Doha: Chairman of QIIB’s Board of Directors, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, announced the bank’s financial results for the year 2022, which demonstrates that the bank continues its efforts to strengthen its position and achieve outstanding performance that reflects its pioneer position within local banking sector.
The announcement of the financial results followed a meeting of QIIB Board of Directors chaired by Sheikh Dr. Khalid bin Thani, which was held to discuss the financial statements for the year ended 31/12/2022. The results showed that QIIB achieved a net profit of QR1,075m with a growth rate of 7.2 percent compared to the previous year, the earnings per share reached QR0.64.
QIIB’s Board of Directors proposed a cash dividends to the QIIB’s shareholders of QR0.40 per share (i.e. 40 percent of the nominal share value). This, however is subject to Qatar Central Bank (QCB) approval. HE Sheikh Dr Khalid bin Thani said, “We are pleased to announce the bank’s positive results which reflect its distinguished work environment, , and the ability to benefit from Qatar’s strong economy, which is witnessing an exceptional period, thanks to the support and care of His Highness Sheikh Tamim bin Hamad al Thani, the Amir of the State of Qatar.”
Sheikh Dr. Khalid said, “The results we have disclosed confirm QIIB’s success in strengthening its financial position while facing various challenges related to markets or other factors, with the ability to respond to competition in the banking market. This was and still is evident in the expansion of our customer base and the increase in demand for QIIB’s products and services.” Sheikh Dr. Khalid pointed out: “The strong performance, the results and the key financial performance indicators in the bank’s 2022 financial statements are also reflected on our continued sustain of high credit rating by the international rating agencies based on QIIB’s firm position, in particular, the quality of assets, adequate capital, stable financing and liquidity, and operation efficiency, which continues to achieve distinguished rate.”
QIIB Chairman noted, “During the past year, QIIB has greatly enhanced its operation environment, digital transformation in particular. In this area, the bank has made significant leaps and plans to remain firm on that path during the next phase to keep pace with the new generation of banking services, in order to meet the requirements and expectations of our esteemed customers”.
He affirmed: “QIIB has made great efforts during the past year to maintain its position and continue to be a reliable partner for the different segments of the business sector in Qatar. Thankfully, we have confidently faced challenges, strengthened our financial position, and contributed to the financing of many projects that represent a unique addition to the local business environment, which in return is witnessing prosperity and strength.
“This is clearly evident in the resounding success of the FIFA World Cup Qatar 2022, which revealed to the world the level of advancement and development that our country is experiencing on all levels, and its ability to provide a global legacy for the benefit of various peoples and nations.”
Sheikh Dr. Khalid bin Thani said, “QIIB’s 2022 financial results reflect the bank’s distinguished working environment and the ability to benefit from Qatar’s strong economy.” Dr. Al-Shaibei, “We have made a great achievements during the year 2022. The most significant one are related to digital transformation and the further enhancement of the bank operation efficiency.” Sheikh Dr. Khalid expressed his deepest appreciation to QIIB’s executive management and employees for their tremendous efforts to achieve these distinguished results in 2022, and encouraged them to continue with these efforts in order to reinforce the bank’s position, provide the best services to customers, and enhance return to shareholders.
On his part, QIIB Chief Executive Officer Dr. Abdulbasit Ahmed al-Shaibei highlighted the details of the bank’s 2022 financial results and noted, “The bank’s revenues by year-end reached QR2,660m compared to QR2,457m by end of 2021 with a growth rate of 8.3 percent. Total assets stood at QR56.4bn net financing assets QR35.0bn and customers deposits QR36.7bn at end of 2022, and total equity at end of 2022 increased to QR9.1bn.
The CEO noted, “QIIB’s efficiency continued to achieve outstanding standards as cost to Income ratio improved to 18.7 percent by the end of 2022, which is one of the top performance ratio in both local and international markets, the bank maintained non performing financing ratio at 2.8 percent, while strengthening its provisions by increasing its coverage ratio to 94 percent from 75 percent in year end 2021. As for Basel III capital adequacy, it reached 17.7 percent by the end of 2022, exceeding the regulatory limit, which confirms the efficiency of QIIB’s risk management. Dr al-Shaibei stressed that QIIB results during the past year continued to progress, which is a reflection of the trust gained from the local market and its position within the Qatari banking sector, which is making great strides”.
