QIB profit grows by 12.6% to QR625.2m; total assets at QR151.8bn
(4/16/2018 7:45:00 AM)
Qatar Islamic Bank’s net profit attributable to the shareholders of the Bank amounted to QR625.2m for the three months’ period ended March 2018, representing a growth of 12.6 percent for the same period in 2017. The total assets of the country’s leading Islamic lender increased by 6 percent compared to March 2017 and stood at QR151.8bn driven by a continued growth in the financing and investing activities.
Financing activities have now reached QR104.6bn having grown by 5.2 percent compared to March 2017. Customer Deposits of the Bank now stand at QR102.3bn.
Total Income for the three months’ period was QR1.63bn registering 9.3 percent growth compared to QR 1.49bn from a year ago. Income from financing and investing activities has grown by 8.6 percent to reach QR 1.44bn from QR1.32bn, reflecting a healthy growth in the Bank’s core operating activities. QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.2 percent reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at106.2 percent as of March 2018.
Total shareholders’ equity of the bank has reached QR13.7bn. Total Capital adequacy of the Bank under Basel III guidelines is 17.4 percent as of March 2018, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In April 2018, Fitch Ratings affirmed Qatar Islamic Bank at ‘A’, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’ and Capital Intelligence Ratings (CI) has affirmed the bank’s Financial Strength Rating (FSR) of ‘A’. In May 2017, Moody’s Investors Service, (“Moody’s”) for the first time assigned Long term deposit ratings to QIB at “A1”.
During the first quarter of 2018, QIB continued to win prestigious awards that confirm its leading position in Qatar’s and the region’s banking sector. QIB took center stage at the recently Global Finance Magazine annual awards for the “World’s best Islamic Financial Institutions 2018”, where it won the following six awards: ‘Best Islamic Financial Institution in the Middle East’, ‘Best Islamic Financial Institution in Qatar’, ‘Best Islamic Financial Institution for Large Corporate’, ‘Best Islamic Project Finance Provider’, ‘Best Real Estate Deal of the Year’ and ‘Best Sukuk Deal of the Year’. QIB also received three awards from Islamic Finance News (IFN) for the year 2017: Best Islamic Bank in Qatar, Best Deal of the Year in Qatar and Structuring Deal of the Year. These awards recognize the impressive progress QIB has made in establishing itself as a leading banking institution in the Middle East while cementing its leadership position in Qatar, its home market.