QInvest revenue up 40pc
Doha, February 26, 2014
QInvest, a Qatar-based investment bank and Islamic financial institution, has posted a 40 per cent increase in its revenue last year.
It has also recorded a 30 per cent reduction in costs and an increase of $60million in net profit.
The bank saw significant capital deployment across financing and real estate transactions, which its balance sheet risk was reduced with collection of outstanding receivables and reduction of foreign currency exposure, said a senior official.
Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani, chairman, said: “2013 was a turning point for QInvest. Our full year results are evidence that our new strategy has successfully positioned QInvestto support Qatar and the wider region’s international investment plans as well as to act as the gateway for investors looking to access the region’s fast growing dynamic economy.”
Tamim Hamad Al-Kawari, CEO, said: “Despite ongoing challenges in global markets throughout the year, we have delivered a strong set of results having repositioned the business to focus on the most lucrative areas. We successfully captured new and important mandates and solidified relationships with existing clients.”
“During the period, our revised capital deployment initiative has effectively sourced and executed both compelling and secured investment opportunities that we are confident will perform well in the years to come,” he said.
“To help implement the new strategy, we have also made structural changes within the core team. We have appointed Michael Katounas, as the head of Investment Banking, and Duncan Walker as chief financial/chief operating officer,” he added. - TradeArabia News Service