CHAIRMAN: DR. KHALID BIN THANI AL THANI
EDITOR-IN-CHIEF: DR. KHALID MUBARAK AL-SHAFI

Business / Qatar Business

QFB’s performance improved in 2020: Chairman

Published: 26 Feb 2021 - 09:17 am | Last Updated: 01 Nov 2021 - 07:32 pm
Peninsula

The Peninsula

Despite challenging market conditions Qatar First Bank (QFB) continued to exhibit strong growth momentum for the year ending December 31, 2020, by reducing its overall net loss by 24 percent. The bank recorded a net loss of QR226.7m for 2020 compared with a QR298m loss for 2019. QFB ended the year strongly by posting a net profit of QR1.2m in the fourth quarter with product fees and commissions being the main contributing factors. QFB, the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity in the Qatar Stock Exchange (QSE), yesterday released its financial results for the fourth quarter and year ended December 31, 2020. QFB’s efforts to implement strict internal controls, increase operational efficiency and rationalize expenditures led to improved performance and a 6.9 percent reduction in overall expenses.

In addition to a sustainable fee income stream, a drop in funding costs along with a better-managed deposits book helped improve the bank’s balance sheet and overall liquidity position. A testament to its accelerated growth, QFB's share price outperformed the market, delivering greater value to its shareholders and investors base. Sheikh Faisal bin Thani Al Thani, QFB Chairman, commenting on QFB’s 2020 financial performance: “Despite COVID-19’s negative impact on investor confidence, QFB’s performance in 2020 improved and is heading in the right direction.

We are pleased with the bank’s achievements and enhanced financial indicators. Our vigilant measures on corporate governance, clear strategic direction, sourcing of profitable investments, prudent risk management framework, and a well-disciplined execution are bearing fruit.” QFB remains focused on executing its adaptive strategy while implementing its well-disciplined approach to managing investments and liquidity in order to drive sustainable growth and value creation. The bank’s investment arm performed exceptionally well during 2020 acquiring a stream of high-quality Real Estate assets and was a driving force behind its fourth-quarter profit.

These assets received an overwhelmingly positive response from investors with most investment products being fully subscribed in a matter of days. The transformation the bank underwent as the new management took reins yielded very positive results. Looking ahead, QFB intends to cement its position as a leading investment product provider in Qatar focused on delivering innovative financial solutions. The entire team is committed to keeping the upward trend going and is gearing for greater heights in 2021.