Doha, Qatar: Chairman of QIIB’s Board of Directors, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani announced the bank’s year-end financial results for 2024, highlighting continued growth across key financial indicators.

The results were announced following a meeting of QIIB’s Board of Directors, chaired by Sheikh Dr. Khalid bin Thani, to review the final financial statements for the fiscal year ending on December 31, 2024.

The bank reported a net profit of QR1.26bn, representing a growth rate of 8.2% compared to 2023, with earnings per share reaching QR0.77.

QIIB Board of Directors proposed to the General Assembly of Shareholders the distribution of additional cash dividends to shareholders at a rate of 27% of the nominal value per share (equivalent to QR0.27 per share), taking the total cash dividends to 50% of the nominal value per share. This recommendation remains subject to approval by the Qatar Central Bank and the General Assembly of Shareholders. It is worth noting that QIIB had previously distributed interim cash dividends to shareholders at a rate of 23% (equivalent to QR0.23 per share) for the first half of 2024.

Sheikh Dr. Khalid bin Thani stated, “QIIB has consistently delivered outstanding results over the past year, driven by its robust financial position and the opportunities provided by the thriving Qatari economy, which continues to grow and prosper under the leadership and support of Amir H H Sheikh Tamim bin Hamad Al Thani.”

He further added: “QIIB has successfully improved its performance indicators, achieved solid growth rates, and effectively executed its plans and programs. These efforts have positively impacted the annual results, inspiring confidence, and a positive outlook for the coming period.

“QIIB has significantly enhanced its operational efficiency, leveraging the remarkable advancements in digital transformation achieved over the past period. The Bank has also successfully developed practical solutions to address market challenges and mitigate potential risks.”

He stated: “QIIB’s strong financial position and positive indicators have received international recognition, as reflected in the bank’s high credit ratings from leading global agencies. Fitch and Moody’s reaffirmed QIIB’s ratings at ‘A’ and ‘A2,’ respectively, with a stable outlook. These ratings reflect key strengths, including the bank’s strong profitability, solid presence in the Islamic banking sector, robust liquidity and capital reserves, and high operational efficiency.”

Highlighting QIIB’s commitment to the local economy, Sheikh Dr. Khalid noted: “QIIB continues to be a trusted partner for the local business sector, having established extensive relationships across various industries and contributing to the financing of numerous projects that add value to the local business environment. The bank remains committed to this policy of focusing on the local market, recognising the growth opportunities it offers, while also considering it a duty and a contribution to national development.”

Sheikh Dr. Khalid bin Thani expressed his gratitude and appreciation to QIIB’s Executive Management and employees for their outstanding efforts throughout 2024.

Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani (left), Chairman of QIIB’s Board of Directors and Dr. Abdulbasit Ahmad Al Shaibei, CEO of QIIB

He encouraged everyone to continue their dedicated efforts to strengthen QIIB’s position and indicators, address various challenges, and enhance the work environment in line with the Bank’s strategic ambitions.

For his part, Dr. Abdulbasit Ahmad Al Shaibei, Chief Executive Officer, QIIB, provided a detailed overview of the bank’s financial results for 2024, stating: “Total revenue by the end of the year reached QR3.52bn, marking an increase of 15.2% compared to QR3.06bn in 2023.

QIIB’s total assets amounted to QR60bn, while net financing assets increased to QR39.3bn, reflecting a growth rate of 7.7% and customer deposits increased to QR41.4bn, reflecting a growth rate of 6.3%.”

He noted, “QIIB continued to enhance its operational efficiency (cost-to-income ratio) in 2024, achieving 18.8%,one of the best ratios in the local banking sector. We remain committed to disciplined expense management alongside revenue growth, while maintaining the upward trajectory of the Bank’s key financial indicators. The bank also maintained the quality of its financing portfolio, as non-performing financing assets representing 3.3% of total financing assets, while the bank continued to strengthen the provisions for these assets, so that the coverage ratio reached to 100% by the end of 2024, which confirms the effectiveness and efficiency of the bank’s risk framework and conservative approach.

Dr. Al Shaibei affirmed: “QIIB’s 2024 results align with the plans and strategies set by the Board of Directors and were implemented with precision.

These results also reflect the favorable conditions across key economic sectors in the State, offering exceptional financing opportunities that enable us to achieve our targeted growth figures.”

He added as well: “As part of strengthening the bank’s capital base and leveraging opportunities in the international sukuk market, QIIB issued Tier 1 capital sukuk worth $300m, which were listed on the London Stock Exchange. The sukuk witnessed strong investor demand, with subscription requests exceeding eight times the issuance size. The offering attracted a large number of investors from around the world, with total bids surpassing $2.5bn. The issuance was priced at a profit margin of 187 basis points above the five-and-a-half-year US Treasury average, marking the lowest margin for such issuances by banks locally and regionally, with a final annual yield of 5.45%.

Dr. Al Shaibei said: ‘The year 2024 was marked by numerous achievements and progress in delivering exceptional products and services to our individual and corporate clients."

"We continued to implement our digital transformation plans, achieving tangible milestones that significantly enhanced our operations."

QIIB CEO noted, “The bank’s distinguished position - locally and internationally brings with it a profound social responsibility, which QIIB has fully embraced through its ongoing initiatives and contributions to the community. As part of this commitment, the Bank signed a sponsorship agreement with the Qatar Football Association, under which QIIB will serve as the main sponsor of the Amir Cup and the national teams’ championship for three years starting February 2024.

“This sponsorship reflects the bank’s commitment to aligning with the Third Strategic Plan for the Financial Sector launched by the Qatar Central Bank, which prioritizes environmental, social, and corporate governance (ESG) and sustainability.

At QIIB, we are dedicated to serving our community by supporting activities, events, and initiatives that add value to our nation and align with Qatar National Vision 2030. Supporting sports, with all the values and principles it represents, remains an integral part of QIIB’s mission.”

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