Capital Intelligence affirms QIIB's rating at ‘A’ with a stable outlook reflecting the bank's strong financial position

news

Dr. Al-Shaibei: We are in harmony with the Qatari economy, one of the best economies, regionally and internationally, thanks to its strength and position

 

Doha: Capital Intelligence Ratings affirmed QIIB's rating at ‘A’ with a stable outlook, which reflects the strength of QIIB's financial position. The global ratings agency also praised the bank's numerous strengths.

In its report, which monitors QIIB's financial indicators, the agency affirmed the Bank's long-term foreign currency rating at ‘A’ and short-term foreign currency rating at ‘A1’, after analysing the Bank's performance and various financial indicators during the past period.

Capital Intelligence Ratings indicated that QIIB's high rating is due to overall good assets quality, sound franchises in Islamic and retail banking segments providing strong customers deposit base ,  good capital adequacy and strong profitability.

The agency noted, "The rating is also based on the high likelihood of extraordinary government support in case of need, and on the government's strong track record of support for Qatari banks, as the government's financial capacity to support banks is also considered strong given Qatar's sovereign rating at AA -.”

Capital Intelligence indicated that QIIB has a high-quality finance portfolio, supported by its strong risk mitigation strategies, and that ROAA is better than the sector average  ,supported by its broadly stable financing margins ,as its repricing offset the higher funding cost ,while benefiting from continued operations efficiency gains.

QIIB is also expected to continue achieving better than average results in the banking sector thanks to the cost of credit and the low cost-to-income ratio.

In the context of its analysis of QIIB's position and the reasons behind its strength, the agency noted, “QIIB management team has a solid experience in the banking industry and a deep knowledge of the local market and Islamic banking services. The bank’s basic strategy also focuses on the local market, the proper division thereof, the identification of the sectors that provide the best opportunities for the bank, the latest innovations in products and services and the efficient provision of products and services to the target sectors.

“QIIB finance strategy includes, among other things, becoming the preferred banking partner for individuals, corporations and financial institutions looking for Sharia-compliant solutions".

Commenting on Capital Intelligence rating of QIIB, Bank CEO, Dr Abdulbasit Ahmed al-Shaibei said, "We are thrilled with the bank's high rating at ‘A’ with a stable outlook. This means that we are in perfect harmony with the Qatari economy, one of the best economies, regionally and internationally, thanks to its strength and position, which also proved to be exceptionally efficient in facing various emerging factors and unforeseen circumstances".

He stated, "We are aware that the rich opportunities and open horizons provided by the Qatari economy are clearly reflected in QIIB's work and activities. Our strategy focuses on the local market, with its high dynamism, ability to generate opportunities and capacity to face competition and challenges and turn them into opportunities".

Dr. Al-Shaibei said, "The factors on which Capital Intelligence relied to rate QIIB, confirm that we have done what is required during the past period, in terms of facing the various factors, circumstances and challenges caused by the spread of Covid-19.

“The bank maintained a strong financial position, and despite everything, financial indicators continued to rise and we were able to turn challenges into achievements. At QIIB, this is something we are proud of achieving so as to serve the best interest of our customers, shareholders and the Qatari economy in general".

He affirmed, "In addition to facing Covid-19 and its repercussions and strengthening its financial position, the bank took very large steps in the field of digital transformation, as its plans in this area were accelerated and what the bank was supposed to accomplish over several years, was accomplished in a few months. Most services we provide are currently available through digital channels and we hope to digitise 100% of our services in the near future and achieve operational efficiency and customers satisfactions ".

The QIIB CEO expressed his confidence that QIIB will continue to grow and strengthen its financial position, while exerting utmost efforts to promote innovation, invest in providing the best technological solutions for the various banking operations, improve security and trust to enhance efficiency and provide a banking experience in line with the best international standards to achieve ultimate customer satisfaction".

It should be noted that Fitch Ratings recently affirmed QIIB's rating at ‘A’ with a stable outlook while Moody's affirmed QIIB's rating at ‘A2’ with a stable outlook.

QIIB was established in 1990 as the second Islamic bank in the State of Qatar and is currently the third largest listed Islamic bank in terms of assets and market value. The Bank provides integrated banking services to its customers through a network of branches all across Qatar.

The Bank was able to establish advanced technological infrastructure and alternative channels that scaled up the banking services to a whole new level. The bank also has diverse regional and international partnerships.

九九九免费观看视频-黃色A片三級三級三級