QFB announces half-year 2020 financial results

• Efficient risk management framework and cautious liquidity measures aided QFB to successfully upheld macro-economic challenges
• QFB applauds the strength and security that Qatari economy provided to the banking sector

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange, has released its interim condensed consolidated half-year financial statements for the period ended 30 June 2020. QFB reduced its net loss by 35% recording a net loss of QAR 202 million for the first half of 2020 compared with a net loss of QAR 310 million for the same period last year.

Net loss was incurred mainly due to COVID-19 impact on the performance of Bank’s assets. QFB continued implementing a cost rationalization initiative to decrease its total costs, alongside implementing a risk-adjusted income-generating strategy to enhance its returns and shareholder value. As a result, the total costs (excluding one-off impairment costs) were reduced by 27% during the first half of this year compared to the same period last year.

QFB’s Board of Directors, commented
“As the COVID-19 global pandemic effected all industries around the world, the overall banking industry in Qatar witnessed a mild weakening effect on profitability due to the market slowdown. QFB’s efficient risk management framework and cautious liquidity measures ensured that there is only minor impact to its core banking activities. We affirm that QFB is gaining benefits from its revised strategy where our income streams are showing continuous growth momentum along with progressive operational performance and positive financial indicators. We further applaud the effort taken by government and regulators to ensure strength and security of the local economy”

Earlier in January, QFB acquired 90 North Corporate Campus a four-building, 262k-square-foot office campus located in Bellevue, Washington, US. The Bank has also existed a second aviation deal through the sale of a Boeing 737-900ER aircraft.

QFB continues to gain from its revised strategy shifting the Bank’s operating model to focus on investing in risk-adjusted yield-generating structured investment products syndicated to the Bank’s investor-base. In addition, the Bank continues its precautionary measure to address possible risks associated with changing market conditions and create adaptive strategies.

QFB Board of Directors appoints Mr. Abdulrahman Totonji as ACEO

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA), announced today the appointment of a new Acting CEO (ACEO).

Mr. Abdulrahman Totonji is a distinguished talent in business, economics, and investments. He has extensive experience in managing local and international real estate investments, which enables him to lead QFB during this critical moment of its history. He spent around six years managing a billion-QAR Qatari investment portfolio. Additionally, he gained experience over a period of six years investing in the US real estate market. Abdulrahman obtained his master’s degree in real estate finance from Georgetown University, Washington DC and Bachelor’s degree in business administration from George Washington University.

The Board welcomed the appointment of Mr. Totonji as ACEO of the Bank in the context of its new vision aiming at maximizing shareholder value. The Board also praised Abdulrahman’s expertise in economics and administrative matters, and the Board is confident that his experience will help improve the Bank’s performance and achieve positive results for the shareholders.

Commenting on his appointment as new ACEO of QFB, Abdulrahman said:

“I thank the Board of Directors for trusting me as QFB’s ACEO at this critical stage. I will work with the Board and the executive team over the coming period to support the Bank in maximizing shareholders’ value and to place the Bank on a profitable path again, and inshallah we will see the bank grow to new heights.”