Qatar First Bank (QFB) has released its financial results for the half year ended 30 June 2016 recording revenue increase by 46% to QAR 353 million and net profit to QAR 16.8 million.

QFB Chief Executive Officer Ziad Makkawi said commenting:

“I am pleased to report that we have achieved a revenue of QAR 353 million and net profit of QAR 16.8 million. 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 the 27th of April 2016, delivering on our promise to shareholders, who have supported the Bank since its inception,” he added.