QFB Reports Net Profit for First Quarter of 2019

Doha, April 24 (QNA) - Qatar First Bank (QFB) has released its financial results for the three-months period ended 31 March 2019, reporting a net profit of QR 3.2 million attributable to equity-holders of the bank, compared with a net loss of QAR 47.1 million in the same period of 2018, as well as a 71% increase in revenues of QR 57.5 million, compared with QR 33.6 million in the same period of 2018. HE QFB Chairman Sheikh Faisal bin Thani Al-Thani said: "We are glad to see the turnaround performance of the bank by generating a net profit in the first quarter. Positive results are a direct manifest that QFB is back on the right track with a new strategy that executive management has developed and implemented. This is only the start and I am looking to see more over the current financial year." Key highlights for the current period being a total income growth of 71 percent compared to the same period of 2018, mainly driven by an increase in fee-based income on structured products and investments from QR 6.5 million to QR 14.4 million and increase in net financing income from QR 3.2 million to QR 11.9 million. Banks stakeholders are witnessing the results of revised strategy where the bank is undergoing a transformational shift from a proprietary based investment model to having a diversified base of fee-based revenue streams. Align to this new strategy; QFB has already begun generating fee income by offering client-focused investment products, primarily in real estate and aviation. QFB a leading Shariah compliant bank based in Qatar and listed on the Qatar Stock Exchange, is one of the first independent Shariah compliant financial institutions regulated by the Qatar Financial Centre Regulatory Authority that offers investment opportunities and innovative financial solutions with local, regional and international reach. Launched in 2009 as an investment bank, QFB has since evolved to broaden its offering to combine the best of a private bank with bespoke investment solutions tailored for the protection, preservation and growth of wealth. (QNA)