Qatar First Bank posts QR42 million net profit in first half of 2022 – The Peninsula

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Qatar First Bank posts QR42 million net profit in first half of 2022 – The Peninsula

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Qatar First Bank LLC (Public) (“QFB” or “Bank”) announced its financial results for the six months’ period ending 30th June 2022, reporting a net profit attributable to shareholders of QAR 42 million, which is a growth of 2.6% from the QAR 40.9 million reported in the same period of the last year.

The Bank continued to deliver a resilient performance despite the challenging global macroeconomic environment. The first half of 2022 witnessed a significant growth in recurring streams of revenue versus the same period previous year. The Dividend income increased by 180% from QAR 3.9 million in H1 2021 to QAR 11.1 million in the first half of this year and the income from Sukuk portfolio increased from QAR 5.8 million to QAR 10.2 million.

In line with the Bank’s focus on fee generation from its Asset Under Management (AUM), the fee income increased to QAR 33.5 million in first six months of the year showing a commendable growth compared to QAR 6.6 million in the same period of the last year. The revenue achieved in first half of the year is in line with the Bank’s strategy.

The Bank’s expenses are in line with the overall strategy with a clear focus on

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