The Banking Executive Magazine - March 2022 Issue

QIB QIB Named the Most Efficient Bank in the Middle East and Africa in 2021 by the Asian Banker Qatar Islamic Bank’s (QIB) ranked the most efficient bank in the Middle East and Africa, emerging first among the largest banks in the Asian Banker Middle East and Africa Ranking in 2021. The Middle East and Africa (MEA 200) 2021 is an evaluation of the 200 largest commercial banks and financial holding companies in the region. The ranking is based on the 2020 cost to income ratio, which stood at 20.1%, while QIB has further im- proved its efficiency with a cost-to- income ratio of 18.1% by the end of 2021. These efficiency ratios are sup- ported by QIB’s bank wide digital transformation program, which has successfully led to both a significant increase in sales and revenues as well as to operational efficiencies across the different departments of the Bank. Commenting on the new ranking, Mr. Bassel Gamal, QIB’s Group CEO said: “This success is the result of the wide adoption of our digital offerings by our customers and a true testa- ment to our continued efforts in driv- ing innovation and improving our customers’ experience. When we started our business and technologi- cal transformation few years back, we have set a high ambition to our- selves of becoming one of the most customer centric, efficient Banks in Qatar and the region. Mr. Bassel added: “We are really proud of this recognition and the fact that we help our customers by mak- ing their banking experience faster, simpler, more convenient and more secure. Banking has changed irrevo- cably over the last few years and the pivot to digital has been amplified. What we achieved so far is only pos- sible thanks to the collective efforts of all our employees, the continuous support from our Board of Directors, and our clients’ trust and loyalty”. QIB’s latest results affirmed its posi- tion as one of the leading banks in the region. Its assets increased by 11.2% from QAR 174.4 billion in 2020 to QAR 193.9 billion in 2021. Customer deposits grew by 11% reaching QAR 131.1 billion com- pared to QAR 118.1 billion in 2020. Moreover, the Bank was able to maintain the ratio of non-performing financing assets to total financing as- sets around 1.4%, one of the lowest in the banking industry. It also con- tinued to pursue a conservative im- pairment policy, with coverage ratio of the non-performing financing as- sets reaching 95% as of the end of 2021, in line with Qatar Central Bank’s directives. Thanks to these overall positive results, QIB’s net profit in 2021 amounted to QAR 3,555.3 million, a growth rate of 16% compared to 2020. the BANKING EXECUTIVE 26 ISSUE 159 MARCH 2022