Qatar First Bank (“QFB” or “Bank”), 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) announced its financial results for the six months period ending 30 June 2021.
The Bank has achieved a net profit attributable to shareholders of QAR 41 million. This makes it a third consecutive quarter of net profit for the shareholders.
The Bank has recorded a total income of QAR 107.2 million during the first half of 2021. In line with the Bank’s strategy to focus on the real estate products, and to form a stable profit rate yielding assets, the Bank recorded income from real estate products of QAR 37 million. Furthermore, the Bank recorded a profit of QAR 6.4 million from stable profit yielding assets, namely, sukuks and sukuk funds which is 123% higher than the same period of the last year.
During the first half of the year, the Bank was able to successfully exit some of its private equity investments recording a disposal gain of QAR 53 million.
The total expenses for the six months’ period ended 30 June 2021 were QAR 41.6 million, registering a decrease of 35% compared to QAR 63.9 million for the same period last year. This reflects upon the efficient cost management by the bank for a sustainable growth.
Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “We are very pleased with QFB’s overall performance during the first half of 2021, and for concluding our third consecutive profitable quarter despite the challenging market conditions. Qatar First Bank’s strategic vision has once again proven that it is heading in the right direction, and we are happy with the Bank’s achievements and enhanced financial indicators. QFB is committed to being the trusted Shari’ah compliant bank and investment partner in Qatar, the region and across the global.”
Mr. Abdulrahman Totonji, QFB’s CEO said: “QFB has successfully concluded the first half of the 2021 financial year with remarkable results. With the blessing of God and then the hard work of the QFB team, that worked tremendously to improve the performance of the bank we have been able to succeed. QFB performed exceptionally well, setting up long term stable revenue sources, growth, and performance indicators for the Bank and our clients and partners. In line with our strategy, we source and structure investment opportunities to meet the increasing demand of local and international investors. Our products help investors gain access and reach to the real estate market and we are continuously working on developing new products and investment opportunities.”
Qatar First Bank has announced its successful exit from its private equity investments in the Middle East; Cambridge Medical & Rehabilitation Center (CMRC), Food Services Company (FSC), and Al Rifai International Holding (Al Rifai). The Bank launched its mobile banking application; the QFB Mobile App, the first banking application in Qatar to be hosted in Microsoft’s Azure cloud. QFB has also completed the acquisition of Healthcare Technology Company Headquarters in Ohio and Waterway Plaza I, a class A+ office tower spanning more than 223,0000 square feet located in suburban Houston, Texas, USA. The Bank also acquired Lulu Messila hypermarket building as part of its intention to establish a strong local presence in the Qatari Market.