Mubasher: Qatar International Islamic Bank (QIIB) on Thursday announced that Fitch Ratings has affirmed its long-term issuer default rating (IDR) at “A” with stable outlook.
The rating reflects Qatar’s strong economy, according to QIIB’s recent statement.
“Public sector liquidity injections have stabilised the country’s banking sector and stemmed the outflow of non-domestic funding”, Fitch Ratings said.
The agency added that the fiscal deficit of the world's richest country per capita has narrowed sharply with expectations of turning into a surplus in 2019.
“[The rating] provides an incredible thrust to its banking sector that has proven to be highly efficient and resilient to the challenges and various market factors at work,” Abdulbasit Ahmad Al Shaibei, CEO of QIIB, commented.
It is worth noting that QIIB’s profits jumped 7.1% year-on-year to QAR 253.2 million in the first quarter of 2018.
"The Bank will continue to focus on the local market and contribute to the financing of various projects, especially those vital to the development of the Qatar National Vision 2030,” Al Shaibei added.
For the full-year 2017, QIIB’s profits levelled up 6% to QAR 832.2 million, from QAR 784.8 million in the year before.
By 11:10 am Qatar time, QIIB’s stock went down 1.45% at QAR 53.11.