Qatar First Bank announces financial results for the first half of this year

Qatar First Bank announced its financial results for the first half of 2019, ended June 30, with a net loss of RO 301.3 million, compared with a net loss of SAR 353.9 million for the same period of the year. ;last year.

During the first half of this year, the Bank generated gross proceeds of $ 13.8 million, compared with negative proceeds of $ 243 million for the same period last year.

Ali Mohammed Al Obaidli, chairman and chief executive officer of the Bank, said today that, despite the announcement of losses for the second quarter consecutive to the bank's profits in the first quarter, the operations of the bank are currently experiencing positive growth, deciding to announce the remaining accumulated losses, the bank must move forward on a solid and clean basis.

Al Obaidli pointed out that, although the bank still has a long way to go to achieve its growth and profitability targets, it is ready for a fresh start, free from the burden of past losses, pointing out that management will better to correct the growth curve and profitability of the bank.

He noted that, despite the announcement of losses for the first half, the Bank's operating performance was a positive first-quarter earnings announcement after successive losses announced in previous years. and that diversified sources of income showed signs of positive growth. That the bank is now on the right track and is progressing steadily in this direction.

The Bank also recorded a 54.4% increase in its fees, which reached 15.5 million SAR in the first half of 2019, compared to 10 million RS for the same period last year. which reflects the Bank's new business strategy, building on existing activities. Fees rather than capital-intensive private equity: The Bank's rigorous cost-cutting measures have also made a significant contribution to improving the Bank's overall performance relative to total income.

In order to strengthen the business growth and revenue of the Bank, the Bank's commercial team focuses on increasing the badet base under management through the direct structuring of quality banking products. higher. Liquidity

Qatar's largest Qatar-listed bank is one of the first independent financial institutions to comply with Shari'a law, authorized by the Qatar Financial Center Authority to offer innovative financial solutions and investment opportunities. Investment through local, regional and global presence.

The bank started its career in 2009 as an investment bank. Since then she has developed her business model and adopted a strategy combining the best of private banking and advanced investment solutions specifically designed to protect, preserve and optimize your wealth.

The bank offers a wide range of products and services, including alternative investments focused on private equity, real estate, corporate and institutional finance, private banking and wealth management, as well as management activities. cash and investments.