries”.
“We have continued to implement our strategy by focusing on the local market, as there are many rich opportunities for different local business sectors. Additionally, we are dedicated to actively participating in development initiatives that will improve society and strengthen the Qatari economy.
“QIIB has been able to solidify its financial position and stable growth for a long period, and has consolidated its position locally through the growing confidence it has gained, and externally through the partnerships it has forged with partners in various countries of the world, which have manifested in a high level of trust and desire in continuing co-operation and strengthening business ties in line with the prestigious position of QIIB.”
Sheikh Dr Khalid bin Thani noted: “Based on the distinguished position of the bank and the stable financial results, leading international credit rating agencies rated the bank at high ratings. Fitch upgraded QIIB rating to “A” from “A-”, with a stable outlook. In turn, Capital Intelligence affirmed QIIB rating at “A+” with a stable outlook”.
Moody’s assigned “A2” Ratings to QIIB with a stable outlook.
QIIB chief executive officer Dr Abdulbasit Ahmed al-Shaibei noted: “At the end of H1,2024, the bank’s total income reached QR1,681mn compared to QR1,393mn in the same period (2023) with a growth rate of 20.6%.
Total assets at the end of the first half of the year amounted to QR59.3bn compared to QR58.1bn at the end of the same period in 2023, with a growth rate of 2.1%, while the financing assets have grown by 7.6% reached QR38.6bn.
“Customer deposits at the end of the first half of this year amounted to QR40.4bn, compared to QR36.3bn at the end of the same period in 2023 . Total equity amounted to QR9.4bn and the capital adequacy under Basel III reached 19.46%, which indicates the strength and robustness of QIIB’s financial position in the face of various potential risks.
Dr al-Shaibei noted: “The distinguished results achieved by QIIB during the period ending on June 30 this year are the result of implementing the plans and strategies developed by the board of directors, which focus on the local market, and working closely with the local business sector, as the Qatari economy offers distinct opportunities that we are keen to take advantage in accordance with our adopted standards, which we are keen to be in line with the requirements of the markets”.
“QIIB continued to respond to the expansion of its customer base through many ways, including increasing services and products innovation, and accelerating digital transformation through various available channels, which provided the various categories of our customers with an advanced banking experience that keeps pace with the best global banking developments”.
The CEO said: “The first half of this year witnessed the launch of many products, whether for companies or retails, including products launched for the first time in Qatar, such as the Visa debit card for medium and small companies.
“The bank also launched promotional offers with competitive benefits for the bank’s customers, which included prizes that the bank granted for the first time. These services and offers have received a great positive response from our customers and have strengthened our position in the banking market in the face of competitive factors”.
He continued: “The first half of 2024 also witnessed an important investment at the international level, represented by the success of QIIB in issuing sustainable sukuks (ORYX) worth $500mn, which were listed on the London Stock Exchange. QIIB was the first Qatari bank to issue sustainable sukuks.
The bank issued these sukuks as part of its engagement in keeping up with the third strategy for the financial sector launched by the Qatar Central Bank, and also as part of keeping up with government trends and plans that pay special attention to sustainability issues and the importance they entail”.
