Continue reading Qatar First Bank achieves QAR 21 million net profit in Q1 2022" />
Qatar First Bank LLC (Public) (“QFB” or “Bank”) announced its positive financial results for the three months’ period ending 31 March 2022, reporting net profit attributable to shareholders of QAR 21 million, up 2.3% from the QAR 20.6 million reported in the same period of the previous year.
The first quarter of 2022 witnessed a significant growth in fee income of 274% from QAR 2.3 million in the same period last year to QAR 8.6 million, dividend income amounting from QAR 0.9 million in the same period last year to QAR 10.1 million and income from sukuk portfolio from QAR 2.6 million in the same period last year to QAR 4.3 million. Growth in the revenue is in line with the Bank’s strategy.
Furthermore, QFB managed to optimize its total expenses by 9.1%, reflecting the bank’s internal control on expenditure. Total assets for the three months’ period ended 31 March 2022 was at QAR 4.1 billion, registering a growth of 28%, compared to QAR 3.2 billion for the last year.
During this period, QFB received regulatory approval to proceed with its “Rights Issue” to increase the Bank’s capital from QAR 700 million to QAR 1.120 billion, representing a 60% increase from the current nominal paid-up share capital, by way of offering 420 million new ordinary shares for subscription by means of a rights issue. The capital increase will support the Bank’s strategic growth plan.
Sheikh Faisal bin Thani Al-Thani, QFB’s Chairman said: “We are proud to announce that the Bank continued its profitable momentum in the first quarter of 2022 by achieving steady and satisfactory results, which proves our resilient business model and strategy. Operating income grew and costs were in control. With the capital increase, we will have a stronger capital base thus enabling our strategic growth plan. We take this opportunity to thank our clients for their continued loyalty towards QFB, shareholders for their ongoing commitment, management and staff for their dedication”
Mr. Abdulrahman Totonji, QFB’s CEO added: “Over the past two years, QFB managed to remain strong cementing its position with turnaround financial performance. Thanks to our solid foundation, our balance sheet position and liquidity level remained very strong in the last three months, and we managed to build a more diversified investment portfolio.
With the continuous trust and support of our team and stakeholders, we continue to develop new innovative financial solutions that cater to our wide range of clients with different risk and return appetite.”
QFB continues to increase its global footprint with a more sustainable and robust investment strategy and Shari’a compliant investments, providing greater access for local investors to enter the US real estate market.
Qatar First Bank LLC (Public) is the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).