CI Ratings confirmed QIIB’s rating at A, with stable outlook

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Dr. Abdulbasit Ahmed Al Shaibei, CEO of QIIB

Doha: Capital Intelligence (CI) Ratings confirmed QIIB’s high rating at (A), with a stable outlook, praising the bank’s high creditworthiness. In its periodic report which analyzes QIIB’s financial indicators, the agency states that it confirms the long-term rating “LT FCR” at (A) and the short-term rating “ST FCR” at (A1).

Capital Intelligence’s rating was based on the following: “The bank’s exceptional asset quality, strong participation in the local Islamic retail banking sector, good and consistent profitability and above the average return on assets ‘ROAA’. In addition, QIIB’s capital adequacy is well above the minimum required by QCB, and the bank has a strong deposit base that strengthens its position in addition to the high likelihood of extraordinary government support, if needed” .

The report notes that: “QIIB maintains a comfortable liquidity and funding profile with a minimal share of non-domestic deposits”. The bank’s funding portfolio is of high quality, supported by a strong risk mitigation strategy, as the bank benefits from continued operational efficiency gains. In addition, the bank’s non-performing funding ratio outperforms its peers and is fully covered by its funding loss reserves.

Referring to Commenting on the Capital Intelligence’s rating of QIIB, Dr. Abdulbasit Ahmed Al Shaibei, CEO of the Bank, said: “This high rating is mainly due to the many opportunities offered by the Qatari economy to different business sectors, especially the banking sector. sector, where the boom in projects and financing has a strong impact on the bank’s portfolio, its activities and its ability to achieve targeted growth rates and stable operations over the long term”.

He added: “We are very pleased with this prestigious (A) rating and the stable outlook of Capital Intelligence Rating, which proves that QIIB has been able to adapt to new developments and market challenges. QIIB has been able to maintain its various indicators, develop its working methods and do everything necessary to achieve the best possible performance despite all the circumstances”.

The CEO affirmed that: “Capital Intelligence’s report on the QIIB rating clearly indicates that the bank has been able to strengthen its financial situation and improve its various indicators despite the impact of the pandemic. Moreover, the bank has improved its operational efficiency in these exceptional circumstances, which in itself is a qualitative development. We will continue to work on this issue and its development to achieve the best desired results.

Dr. Al-Shaibei further pointed out that: “Over the past period, the bank has made notable progress in a vital area, which is digital transformation, as most of the bank’s services and products have become available through digital channels, including many financing services, which is considered a great achievement for the bank. We strive to stay on this path and continuously develop it, in order to achieve the highest possible operational efficiency and to provide the best services and products to our ever-expanding customer base”.

It should be noted that Fitch Ratings recently confirmed QIIB’s strong rating at “A”, while credit rating agency Moody’s confirmed QIIB’s rating at (A2) with a stable outlook.

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