Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange, announced yesterday a net profit attributable to shareholders of QR20.6m, compared to a loss of QR191.6m during the same period in 2020.
Qatar First Bank has also achieved significant gains from disposal of equity valued QR66.9m resulting from income of sale of products and private equity investment exits being the main drives of these gains, mainly exiting investments in CMRC Limited in theW first quarter of 2021.
QFB has also increased its other income sources by 355 percent, achieving QR7.7m for the period ended 31 March 2021, compared to QR1.7m for the same period last year.
In the first quarter of 2021, and thanks to its rigorous internal control on expenditure and rationalization of expenses, Qatar First Bank was successful in reducing its total expenses at a percentage of 45 percent, bringing costs down to QR22.7m during the first quarter 2021 compared to QR41.75m for the same period last year.
The Bank managed to increase its stable income sources from its Sukuk investments of at QR2.5m for the period ended 31 March 2021, compared to QR1.4m for the same period last year. Earnings per share became positive at QR 0.029 for the period ended 31 March 2021 compared to lost per share QR0.274 for the same period last year.
Sheikh Faisal bin Thani Al Thani, Chairman of QFB said: “We are delighted with the performance of our bank during the first quarter of the ongoing financial year, and for concluding two consecutive profitable quarters within a global business atmosphere marked by uncertainty in light of the COVID-19 pandemic.”
“QFB’s strategic vision has proven its efficiency in being adaptive to all circumstances, and I would like to reiterate our commitment to achieving a leading position in the local market and beyond, and to continuously being the trusted Shari’ah compliant bank and investment partner in Qatar and region”
Abdulrahman Totonji, QFB’s Acting CEO said: “QFB has successfully concluded the first quarter of 2021 with a stronger balance sheet, and more diversified investment portfolio thanks to our adaptive business strategy which is continuously making us ready to navigate potential operational challenges in lights of a global pandemic.”
Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorised by the QFC Regulatory Authority (QFCRA), held its Extraordinary General Assembly Meeting (EGM) yesterday. The virtual EGM was chaired by Sheikh Faisal bin Thani Al Thani, QFB’s Chairman, with the attendance of the QFB’s board members, shareholders, and senior management team.
The EGM discussed and approved all items on its agenda, including the amended Articles of Association, in addition to authorising the chairman to sign the approved amended Articles of Association to facilitate the registration of the amended Articles of Association with the relevant regulation authorities.
The EGM has also discussed and approved the Bank’s updated Corporate Governance Manual. Addressing the Extraordinary General Assembly Meeting, Sheikh Faisal said: “With the support of the members of the board and shareholders, and thanks to the dedication of all the management and employees of the Bank, Qatar First Bank will continue implementing its business strategy with further commitment to improve its overall performance, balance sheet and liquidity position through the ongoing financial year.”
“Qatar First Bank is better equipped to navigate the business challengers in light of the gradual economic recovery across the globe and the ongoing business implications of the COVID-19 pandemic in Qatar and around the world.
We will certainly be successful in surpassing all these potential challenges while increasing our operational efficiency, rationalizing our expenditures, and working towards cementing our position as the leading Shari’ah compliant investment bank in Qatar,” concluded Sheikh Faisal.
