QIIB on Monday announced that the bank posted a net profit of QR1,003 million (QR1 billion) in 2021, representing an overall growth of 7 percent compared to the previous year, with earnings per share at QR0.59.
QIIB’s board of directors proposed a cash dividend distribution to shareholders of QR0.375 per share (37.5 percent of the nominal share value), subject to the approval of QIIB’s 2021 financial statements by the Qatar Central Bank and the bank’s ‘AGM’.
The bank’s total revenues increased to QR2.45 billion by the end of the year. While total assets of the bank reached QR61.8 billion, total deposits stood at QR38.4 billion with a growth rate of 6.3 percent.
Commenting on the results, QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah AL Thani said, “QIIB achieved exceptionally notable results in 2021, in alignment with Qatar’s strong overall economic growth. Our nation’s economy has been steadily growing across all sectors and indicators.”
Sheikh Khalid said, “The year 2021 was another fruitful year for QIIB, during which the bank managed to improve its financial indicators and achieve its desired growth, in spite of the market’s inherent challenges. This is especially impressive since these were unique challenges that have gripped the entire global market, and greatly impacted the banking sector, forcing its participants to exert unprecedented efforts to adapt, and overcome those challenges.”
“The prudent policies pursued and enforced by the banking sector regulators and the government’s rescue plans along with its relentless support for all business sectors across the country were all instrumental to the nation’s ability to overcome the repercussions of COVID-19. This has facilitated notable growth, which was considered impressive not only to us but also to financial experts, observers and analysts of the Qatari economy,” he said.
Sheikh Khalid said, “QIIB exerted tremendous efforts to implement the strategies that were put forth for 2021, ultimately managing to satisfy its commitments by maintaining growth indicators within targeted levels, improving operational efficiency, and finding solutions for the market’s challenges, and its expected and unexpected risks.”
“During the year, we cooperated with various business sectors to finance many value-added projects that would serve the nation’s economic growth that is in line with our strategic plans. We continued to care for small and medium enterprises (SMEs), reinforcing our firm belief in the importance of supporting entrepreneurs in all their business endeavours, as they contribute greatly to the nation’s economy,” he said.
The QIIB chairman said, “We also made sure to support and promote innovation, and reinforce the superiority of Islamic banking sector by effectively investing in the latest technological solutions available, and by offering high-quality services, for both corporate and individual customers.”
“We also managed to make great strides in digital transformation, which was instrumental in successfully dealing with the repercussions of COVID-19. Moreover, we will move forward with our current achievements by setting a long-term strategy that relies on the latest scientific and technological developments in the field. This, undoubtedly, will have great returns, since it will increase our operational efficiency, strengthen our position and improve our indicators,” he said.
Sheikh Khalid said, “Our consecutive accomplishments and overall ranking achieved by QIIB in 2021, prompted global credit rating agencies to acknowledge the high ranking of the bank, as Moody’s and Fitch gave the bank the rating of ‘A2’ and ‘A’ respectively, with a stable outlook. Credit agencies affirmed that QIIB is one of the leading Islamic financial institutions in Qatar, generating decent profit margins, handling high-quality assets, enjoying a high level of liquidity along with capital adequacy.”
QIIB Chief Executive Officer Dr Abdulbasit Ahmed Al Shaibei, “The bank continued to improve its operational efficiency during the year 2021, as it decreased further to 18.8 percent, which is one of the best in the banking sector on both the local and international level. This shows a very high level of competence in managing expenses and revenue, controlling expenditure while simultaneously maintaining a steady growth curve for all of the bank’s key financial indicators.”
Shaibei said, “By 2021, QIIB’s total equity reached QR8.7 billion and the total capital adequacy of the bank under Basel III guidelines was at 16.74 percent, demonstrating the strong financial standing of QIIB in spite of market variables and risks.”
Shaibei said, “QIIB’s 2021 results aligned with our projections, and we wish to achieve even more, especially since the economic climate has greatly improved as a result of the government’s support plans to mitigate the repercussions of COVID-19, and the measures that were taken by the banking sector in general, as well as those that were taken by QIIB in particular, to improve performance and overcome the new changes induced by the pandemic.”
He said, “The vitality and growth that were achieved by the nation’s various financial sectors, directly impacted the banking sector’s performance, allowing it to achieve its current levels of growth. At QIIB, we always considered the local market’s ability to seize opportunities and address variables, to be a key factor in the nation’s ability to overcome the crisis, while achieving better growth rates and improving overall performance.”
“2021 was a very active year for QIIB, as the bank provided the best products and services to its corporate and individual customers. Perhaps, the greatest achievement the bank made during the year was finding the right solutions to digitally provide most of our banking products and services, including mobile financing and Internet banking. Internet banking, in particular, was very well received by clients and it assisted the bank to complete its financing transactions in record time. During the year, QIIB launched several marketing campaigns that were met exceptionally well by clients whose expectations were exceeded. Those clients noted that our campaigns have raised the quality of our services and products to a new level.”
Shaibei said, “With our great success in digital transformation, our operational efficiency has greatly improved, as we continued to control and lower our operational expenses, while still maintaining optimal scores in our key indicators. Our customer base has expanded, and the level of satisfaction of our customers towards our products and services has increased, especially due to our swift responses to any queries along with our exceptionally prompt services. Additionally, the constant upgrades that have been applied to our services within our innovative framework, provide our customers with the best banking solutions, irrespective of which customer class they belonged to.”
In respect of seeking opportunities in foreign markets, he said, “In 2021, QIIB continued to implement its foreign investment strategy while considering risk controls, standards and regulations that it has adopted a long time ago for all markets across the globe, and as such, we reinforced the partnerships that have proven to be productive and we spared no effort to seize any new opportunities that add value and improve our investment portfolio.”
He said, “The high ranking of QIIB within the banking sector bestowed on it special social responsibility. Consequently, the bank continued to serve the Qatari community throughout the year by supporting numerous activities and events, contributing 2.5 percent of its profits to its athletic, cultural, social and charitable events’ support fund.”
“QIIB worked relentlessly to recruit new Qatari talent, both male and female, induct them into the bank’s professional framework and meticulously reinforce their roles, enabling them to rapidly occupy various leadership positions, in line with the vision and guidelines of the government based on the Qatar National Vision 2030,” he said.
QIIB net profit exceeds QR1 bn in 2021
January 25, 2022