Net profit of Qatar First Bank Other Services

71% increase in total revenues

Qatar First, the leading Shari'ah compliant lender listed on the Qatar Exchange, announced its financial results for the three months ended March 31, 2019, realizing a net profit of QR 3.2 million on shareholders' equity compared to a net loss of QR 47.1 million for the same period From the previous year, and a 71% increase in revenues ie QR 57.5 million compared to QR 33.6 million for the same period in 2018. Speaking on this occasion, "We are delighted to see this shift in the bank's performance with a net profit for the first quarter." The positive results for the first quarter were a direct result of a new business strategy implemented by the Executive Management over the past months, This resulted in the return of the bank to achieve profits and we look forward to achieving more of them by the end of the current fiscal year, which has been a result of the previous efforts of the Board and the Executive Management Team. Further profitability. I will also work with the new Board of Directors and the Executive Team to create new investment opportunities that will benefit the Bank's shareholders, customers and depositors. "The key revenue indicators for the current period showed a 71% growth in total income over the same period last year. The fees on the sale of structured products and investments amounted to SR 14.4 million compared to SR 6.5 million for the same period last year and an increase in net income from financing QAR 11.9 million compared to QAR 3.2 million for the same period last year The increase in income from product charges results from the implementation of the new business strategy and away from the capital-intensive asset-based business model.The increase in net income from financing Resulted from reduced financing costs through better management of deposits to loans and competitive deposit rates on deposits. The Bank and all relevant parties are now witnessing the results of moving from a private-based business model to a fee-based business model from a diverse source of income. Based on this new strategy, the Bank has begun to charge fees on investment products tailored to its customer base, focusing mainly on certain sectors including the global real estate sector and the aviation sector. It is worth noting that at the last general assembly, the shareholders decided to elect a new board of directors, including senior business figures from Qatar and the region, which will certainly have a positive impact on the performance of the bank and the volume of transactions during the coming period.