QIIB net profit surges 6.1% to QR335.2mn in Q1

QIIB net profit surges 6.1% to QR335.2mn in Q1

QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei

QIIB chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani

QIIB posted a first quarter net profit of QR335.2mn, up 6.1% on the same period in 2023.The results were announced after a meeting of the bank’s board of directors by QIIB chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.He said, “This confirms the robust financial position of the bank and its alignment with the strength of the Qatari economy, which is witnessing continuous prosperity and growth, thanks to the support and guidance of His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani.”He noted, “QIIB’s strategy, which focuses on financing local projects, has yielded positive results and reduced potential risks to record levels. Our continuous profitability has positively impacted the bank's financial position and further solidified the high level of trust it enjoys among customers”.“With the good results achieved by the bank and stable, positive financial indicators, global credit rating agencies have assigned QIIB high ratings. Fitch Ratings has upgraded QIIB to ‘A’ from ‘A-‘with a stable outlook. Similarly, Capital Intelligence has affirmed QIIB’s rating at ‘A+’ with a stable outlook”, he pointed out.Credit rating agencies have