QIIB Announces Financial Results for the First Quarter of 2019

Doha, April 21 (QNA) - Qatar International Islamic Bank (QIIB) revealed that it achieved a net profit of QR 266 million at the end of the first quarter, with a growth rate of 5.1 percent. QIIB Chairman and Managing Director HE Sheikh Dr. Khalid bin Thani bin Abdullah Al-Thani said this reflects the strength of the bank's financial performance, consistent with that of the Qatari economy, which is witnessing prosperity and growth. His Excellency added: "QIIB does not spare any effort to achieve satisfactory growth numbers, so as to increase returns for shareholders while paying particular attention to hedging and analyzing risks accurately and comprehensively, particularly with regard to foreign investments". QIIB CEO Dr Abdulbasit Ahmad Al Shaibei said, "The bank's total income for the period ended on March 31, 2019 reached QR 558 million compared to QR 514 million for the same period last year, which represents a growth rate of 8.6 percent. QIIB's total assets at the end of the first quarter amounted to QR 54.3 billion compared to QR 50.4 billion at the end of the same period of 2018, with a growth rate of 7.6 percent". The CEO said, "QIIB's financing assets reached QR 31.0 billion, while the total customers deposited grew by 9.7 percent to reach QR 35.3 billion at the end of the first quarter of 2019 ". Furthermore, Al Shaibei noted that the bank's capital adequacy under Basel III stand at 16.13 percent which reflects our strong financial position, ability to respond to the various challenges and the soundness of our policies in respect of the various risks involved. QIIB is a privately-owned Islamic bank in the State of Qatar offering personal and corporate Islamic banking solutions. Established in 1991, QIIB remains true to its Qatari heritage and values. QIIB was built on three pillars: trust, family and commitment. Today they continue to develop these pillars in line with the needs of its growing customer base. Regulated by the Qatar Central Bank and highly rated for financial strength and outlook by international rating agencies, the bank works within local and international standards to deliver the best Shariaa compliant deposit, finance and insurance products for their customers. (QNA)