QInvest reports profit hike in 2013

26 February 2014

QInvest chairman says 2013 was a ‘turning point’ for bank

Qatar’s QInvest has posted a 40 per cent increase in revenue last year and a $60m increase in net profit.

The bank’s increase in profits is seen as a result of QInvest’s new strategy announced in October last year, which saw Qinvest narrow its focus to three key sectors.

These areas are investment banking, principle investments and asset management.

Chairman of QInvest, Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, said that 2013 was “a turning point” for the bank.

QInvest cut costs by 30 per cent last year and made significant capital deployment across financing and real estate transactions, it said in a statement.

It has been particularly active in the sukuk (lslamic bond) market. The bank has worked on a $1.25bn sovereign sukuk for the government of Turkey in 2013, as well as Qatari telecoms firm Ooredoo’s first $1.25bn sukuk issuance, which closed in early December.

The bank is aiming to grow further in 2014 by providing Islamic finance and acting as a gateway for international investors looking to access liquidity in the region.

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