Mubasher: Qatar First Bank (QFB) has successfully exited some investments in 2017, Abdulla Bin Fahad Bin Ghorab Al Marri, QFB chairman, said on Wednesday.

The leading Shari'ah compliant bank gained around QAR 24 million, and the bank’s investment portfolio continued to generate healthy dividends to QAR 25.5 million in 2017, according to the bank’s statement to the Qatar Stock Exchange (QSE).

As part of QFB’s strategy, the bank has successfully completed the full exit of Westbourne House and Amanat Holdings as well as the partial exit of Avivo Group and Lion Air at favorable returns to our shareholders.

Al Marri added that “2017 was a challenging year for all financial institutions in the country, amid the ongoing illegal blockade imposed on Qatar by some neighbouring GCC countries, which impeded the flow of business both locally and regionally.”

QFB’s losses amounted to QAR 269.3 million for the previous fiscal year, resulting mainly from the downward revision of the valuations of some of the bank’s private equity investments across several markets, according to the statement.

During the full-year 2017, the bank’s losses rose 1.3% to QAR 269.3 million from QAR 265.7 million a year earlier.

Bank’s income from financing assets increased to QAR 82 million for the year ended 31 December 2017.

By 11:20 am Qatar time, QFB’s stock rose 0.33% at QAR 6.03.