Qatar First Bank has earned a net profit of QR16.8mn and a revenue of QR353mn in the first half of this year. 
QFB chief executive officer Ziad Makkawi, said, “I am pleased to report that we have achieved revenue of QR353mn and net profit of QR16.8mn. As we look to the year ahead, we envision that the global economic backdrop will remain challenging specifically as the GCC region adjusts to lower oil prices and slowing economic growth. However, we will continue to push ahead with our expansion strategy into banking and adopt an opportunistic outlook to source viable investment opportunities and generate sound returns for our clients and shareholders. 
“The first half of 2016 saw the completion of a major milestone for the bank when we listed on the QSE on April 27, delivering on our promise to shareholders, who have supported the Bank since its inception.” 
The significant milestone marked the first listing of a Qatari entity licensed by the Qatar Financial Center (QFC) and the first listing for a private entity in six years. This remarkable achievement marked the next step in Qatar’s efforts to reactivate Qatar’s stock market and encourage the participation of the private sector in all aspects of the Qatari economy and in particular the banking sector.
In parallel with its listing on the QSE, QFB has “simplified its structure” to create greater efficiencies and increase overall effectiveness. The bank introduced an action plan in 2016 focused on optimising the Bank’s resources and raising its efficiency levels. 
Additionally, QFB has “strengthened” its international reach and developed deeper access to key markets by signing with leading players that complement and boost the offerings.
Makkawi added: “QFB is at the beginning of a new era. The introduction of our efficiency optimisation plan and the commitment to our strategy resulted in a stronger team with a unique combination of knowledge and regional execution capabilities, as well as a healthier and more efficient balance sheet.”
Despite regional financial markets continuing to operate at restrained levels, all of the Bank’s revenue-generating business lines have successfully positioned themselves to capture new business and solidify relationships with existing clients, QFB said. 
Makkawi said, “Despite challenging global economic conditions, regional market volatility and geopolitical tension, we continued implementing our strategy that streamlined the businesses to offer top-class Shariah-compliant services including corporate and institutional banking, private banking and wealth management, as well as alternative investments with a focus on private equity and real estate. I would like to thank our board of directors, headed by chairman Abdulla bin Fahad bin Ghorab al-Marri, for their continued support.  
“We will continue to invest in the coming years while focusing on achieving our objectives in a timely manner. I am now confident that QFB has all the ingredients to continue delivering on its promise to grow the business, expand its offerings, and provide a ‘Signature of Excellence’.”