QIIB announced that Fitch Ratings affirmed the bank’s rating at “A-” and raised its outlook for the bank from stable to positive.
The agency indicated that changing its future view of QIIB is based on the strength of the Qatari economy and its ability to achieve more opportunities and growth in various sectors, including the banking sector, and that the government is able to provide support to banks when needed.
Last September, Fitch Agency confirmed in its periodic report on affirming QIIB’s rating: “The bank’s rating at ‘A-’ is based on a number of reasons related to the bank and its indicators, or the environment in which it operates, as QIIB enjoys the quality of assets and capital. Adequate core money, funding and stable liquidity. The strong Islamic deposit franchise also supports the bank’s financing profile, which mainly consists of domestic retail deposits with very low dependence on external financing.
Fitch indicated that QIIB’s profitability measures are stronger than its direct counterparts due to high profit margins and good benefits, and the bank’s position strengthens cost management with the improvement in the operating environment since 2021.
Dr. said. Abdulbaset Ahmed Al-Shaibi, CEO of QIIB, said on the occasion of announcing the rating: “Certainly, this recognition of QIIB’s status makes us happy. Changing the perception of QIIB from stable to positive confirms that we are moving in the right direction, and that our indicators are strong and our steps are deliberate, and the policies we follow bring results.” desired.”
And he continued, “Before all that, we owe this progress and this high rating to the strength of the Qatari economy, which gives all sectors, including the banking sector, a safety umbrella with high credibility and reliability, and provides growth opportunities that are among the best regionally and internationally.” He added, “We continue to work according to a strategy that focuses on the local market and investing in the opportunities available in it. As for foreign investment opportunities, we manage them according to a highly efficient risk policy, which was clearly reflected in our indicators that were praised by various credit rating agencies, the latest of which was the rating of Fitch Agency, which strengthened The outlook for the bank is from stable to positive.
Dr. confirmed. Al-Shaibi: “QIIB will continue to work to strengthen its financial position and respond to competition factors and other factors in the market, with special attention to working to achieve more progress in the field of operational efficiency, by enhancing the role of technology and digital transformation, in accordance with the best internationally approved standards. ».
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