File photo
Doha: Qatari banks have delivered impressive results in 2021 despite challenging situation created by COVID-19 outbreak. QNB, QIIB, Masraf Al Rayan, QIB, Commercial Bank, Doha Bank and Ahli Bank have posted healthy growth in net profit during last year. The banks witnessed robust growth in main indicators such as loans and advances to customers, net interest income, customer deposits and revenue.
Banks’ strong growth during last year was driven by improvement in economic condition. Helped by Qatar’s robust vaccination programme and significant strengthening of energy prices, the economic activities in the country rose significantly last year.
QNB, the largest financial institution in the Middle East and Africa region, yesterday announced net profit of QR13.2bn ($3.6bn) for the year ended December 31, 2021, which was an increase of 10 percent compared to last year. Similarly, QIIB reported a net profit of QR1.003bn for 2021, which represented an overall growth of 7 percent compared to the previous year. QIIB’s total revenues rose to QR2.45bn by the end of the year, total assets reached QR61.8bn and total deposits at QR38.4bn, with a growth rate of 6.3 percent.
Masraf Al Rayan reported a net profit of QR1.718bn for the year ended December 31, 2021. For Masraf Al Rayan, the year 2021 was a special year as it announced merger last year. Masraf Al Rayan had announced its merger with Al Khalij Commercial Bank in January 2021 and completed it in December, creating one of the leading Shari’a-compliant lenders in the region with a robust capital position and strong liquidity.
QIB achieved net profit attributable to shareholders of QR3.555bn for the fiscal year 2021 compared to QR3.065bn for the year 2020, marking an increase by 16 percent over last year with basic earnings per share of QR1.42 compared to QR1.21 as at December 31, 2020. Likewise, Commercial Bank reported a net profit of QR2.304bn for the year ended December 31, 2021, an increase of 77.1 percent compared to QR1.301bn for the same period in 2020. Ahli Bank announced a net profit of QR713m for the year ended 2021 compared to QR680m for 2020.
Doha Bank posted a net profit of QR704m for the year 2021.
