The Qatar International Islamic Bank (QIIB) has announced a net profit of QR1,003,347,000 (around $275.64 million) in 2021, according an official statement from the financial situation.
This is in comparison to a net profit of QR937,708,000 ($257.61 million) for 2020.
This meant there had been an increase of 7 percent in net profit for the bank year on year.
QIIB said in its statement that the Earnings per share (EPS) amounted to QR0.59 (around $0.16) as of December 31, 2021.
This was against an EPS of QR0.55 (around $0.15) for the same period in 2020marking a rise of around 7.27 percent.
QIIBs Board of Directors proposed a cash dividend distribution to shareholders of QR0.375 (around $0.10) per share, if any.
Sheikh Khalid bin Thani bin Abdullah Al-Thani, chairman of QIIB’s Board of Directors, was quoted by the statement as saying: “Our nation’s economy has been steadily growing across all sectors and indicators.”
He added that QIIB had achieved exceptionally “notable results” in 2021, in alignment with Qatar’s overall economic growth.
“During the year, we cooperated with various business sectors to finance many value added projects that would serve the nation’s economic growth that are in line with our strategic plans,” he continued, adding: “We continued to care for small and medium enterprises (SMEs).”
Al-Thani explained: We also made sure to support and promote innovation, and reinforce the superiority of Islamic banking sector by effectively investing in the latest technological solutions available, and by offering high quality services, for both corporate and individual customers.”
He added: “We also managed to make great strides in digital transformation, which was instrumental in successfully dealing with the repercussions of Covid-19.”
The bank will now “move forward with our current achievements by setting a long-term strategy that relies on the latest scientific and tech,” said the chairman.
QIIB was founded in 1990 and was listed on Qatar Stock Exchange in 1997.
It’s authorized capital, paid-up capital, and total number of subscribed shares amount to QR1,513,687,490 (around $415.85 million).
The number of its tradable shares is 1,249,913,170.
