Qatar First Bank posts QR20.6mn net profit in first quarter

(MENAFN - Gulf Times) Qatar First Bank (QFB) has achieved a first quarter (Q1) net profit attributable to shareholders of QR20.6mn, compared to a loss of QR191.6mn during the same period in 2020. QFB is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange. Qatar First Bank has also achieved significant gains from disposal of equity valued QR66.9mn resulting from income of sale of products and private equity investment exits being the main drives of these gains, mainly exiting investments in CMRC Limited in the first quarter of 2021. QFB has also increased its other income sources by 355%, achieving QR7.7mn for the period that ended on March 31 this year compared to QR1.7mn million for the same period in 2020. In the first quarter of 2021, and thanks to its rigorous internal control on expenditure and rationalisation of expenses, Qatar First Bank was successful in reducing its total expenses at a percentage of 45%, bringing costs down to QR22.7mn during the first quarter compared to QR41.75mn for the same period last year. QFB managed to increase its stable income sources from its sukuk investments of QR2.5mn for the period that ended in March, compared to QR1.4mn for the same period last year. Earnings per share became positive at QR0,029 for the period that ended in March compared to 'lost per share of QR0,274 for the same period last year. QFB chairman Sheikh Faisal bin Thani al-Thani said, 'We are delighted with the performance of our bank during the first quarter of the ongoing financial year, and for concluding to consecutive profitable quarters within a global business atmosphere marked by uncertainty in light of the Covid-19 pandemic. 'QFB's strategic vision has proven its efficiency in being adaptive to all circumstances, and I would like to reiterate our commitment to achieving a leading position in the local market and beyond, and to continuously being the trusted Shariah-compliant bank and investment partner in Qatar and region Abdulrahman Totonji, QFB's Acting CEO said, 'QFB has successfully concluded the first quarter of 2021 with a stronger balance sheet, and more diversified investment portfolio thanks to our adaptive business strategy which is continuously making us ready to navigate potential operational challenges in lights of a global pandemic. 'We are happy to conclude the first quarter with a remarkable reduction in expenses, greater presence in global markets, namely the United States of America, while gradually reducing our dependence on limited markets and industries and detecting more profitable investment opportunities to guarantee our sustainable growth in line with QFB's vison and business objectives. concluded Abdulrahman Totonji. During the first quarter of 2021, QFB also announced the completion of a series of successful transactions in the local, regional, and global markets. The bank has announced its successful exit from its investment in the Middle East; CMRC Limited. QFB has also completed the acquisition of Waterway Plaza I, a class A+ office tower spanning more than 223,0000 square foot located in suburban Houston, Texas, as the bank's first acquisition in the US for this financial year, in addition to acquiring LuLu Messila hypermarket building as part of its intention to establish a strong local presence in the Qatari market.      Last updated: April 12 2021 10:31 PMMENAFN12042021000067011011ID1101906083