Qatar First Bank LLC (Public) (“QFB” or “Bank”) announced its strong financial results for the nine months period ending 30 September 2021.
Net profit attributable to shareholders for the nine months period amounted to QAR 62 million compared to a loss of 227.9 million in the same period of previous year 2020. It is QFB’s highest nine months accumulated profit in any year since 2016.
The total income stood at QAR 168 million compared to the negative total income of QAR 82 million in the previous year 2020. The Bank achieved a significant increase of 322% in dividend income year on year, from 2.4 million to 10 million driven from real estate investments and Sukuk funds.
In the nine months period ended 30 September 2021, QFB recorded an increase of 255% in other income sources including rental income, from 3.87 million to 13.74 million, leading to a stable income source.
QFB continued to reduce it expenses despite the improvement in key financial indicators, with total expenses reducing by 24%.
Total real estate assets under management (AUM) grew by 140% from QAR 1.6 billion to QAR 3.9 billion, following the acquisition of Fourteen555, a 2020 award-winning multi-tenant office building serving as headquarters for Occidental Chemical Corporation in Dallas, Texas.
QFB got the approval of its shareholder in its Extraordinary General Assembly Meeting for a capital increase to strengthen its equity base for improved performance, long-term growth, and a stronger balance sheet.
As part of its mission to continue to add value to its shareholders and clients, QFB adopts an operating model that invests in risk-adjusted yield generating products. QFB focuses its investments on a stable and growing market, through services and products to help investors access the US real estate market through a shari’ah compliant platform.
Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “QFB’s significant performance and strong financial results are a testament of the Bank’s stability and resilience during the first three quarters of 2021 despite the challenging macroeconomic conditions. We are very pleased with the positive contribution from all our business lines and the returns of QFB’s new strategic direction to meet the increasing demand of local and international investors.”
“The Bank’s clear strategic direction, sourcing of profitable investments, and prudent risk management framework are behind the strong results that we witnessed in the past four quarters laying a strong foundation for further growth”.
Mr. Abdulrahman Totonji, QFB’s CEO said: “We are pleased with the overall performance and overwhelming results. QFB’s financial performance was significant, setting up new performance indicators for the Bank, our clients and partners over the last year, and we are committed to taking adaptative measures to improve further. We will continue to focus on generating value to our stakeholders. With the blessings of God Almighty and a committed team, we continue to record strong momentum and improved levels of performance.”
Qatar First Bank LLC (Public) is 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).