Qatar First Bank L.L.C. (Public), a 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 2019 recording a net loss of QAR 301.3 million compared with net loss of QAR 353.9 million for the same period of 2018, as well as total income of QAR 13.8 million, compared with a negative income of QAR 243 million in the same period of 2018.
Mr. Ali Mohammed Al-Obaidly, QFB CEO, said:
“Even though the bank had to announce a loss this quarter, our operations show positive growth momentum. However, it was internally a tough call to make. QFB resolved totally to wash away any previously accumulated losses. Though QFB still has to achieve its growth goals, I believe it is ready now for a fresh start free from any past bad performance burdens. Senior management in line with QFB newly elected BoD shall exert all best efforts to correct QFB trajectory and get it back into the green. I, therefore, appreciate our shareholders and stakeholders patience and trust.”
Fee-based income reached to QAR 15.5 million for the first half of 2019, an increase of 54.4% compared to QAR 10 million for the same period 2018 due to the Bank’s newly implemented business strategy of moving away from asset-based income generation to being a fee income based business. Moreover, our prudent control measures has positively impacted the overall performance in relation to total income.
“Operationally our 2019 financial year started with a positive note, generating a net profit in the first quarter after many continuous quarters of losses. Our income streams are showing positive signs growth momentum which is a manifest that QFB is progressively and steadily moving forward in the right direction,” he added.
To further fuel our growth business teams are focused to increase the bank’s assets through direct sourcing and structured products using multiple deals along with new financial products and solutions that generate higher returns targeting new and existing clients.
QFB’s shareholders recently elected a robust well diversified new BoD, which consists of prominent economic and business figures who are collectively working to improve the bank financial performance on a well-structured long-term growth plan while looking in to generate positive returns to its shareholders.