Qatar Islamic Bank (QIB), Qatar’s leading digital banking institution, has been named the “Best Performing Bank in Qatar” by The Banker magazine in its Top 1000 World Banks 2024 ranking. This achievement is a testament to QIB’s exceptional performance, innovative digital solutions, commitment to a customer-centric strategy and operational excellence.
This honor comes at a time of unprecedented strength and prosperity for the Qatari banking sector. Qatari banks are distinguished by their operational efficiency, huge investments in digital services, and prudent financial management, which puts them in a strong position to achieve more successes and act as a fundamental pillar in the country’s economic development.
Looking at the fiscal year 2023, the bank achieved a net profit of QAR 4.305 billion. Its commitment to leveraging technology, optimizing costs and meeting customer needs has enabled it to consolidate its position as the most efficient bank in the world with a cost-to-income ratio of 17.1%. The bank also achieved a return on assets of 2.3%, the highest in the Qatari market, and a return on equity of 17.3%, well above the local market average. The implementation of an effective risk management framework, incorporating environmental, social and governance principles and credit 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, Group CEO of QIB, said: “We are delighted to be named the best performing bank in Qatar. This recognition is a testament to our significant growth, our dedication to serving our customers in the best possible way, and the efficiency we have achieved through our pioneering digital transformation strategy. We would like to express our sincere gratitude to the Board of Directors for their continuous support, whose guidance has been instrumental in achieving these outstanding results.”
The Banker’s Top 1000 Global Banks ranking is the definitive reference for the banking industry. The world’s top 1000 banks are determined by analyzing more than 130 data points. The ranking provides a comprehensive view of global banking performance by analyzing results by region and country, and uses a rigorous methodology to identify the best performing banking institutions.
