Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has been recognized as the Best Performing Bank in Qatar by The Banker’s prestigious Top 1000 World Banks Ranking 2024. This achievement underscores QIB’s exceptional growth, innovative digital banking solutions, and commitment to customer-centric strategies and operational excellence.
The accolade comes amidst a period of remarkable strength for the Qatari banking sector. Characterised by their high operational efficiency, significant investments in digital services, and prudent financial management, Qatari banks are well-positioned for continued success, acting as a cornerstone of the country’s economic development.
Looking back at the 2023 fiscal year, QIB delivered a record net profit of QR 4,305 billion. The bank’s dedication to leveraging technology, optimising costs, and prioritising customer needs have allowed it to emerge as the most efficient bank in the world with a cost to income ratio of 17.1%. Furthermore, it has generated an ROA of 2.3%, the highest in the Qatari market and an ROE of 17.3%, well above the local market average.
The implementation of an effective risk management framework, including the integration of ESG principles in its credit policies and procedures, has enabled the Bank to maintain high asset quality and the lowest non-performing financing assets ratio of 1.7% in the Qatari banking sector.
Mr. Bassel Gamal, QIB Group CEO said: “We are pleased to be named Best Performing Bank in Qatar. This recognition is a testament to our exceptional growth, commitment to our customers, and the efficiency achieved through our digital transformation strategy. We are grateful for the continuous support of the Board of Directors, whose guidance has been instrumental in achieving these strong results.”
The Banker’s Top 1000 World Banks ranking is a highly respected industry benchmark. Utilizing over 130 data points, the ranking identifies the world’s 1000 strongest banks. It provides a comprehensive industry overview by analyzing results by region, country, and employing a rigorous methodology to identify the best-performing institutions.
