Qatar First Bank LLC (Public) (âQFBâ or âBankâ) announced its strong financial results for the nine-month period ending September 30, 2021.
Net profit attributable to shareholders for the nine-month period amounted to QAR 62 million, compared to a loss of QAR 227.9 million in the same period of the previous year 2020. This is the cumulative profit nine-month high for QFB since 2016.
Total income amounted to QAR 168 million compared to the negative total income of QAR 82 million in the previous year 2020. The Bank achieved a significant 322% increase in year-on-year dividend income, from 2.00%. 4 million to 10 million from real estate. Sukuk investments and funds.
During the nine-month period ended September 30, 2021, QFB recorded a 255% increase in other sources of income, including rental income, from 3.87 million to 13.74 million, leading to a source of stable income.
QFB continued to cut spending despite improving key financial indicators, with total spending down 24%.
Total real estate assets under management (AUM) increased 140% from QAR 1.6 billion to QAR 3.9 billion, following the acquisition of Fourteen555, an award-winning multi-tenant office building in 2020 serving as head office at Occidental Chemical Corporation in Dallas, Texas.
QFB obtained the approval of its shareholder at its Extraordinary General Meeting for a capital increase in order to strengthen its equity for better performance, long-term growth and a stronger balance sheet.
As part of its mission to continue to add value to its shareholders and customers, QFB adopts an operating model that invests in risk-adjusted return-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 Sharia-compliant platform.
Sheikh Faisal bin Thani Al-Thani, Chairman of QFB, said: âThe significant performance and strong financial results of QFB are a testament to the stability and resilience of the Bank during the first three quarters of 2021 despite the difficult macroeconomic conditions. . We are very pleased with the positive contribution from all of our businesses and the feedback from QFB’s new strategic direction to meet growing demand from local and international investors.
âThe Bank’s clear strategic direction, the pursuit of profitable investments and the prudent risk management framework are behind the strong results we have witnessed over the past four quarters, laying a solid foundation for a future growth.
Mr. Abdulrahman Totonji, CEO of QFB, said: âWe are satisfied with the overall performance and the impressive results. QFB’s financial performance has been significant, setting new performance indicators for the Bank, our clients and partners over the past year, and we are committed to taking adaptation measures to improve further. We will continue to focus on creating value for our stakeholders. With the blessings of Almighty God and a committed team, we continue to record strong momentum and improved performance levels. ”
Qatar First Bank LLC (Public) is the first independent Shariah-compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).