Doha, – QIIB has announced its financial results for the first quarter of 2017, posting net profit of QR 236.5 million, compared to QR 223 million for same period last year, which represents a growth rate of 6 percent, the bank said Tuesday in a press release.

“These outstanding results confirm that the bank has been able to benefit from the upward trend in economic growth and the other positive factors provided by the Qatari economy, which sees great opportunities,” QIIB Vice Chairman HE Sheikh Abdullah bin Thani bin Abdullah Al-Thani said. “At QIIB, we consider it a duty to contribute to the national economy and meet and overcome various challenges.” “The diligent work and the implementation of the strategic plans have resulted in achieving greater stability despite the various conditions and factors to which the markets have been exposed. The strong demand on the Bank’s services has stimulated various financing activities, which has led to an increase in our financing portfolio and customer deposits. Also, the quality of the bank’s assets helped us mitigate several risks,” he added.

For his part, QIIB Chief Executive Officer Abdulbasit Al Shaibei said the bank’s total revenues at the end of the first quarter of 2017 amounted to QR 460 million, compared to QR 400 million during the corresponding period of 2016, representing a growth rate of 15 percent.

“QIIB’s total assets at the end of the first quarter rose by 10 percent and reached QR 45.3 billion compared to QR 41.3 billion during the same period of 2016,” Al Shaibei said.

“The size of the bank’s financing portfolio increased by the end of the first quarter to reach QR 29.3 billion compared to QR 25.7 billion at the end of the first quarter 2016, representing a growth rate of 14 percent,” he added.

The bank’s total deposits rose to QR 28.7 billion at the end of the first quarter compared to QR 27.8 billion at the end of the same period of last year. The capital adequacy ratio (Basel III) reached 17.85 percent, “which confirms the strong financial position of the Bank,” Al Shaibei said. (QNA)

Source: Qatar News Agency