Moody’s affirms QIIB’s rating with a stable outlook

Moody’s affirms QIIB’s rating with a stable outlook

Doha, Qatar: Moody’s Investors Service has affirmed “QIIB” long-term ratings at (A2/Prime-1) with a stable outlook. This indicates the bank’s strong indicators and its reliance on valuable self-objective factors.

Moody’s affirmation of QIIB’s long-term ratings highlights the bank’s strong profitability, with a 2.1 percent return on assets for the first three months of 2023, supported by its Islamic banking excellence and exceptional cost efficiency (cost-to-income ratio of 19.1 percent for the first three months of 2023).

Moody’s also noted the bank’s reduced reliance on market funding, which decreased to 17 percent (as of March 2023) from 29 percent (as of December 2019), combined with the bank’s strong liquidity and solid asset quality. The agency explained that the stable outlook for the bank’s long-term ratings reflects Moody’s expectation that the bank will maintain its strong profitability, capital, and liquidity in the face of risks.

Moody’s further indicated that QIIB ‘s high rating is supported by the ongoing expectation of a highly probable government support when needed, relying on the government’s contribution to the bank and the strong track record of preventive support for all local banks by the Qatari government in the past.

QIIB chief executive officer Dr. Abdulbasit Ahmed al Shaibei (pictured) commented on