QFB announces half year financial results

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 six-month period ending 30th June 2018 recording a net loss of QAR 354 million.

Ayman Zaidan, Head of Treasury and Investment Management said:

Year 2018 is showing a positive growth momentum for the overall banking and finance sector compared to the previous year but the regional landscape still continues to be challenging for most of the investment banks on regional and international level. Given these conditions QFB recorded a net loss of QAR 354 million during the first half of 2018. QFB’s ambitious cost rationalization plan that we implemented starting from the first half of 2016 continue to generate positive results by significantly reducing both staff cost and other operating expenses by 34% and 17% respectively compared to the same period in 2017 which supports our purpose of raising bank’s efficiency level”.

QFB recorded unrealized losses associated with the value of its proprietary investment portfolio. These losses are mainly driven by Turkish assets and worsening macroeconomic conditions. However, in line with the Bank’s new strategy, it is currently actively exploring avenues of exit to dispose some of its assets with the proceeds earmarked for the development and expansion of the bank’s new product offering.

In an ambitious drive by our Treasury and Investment arm through direct sourcing and structuring is striving to increase the bank’s assets under management by multiple deal by deal transactions. Treasury team is also working around the clock in developing timely financial products and solutions targeting new and existing clients prioritising the prudent liquidity management measures which will lead the bank to generate positive net profit margins.

We envision that regional economies will remain showing mix signals, however we will continue to push ahead with our expansion strategy into banking and adopt an opportunistic outlook to source viable investment opportunities and generate sound returns for our clients and shareholders.

Qatar First Bank announces that one of its subsidiaries has signed a conditional sale contract to sell its full stake at memorial company

One of the Bank’s subsidiaries has signed a conditional sale agreement to sell its full stake of 20% in İstanbul Memorial Sağlık Yatırımları A.Ş. (“Memorial”) which is incorporated in Turkey to a company wholly owned by the Aydin Family.

Subject to the fulfillment of all conditions and the receipt of all approvals and prior to completion of the transaction, the Bank will notify the Qatar Exchange with all details of the transaction.

Please note that the deal amount does not represent more than 10% of the total assets of the Bank. It is expected that the deal will close in the third quarter of 2018. It is worth noting that the closing of this deal cannot be guaranteed given that this is subject to obtaining all the required approvals.

Qatar First Bank announces that one of its subsidiaries has signed a conditional sale contract to sell its full stake at English home company

One of the Bank’s subsidiaries has signed a conditional sale agreement to sell its full stake of 40% in EHM MAGAZACILIK SAN. VE TİC. A.Ş (“English Home”) which is incorporated in Turkey to a company wholly owned by the Aydin Family.

Subject to the fulfillment of all conditions and the receipt of all approvals and prior to completion of the transaction, the Bank will notify the Qatar Exchange with all details of the transaction.

Please note that the deal amount does not represent more than 10% of the total assets of the Bank. It is expected that the deal will close in the fourth quarter of 2018. It is worth noting that the closing of this deal cannot be guaranteed given that this is subject to obtaining all the required approvals.