Qatar First Bank (QFB), 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) announced its financial results for the first quarter for the period ended on 31 March 2021.

The Bank has achieved a net profit attributable to shareholders of QAR 20.6 million, compared to a loss of QAR 191.6 million during the same period in 2020.

Qatar First Bank has also achieved significant gains from disposal of equity valued QAR 66.9 million resulting from income of sale of products and private equity investment exits being the main drives of these gains, mainly exiting investments in CMRC Limited in the first quarter of 2021.

QFB has also increased its other income sources by 355%, achieving QAR 7.7 million for the period ended 31 March 2021, compared to QAR 1.7 million for the same period last year.

In the first quarter of 2021, and thanks to its rigorous internal control on expenditure and rationalization of expenses, Qatar First Bank was successful in reducing its total expenses at a percentage of 45%, bringing costs down to QAR 22.7 million during the first quarter 2021 compared to QAR 41.75 million for the same period last year.

The Bank managed to increase its stable income sources from its Sukuk investments of at QAR 2.5 million for the period ended 31 March 2021, compared to QAR 1.4 million for the same period last year. Earnings per share became positive at QAR 0,029 for the period ended 31 March 2021 compared to lost per share QAR 0,274 for the same period last year.

Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “We are delighted with the performance of our bank during the first quarter of the ongoing financial year, and for concluding to consecutive profitable quarters within a global business atmosphere marked by uncertainty in light of the COVID-19 pandemic.”

“QFB’s strategic vision has proven its efficiency in being adaptive to all circumstances, and I would like to reiterate our commitment to achieving a leading position in the local market and beyond, and to continuously being the trusted Shari’ah compliant bank and investment partner in Qatar and region”

Mr. Abdulrahman Totonji, QFB’s Acting CEO said: “QFB has successfully concluded the first quarter of 2021 with a stronger balance sheet, and more diversified investment portfolio thanks to our adaptive business strategy which is continuously making us ready to navigate potential operational challenges in lights of a global pandemic.”

“We are happy to conclude the first quarter with a remarkable reduction in expenses, greater presence in global markets, namely the USA, while gradually reducing our dependence on limited markets and industries and detecting more profitable investment opportunities to guarantee our sustainable growth in line with QFB’s vison and business objectives.” concluded Mr. Abdulrahman Totonji.

During the first quarter of 2021, QFB also announced the completion of a series of successful transactions in the local, regional, and global markets. The Bank has announced its successful exit from its investment in the Middle East; CMRC Limited.

QFB has also completed the acquisition of Waterway Plaza I, a class A+ office tower spanning more than 223,0000 square foot located in suburban Houston, Texas, USA as the Bank’s first acquisition in the US for this financial year, in addition to acquiring Lulu Messila hypermarket building as part of its intention to establish a strong local presence in the Qatari Market.