Tuesday 26 October 2021

Tamim Hamad Al-Kawari

Qinvest reports $9.5m profit for H1

DOHA, August 6, 2017

Qinvest, Qatar's leading private investment group and one of the region’s most prominent Islamic financial institutions, reported a net profit of QR34.6 million ($9.5 million) for the first half of 2017.

Revenues from all business lines were QR209 million ($57 million), resulting in an operating profit of QR113 million ($31 million). The bank’s global assets stood at QR4.703 billion ($1.292 billion) as of June 30, 2017.

With diversified investment activity across sectors and geographies, Qinvest’s prudent strategic approach, stringent provisioning policy and underleveraged balance sheet has provided stability amid regional uncertainties, the bank said.

The bank maintains a healthy capital adequacy ratio with strong liquidity to invest in promising investment opportunities, it added.

Tamim Hamad Al-Kawari, chief executive officer of Qinvest, said: “While the second quarter of 2017 has been notable for adverse market conditions in the region, Qinvest has again delivered profitable performance, demonstrating the sustainability and resilience of our business strategy. We remain prudent in our management of risk and have built up a strong liquidity position and an underleveraged balance sheet while also continuing to invest in key global markets on an opportunistic basis." - TradeArabia News Service

Tags: Qatar | Islamic Banking | QInvest |

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