QIB profitability grows at CAGR of 14.4% in last five years: Sheikh Jassim
February 24 2020 09:03 PM
QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani and other bank directors at the b
QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani and other bank directors at the bank's annual general meeting at the Ritz-Carlton. PICTURE: Thajuddin

*General assembly okays board of directors’ proposal to distribute 52.5% cash dividends on nominal share value

QIB’s profitability grew at a compounded average growth rate (CAGR) of 14.4% in the last five years, compared to an average growth of 5.5% in Qatar’s overall banking system, said bank chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani.
Presenting the board of directors' report to QIB’s General Assembly Meeting at the Ritz-Carlton Monday, Sheikh Jassim said QIB was a beneficiary of Qatar’s “positive” policies, which “strengthened the bank's ability to continue to achieve the best results and maintain its position as the best Islamic bank in Qatar”, with a market share of 41.1% of total Islamic assets.

QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani at the bank's annual general meeting at the Ritz-Carlton

“Despite adverse conditions, Qatar's economy continued to progress as planned. As a result of the government's rational political and economic policies, the GDP will likely to increase from 2.9% in 2019 to 3.1% in 2020,” Sheikh Jassim said.
The government announced a number of mega projects to develop the gas industry, encourage national industries, and support the various economic and production sectors in the country. The government is addressing this economically challenging situation carefully and prudently, which strengthened the pillars of the national economy and the position of its financial and banking components, which is clearly evident in the recent State Budget.
QIB, he said “continued to manage the liquidity pressure confidently and safely.”
In addition to the State’s continuous support to the financial sector, QIB opened new channels of co-operation with financial and banking institutions in various Asian and European countries.
“We also took internal initiatives to broaden the base of our activities in order to have a balanced liquidity position and consequently maintain the financial ratios required by local and international monetary authorities,” Sheikh Jassim said.
The bank has managed to venture into the digital banking effectively and became a leading digital bank locally and regionally. Since the launch of QIB’s digital transformation programme during 2018, the bank has upgraded the customer’s digital experience, which was well-received by its clients.
The bank’s services have become available round-the-clock through electronic channels. This is ultimately enhancing operational efficiency through facilitating procedures, reducing the time required for processing, improving corporate financing procedures, providing electronic IPO subscription service, as well as broadening the banking operations via digital channels, which have increased the number of customers using QIB’s digital channels.
In particular, QIB will soon focus on promoting the bank’s Corporate Internet Banking platform, as the preferred channel for corporate clients, which meets all their banking needs, he said.
QIB continued to invest in information security and upgraded its protection solutions and systems, which has led to an improved database security and gave additional thrust to the bank's digital transformation. The bank has also been conducting simulation exercises and dry-runs to test its cyber security infrastructure and related operations. Furthermore, the Bank has remained committed to business continuity by improving recovery plans and facilities.
Additionally, the bank kept a close eye on its local branches in accordance with a new strategy based on closing non-productive ones and boosting the services provided by active branches. At the same time, the bank continued to develop services in accordance with the latest banking systems through ‘Tamayuz’ and ‘QIB Private Banking’.
In 2019, QIB had earned a net profit of QR3.05bn, up 11% on 2018.
The bank's assets increased to QR163.5bn in 2019 from QR153.2bn in 2018.
Customer deposits recorded “suitable” growth, reaching QR111.6bn, an 11% increase over 2018.
Meanwhile, the general assembly approved the board of directors’ proposal to distribute 52.5% cash dividends on the nominal value per share, i.e. QR0.525 per share.

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