Doha, January 26 (QNA) - Qatar International Islamic Bank Chairman and Managing Director HE Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani, announced the results of the banks activities for fiscal year 2020.
The bank achieved a net profit of QR 937.7 million, with a growth rate of 1.2 percent in 2020 compared to 2019 year end, and earnings per share equal to QR 0.55 (EPS: QR 0.55). The Bank's Board of Directors have recommended to the General Assembly, the distribution a cash dividends of 32.5 percent of the nominal share value (QR:0.325 per share), subject to QCB''s approval of financial results for year 2020 along with the proposed cash dividends.
HE Sheikh Dr Khalid bin Thani affirmed, "The bank's results for the ended on December 31, 2020 have clearly proven the bank's ability to maintain the stability of its financial and profitable indicators, while overcoming the factors that shook the world's markets in 2020, especially after COVID-19 pandemic ramifications.
"This in itself is a great achievement, which we owe, in the first place, to the wise strategy adopted by the Government and the supervisory authorities to support the Qatari economy in its various sectors, under the directives and the patronage of H.H. the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani." HE Sheikh Dr. Khalid stated, "QIIB implemented a comprehensive plan to deal with and manage the unexpected circumstances and various risks. QIIBs plan have also focused on enhancing the bank's operational performance, taking advantage of the opportunities provided by the Qatari economy and effectively coordinating with various business sectors, to cope with the unforeseen circumstances. This strategy succeeded to a large extent as QIIB''s financial indicators kept growing and we were able to maintain stability, and more importantly, to enhance our operational efficiency." For his part, QIIB Chief Executive Officer, Dr. Abdulbasit Ahmed Al Shaibei clarified the bank''s financial results for year end 2020 and said, "The bank's total income at year end amounted to QR 2,450 million, whereas the bank''s total assets reached QR 61.3 billion compared to QR 56.8 billion at the end of 2019, with a growth rate of 7.9 percent. The bank''s financing activities at the end of 2020 increased to QR 40.5 billion compared to QR 37.0 billion at the end of 2019, indicating a growth rate of 9.5 percent. Also, customer deposits grew by 16.2 percent at the end of 2020 to QR 36.2 billion" As for QIIBs net profit, Dr. Abdulbasit has explained that it has increased at the end of 2020 to QR 937.7 million compared to QR 927 million as end of 2019, with a growth rate of 1.2 percent; even though QIIB have charged provision for financing assets and investments in the amount of QR 397 million for the year 2020. Whereas, earnings per share have amounted to QR 0.55.
The CEO also referred to the QIIBs efforts during 2020 to control and regulate the operational cost, which in return improved operation efficiency (Cost Benefit Ratio), that has become 20.3 percent compared to 24.1 percent as end of 2019. This considered a one of the most efficient indicator either locally or internationally.
QIIB have also worked on increasing the quality of our financing assets, by decreasing non-performing financing percentage as end of 2020 to become 1.6 percent compared to 1.9 percent as end of 2019, which only proves the effectiveness of credit risk policies and collections at the bank.
CEO also noted, "The total equity right at the end of 2020 reached QR 8.3 billion, while the capital adequacy under Basel III stood at 16.6 percent, thus reflecting the strength of QIIB''s financial position, bearing in mind the various risks in the market." (QNA)