Chairman of the Board of Directors of QIIB, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani; CEO of QIIB, Dr. Abdulbasit Ahmad Al Shaibei with other officials during the Ordinary and Extraordinary General Assembly Meeting, yesterday.
Doha, Qatar: Chairman of the Board of Directors of Qatar International Islamic Bank (QIIB), Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani has said, that driven by the continued growth of the Qatari economy, QIIB aligned its performance in 2024 with this progress, successfully strengthening its financial indicators. He was addressing the QIIB Ordinary and Extraordinary General Assembly Meeting for the Fiscal Year 2024 held virtually, yesterday.
“It is my pleasure, on behalf of myself and my fellow members of the Board of Directors, to present to you the annual report of Qatar International Islamic Bank (QIIB) for the year 2024,” Sheikh Dr. Khalid said
He added, “The year 2024 has once again demonstrated the strength and resilience of the Qatari economy. Thanks to Allah and the prudent strategy adopted by the government and regulatory authorities, Qatar has continued its journey of success and prosperity across various sectors. This progress has been guided by the vision and leadership of the Amir H H Sheikh Tamim bin Hamad Al Thani.
Sheikh Dr. Khalid further noted the bank’s strategy remained focused on the Qatari market, leveraging the abundant opportunities offered by the national economy. By effectively addressing various challenges and responding to market developments, the bank continued executing its phased and strategic plans. This approach yielded outstanding results, further enhancing QIIB’s position, achieving solid growth rates, and maintaining its leadership among banks in key financial indicators.
In 2024, the bank’s operational performance saw significant progress, reflecting the continued success of its digital transformation strategy. QIIB achieved substantial milestones in this regard during the year and is actively forging partnerships with leading global companies to further enhance its digital capabilities. These efforts align with global advancements and the rapid technological progress shaping the banking sector, he said.
The year 2024 was marked by close collaboration with various local business sectors, as the bank continued financing projects of all types in line with its strategy of focusing on the local market. Special attention was given to SMEs, which provide significant support and added value to a broad segment of society. The bank’s commitment to SMEs is driven by its goal of empowering entrepreneurs, who represent a vital pillar in building a sustainable future.
The outstanding performance achieved by QIIB in 2024 was reflected in the reports and ratings issued by leading global credit rating agencies, which awarded the bank prestigious ratings. Fitch assigned QIIB a rating of (A) with a Stable Outlook, while Moody’s rated the Bank (A2) with a Stable Outlook.
Additionally, Capital Intelligence assigned QIIB a rating of (A+) with a Stable Outlook. These agencies unanimously recognized QIIB as a leading bank with strong profitability, high asset quality, robust liquidity, a solid capital adequacy ratio, and efficient operational cost management. These strengths are expected to support the Bank’s continued success in the long term.
QIIB’s results for 2024 reaffirm its steady progress, driven by the strength of the Qatari economy, which continues to deliver outstanding performance across all sectors. By the end of 2024, the bank’s total assets reached QR60bn. Total revenues increased to QR3,519m, compared to QR3,055m at the end of the previous year, reflecting a 15.2% growth. Meanwhile, total equity rose to QR9.6bn by the end of 2024, up from QR9.5bn at the end of 2023, representing a 1% growth, Chairman of the Board of Directors of QIIB said.
By the end of 2024, the bank’s capital adequacy ratio stood at 19.3% exceeding regulatory requirements. This reflects the strength and resilience of QIIB’s financial position, particularly in the face of potential risks.
The bank recorded a net profit of QR1,260m, compared to QR1,165m in 2023, achieving a growth rate of 8.2%. Meanwhile, earnings per share reached QR0.77.
The Board of Directors has recommended to the Ordinary General Assembly of Shareholders the distribution of an additional cash dividend of 27% of the paid-up capital, amounting to QR409m.
This brings the total cash dividend distribution for the year to 50% of the paid-up capital, totaling QR757m, subject to approval by the General Assembly. Once approved, the dividends will be disbursed through the legally authorized entity, Edaa, which will ensure the distribution to eligible shareholders in accordance with established procedures.
The AGM approved the presentation and approval of the Board of Directors’ report on the bank’s activities and financial position for the fiscal year ending December 31, 2024, along with the bank’s future plans.
Also, reviewing and approving the Board of Directors’ proposal for the annual dividend distribution at a rate of 50% of the share capital for the full fiscal year 2024, amounting to 50 dirhams per share, from which the interim dividends already paid will be deducted, leaving a final dividend of 27 dirhams per share to be distributed to shareholders.
The AGM reviewed the renewal of the existing $2bn Sukuk Issuance Programme, previously approved by the Ordinary General Assembly on March 31, 2024, and authorising the Board of Directors to determine the size, terms, and currency of each issuance based on the bank’s needs and after obtaining necessary approvals, provided that the total issued Sukuk does not exceed the bank’s capital base and reserves.
It also reviewed the Board of Directors’ recommendation to issue new Sukuk in Qatari Riyals, subject to regulatory approval, with a ceiling not exceeding QR1bn, and authorising the Board to determine the size and terms of each issuance.
Also speaking at the meeting, Dr. Abdulbasit Ahmad Al Shaibei, CEO of QIIB said, “As we conclude another successful year, we take great pride in QIIB’s strong growth and financial performance. Our 2024 financial results reflect continued progress across key indicators, aligning with Qatar’s economic renaissance and the prosperity of all sectors.”
The final results for the fiscal year ending on December 31, 2024, revealed a net profit of QR1.26bn, representing a growth rate of 8.2% compared to 2023. Earnings per share stood at QR0.77.
He said, QIIB continued to enhance its operational efficiency, achieving a cost-to-income ratio of 18.8%, one of the most competitive in the local banking sector. The bank maintained disciplined expense management alongside revenue growth, ensuring a steady upward trajectory in key financial indicators.
QIIB sustained the quality of its financing portfolio, with non-performing financing assets representing 3.3% of total financing assets. The bank also bolstered provisions, attaining a 100% coverage ratio by the end of 2024.
