Friday, 31 March 2023

QIB’s posted strong growth as revenue grew by 5.06%, reaching $2.23 billion in 2021

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By The Asian Banker

QIB’s retail banking business displayed robust growth in 2021, as advanced technologies were used to grow its customer base.

Singapore, 26 May 2022 – Qatar Islamic Bank (QIB), one of the largest commercial banks in Qatar was recognised as the best retail bank in Qatar for the second year in a row at the Excellence in Retail Financial Services International Programme 2022 presented by The Asian Banker. 

Financial performance: QIB’s revenue increased by 5.06% in 2021

QIB’s revenue increased by 5.06% to $2.23 billion in 2021, from $2.12 billion in 2019. The retail banking contribution to total bank income grew by 4.83%, to 25.31% in 2021 from 20.48% in 2019.

The bank commanded a healthy return on equity (ROE) of 17.6%, a 0.9% year-on-year (YoY) increase in the previous year which stood at 16.7%. The bank’s cost-to-income (CIR) ratio improved by 4.7% YoY, reaching 18.1% in 2021, from 22.8% in 2020. QIB’s retail deposits grew by 9.83% YoY, to $13.16 billion in 2021 from $11.98 billion in 2020. This was due to the bank increasing its total assets by 11.2% YoY, to $53.27 billion in 2021 from $47.9 billion in 2020, increasing its total income by 2.19% YoY, to $2.23 billion in 2021 from $2.18 billion in 2020.

In comparison, Qatar National Bank’s (QNB) net profit increased by 7.86%, reaching $2.85 billion in 2021 from $2.58 billion in 2019. The bank reported an increase in its total domestic deposits by 1% YoY, to $120.7 billion in 2021 from $119.5 billion in 2020. ROE increased by 0.74% YoY to 13.2% in 2021 as compared to 12.46% in 2020. The bank’s cost-to-income (CIR) ratio improved by 2.1% YoY, reaching 22.2% in 2021 as compared to 24.3% in 2020.

Customer experience: QIB Mobile’s user experience was designed for convenience and needs of customers

The QIB Mobile app features a smarter and more intuitive user experience. As the first bank in Qatar to introduce end-to-end digital products via its mobile app, such as Instant Finance, Instant Credit Card, Digital Onboarding, and the Domestic Workers’ Digital Account, QIB succeeded in increasing customers’ trust and usage of its digital channels. QIB is also the first bank in Qatar to launch video banking through its mobile app. This service allowed existing QIB customers to easily place a video call with a QIB service agent to get real-time guidance while applying for Instant Finance.

In comparison, QNB was the first bank in Qatar to introduce Apple Pay, Garmin Pay, and Fitbit Pay. This led to an increase in credit card issuance by 37.5%, while the uptake in prepaid cards rose by 60% due to the success of the bank’s digital enhancements and partnerships.

Digital transformation: Deploying AI and ML to digitise and automate processes for products and services

QIB’s new online corporate account opening service is the latest result of its continuous investment in technology to enable 24/7 access to all its customers. The service eases the process of opening a corporate account as the entire process is digitised.  In June 2021, QIB announced the launch of a new version of its award-winning mobile app allowing customers to fulfill all their banking needs from anywhere in the world, at any time, through more than 100 features. The revamped app adopts a “step-by-step” approach with enhanced navigation of digital services. QIB is also the first bank in Qatar to launch a conversational virtual assistant “Zaki” armed with proprietary artificial intelligence (AI) and machine learning (ML) algorithms which allows customers to interact with the bank 24/7.

In comparison, QNB’s group-wide innovation centre, QNBeyond, is responsible for the accelerator programme that onboarded more than 12 fintechs. The partnerships with these organisations help the bank incorporate open banking, new platforms, RPA, AI, digitisation and automation into QNB’s products and services. The bank launched QNB Pay, a mobile banking service that enables customers to make secure mobile payments. QNB launched the safest and most convenient payment form factors, including Fitbit Pay, Garmin Pay, and Apple Pay.


About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. Visit the company’s website at

You may visit the Excellence in Retail Financial Services page at

To view the respective evaluation criteria, click here:


For further information on the collaterals for winning banks, please contact:

Christian Kapfer
Research Director
M: (+63) 94 3283 6015
[email protected]

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