QFB announces third quarter financial results Banner

QFB announces third quarter financial results

  • Recording revenues of QAR 271.89 million;
  • Reduction of overall expenses by 16%;
  • Recording a total assets of QAR 5.54 billion

Qatar First Bank L.L.C. (Public), a leading Shari’ah compliant bank based in Qatar and listed on the Qatar Stock Exchange (QSE), has released its financial results for the nine-month period ended 30th September 2017 recording revenues of QAR 271.89 million and a loss of QAR 139.6 million.

Mr. Ayman Zaidan, Head of Treasury and Investment Management, said:

“As predicted, the past nine months were very challenging; as the global and regional investment market continues to face major difficulties. However, QFB recorded a revenue of QAR 271.89 million and a loss of QAR 139.6 million. QFB will continue its endeavours to engineer financial solutions and products for our local individual and institutional clients.”

These challenging global and regional economic factors that continue to have negative influence on the Bank’s investment book led the Bank to record a loss of QAR 40.79 million on revaluation of investment at fair value through net income for nine-month period ended 30 September. On the other hand, the investment portfolio continued to generate healthy cash dividends recording an income of QAR 17.64 million.

On private bank front, QFB’s Sukuk book also continued to generate positive returns resulted in an income of QAR 17.92 million. Furthermore, the Bank’s income from placement with financial institutions stood at QAR 20.42 million. Additionally, the Bank’s income from financing assets increased by 21%, compared to the same period of 2016, recording additional income of QAR 10.75 million.

QFB total assets slightly decreased by 7% from the year end, and closed at QAR 5.54 billion. However, despite this fact, on the private bank front, QFB was able to increase its financing assets by net QAR 81.43 million during nine-month period ended 30 September 2017 and was able to structure Real Estate products in the USA and UK for its clients.

With regards to Memorial Healthcare Group, one of Turkey’s largest premier hospital chain, is a leading healthcare chain in Turkey with a network of ten hospitals and three medical clinics. Memorial was established with the mission of becoming a world-class brand in healthcare by pioneering practices in the sector, hiring distinguished staff, complying with international quality standards and serving patients with a satisfaction-oriented approach. In 2016, the Group employed over 770 doctors and served approximately 2 million patients. Its revenue in 2016 were TRL907 million.

Mr. Sulaiman Al-Hashimi, Chief Business Officer, said:

“QFB optimisation of existing investment portfolio book continues with the objective of maximizing value to shareholders & clients. Along with our capabilities and expertise in private equity, real estate and private banking fronts we can create more profitable business opportunities to fuel our growth”