Global credit rating agency Moody’s has affirmed QIIB’s rating at “A2” with a “stable” outlook; indicating the strength of its financial position amid various market factors and challenges during the past period.
The rating agency highlighted QIIB’s solid asset quality, capitalisation and profitability; resilient funding profile, underpinned by a solid retail-focused franchise; and very high probability of government support in case of need.
“One of the key factors for affirming QIIB at this remarkable level is the strength of Qatar’s economy, which provides protection and support for the state’s different economic sectors, particularly the banking sector,” said QIIB chief executive Dr Abdulbasit Ahmed al-Shaibei.
Stressing that the “remarkable” rating is attributed to its focus on strengthening the operational environment; he said QIIB has achieved “notable progress that greatly exceeds” the operational performance-related plans and programmes, especially in the field of digitisation.
The bank focused on the development of alternate digital channels and the results were swift and decisive, he said, adding as a result, most of the services provided became available through mobile and Internet banking for individuals, “e-Corporate” for companies, ATMs, telephone banking, and call centre.
The bank also launched several card products that facilitates the banking transactions of individuals and companies such as salary cards, household workers’ cards and corporate cash deposit cards.
“Consequently, this success has made a huge difference and significantly improved the operational environment,” al-Shaibei said.
He expressed confidence that the QIIB’s rating will remain at “high” levels during the review of global credit rating agencies and the bank would continue to benefit from the rich opportunities provided by Qatar’s economy and its well-regulated financial system.
At the end of the third quarter of the current financial year (ending on September 30), QIIB achieved a net profit of QR785mn, while the bank’s total assets increased to QR59.3bn.
Established in 1991, QIIB is one of the oldest Islamic banks in Qatar. It is a full-service bank, which provides a wide range of retail, corporate and Islamic banking products and services to individuals, corporate institutions and government agencies.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Wall Street investors set sights on inflation as tech stocks wobble
Covid-19 seen as catalyst for new digital business models
Mena power investments may total $250bn up to 2025: Apicorp
Qatar's Cwallet completes lucrative Pre-Series A funding
S&P provides ‘full alignment opinion’ on QNB’s Green, Social, Sustainability Bond Framework
Qatar among top Mena countries with 5-year gas investments of $75bn up to 2025, says Apicorp
Qatar’s reuse of treated wastewater for irrigation of green spaces sees 44.6% increase in March
Investors prepare taper tantrum plan as Fed demurs on timing
Asian markets mixed; copper and iron ore prices hit record highs