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QIB named Best Performing Bank in Qatar by the Banker Magazine

Sep 04, 2022 by Qanect

Doha, Qatar - September 4, 2022: The Banker magazine has recently recognized Qatar Islamic Bank (QIB), as the Best Performing Bank in Qatar in the Top 100 Arab Banks Rankings for 2022.

 

Ranking Qatar’s five largest banks by Tier 1 Capital, excluding foreign-owned subsidiaries, QIB emerged as Best Performing Bank in Qatar with table-topping scores for operational efficiency and asset quality.  In 2021, QIB achieved the highest figures in the market in Return on Equity and Return on Assets as well as achieved the best cost to income efficiency ratio in Qatar and the MENA region at 18.1%, maintaining its longstanding position as Qatar’s largest Islamic Bank in the country, and a leading Islamic bank in the region.

 

Additionally, QIB continues to build on the digital banking momentum with first-to-market and personalized products taking the customer experience to new levels. The Bank keeps introducing features to its award-winning Mobile App making it the highest rated banking app in the country and customers’ preferred banking channel to fulfill their financial needs.

 

Commenting on the new ranking, Mr. Bassel Gamal said: “We are pleased to be named Best Performing Bank in Qatar and to receive such prestigious recognition for our exceptional growth, and commitment to our clients. This is a proud moment for the whole team and a testament to their commitment to efficiency that wouldn’t be achievable without the continuous support of the Board of Directors. Our strong results and overall profitability demonstrate the efficiency of our business model and digital transformation strategy”.

 

The Bank’s performance for the six months’ period ended 30 June 2022 has been positive with Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,815 Million representing a growth of 13.8% over the same period in 2021. Total Assets of the Bank increased by 4.8% compared to June 2021 and now stand at QAR 193 Billion, driven by the growth in investing activities. The Bank has further improved its efficiencies and bringing down the cost to income ratio to 16.8%, which is the lowest in the Qatari Banking sector.

 

The Banker magazine, a Financial Times publication, and a leading global finance news publication, publishes a ranking of the Top 100 Arab Banks rankings in each country based on their overall performance, growth, profitability, operational efficiency, asset quality, return on risk, liquidity, soundness, and leverage.