Doha: Qatar Islamic Bank (QIB) was ranked #2 in Qatar, #20 in the Middle East, and #248 in the world in the ‘Top 1000 World Banks 2021’ list, the largest and most important edition of the year in “The Banker” magazine.
This evaluation is derived after analysing each bank’s strengths and weaknesses through eight categories: growth, profitability, operational efficiency, asset quality, and return on risk, liquidity, soundness, and leverage.
QIB’s ranking reflects its solid performance and stability, as well as its ability to ensure business continuity and growth considering the COVID-19 pandemic. It also reflects the Bank’s success in maintaining its longstanding position as Qatar’s largest private bank, the largest Islamic bank in the country, and a leading Islamic bank regionally.
Total Assets of the bank now stands at QR184bn, higher by 5.4 percent compared to December 2020 and a growth of 10.9 percent compared to June 2020.
The Banker’s global and regional rankings have been industry standard measures of financial institutions performance for over 50 years. The Banker’s Top 1000 World Banks ranks the largest banks by Tier 1 capital, a key measure of banking strength. In addition, it analyses more than 120 data points tracked by The Banker Database year-on-year.
Bassel Gamal, Group CEO of QIB, said: “We are pleased with our ranking amongst the Top 20 banks in the Middle East and being one of the top performing banks in the region and the second in Qatar. This prestigious ranking reflects QIB’s and Qatar’s banking sector’s outstanding financial performance and stability despite this challenging year.
“QIB is a leading regional Bank, contributing to reshaping and empowering the banking industry in Qatar and the Middle East through our investments in digital innovation and customer centric approach,” Gamal concluded.
Rated ‘A1’ by Moody’s, ‘A-/A-2’ by S&P, ‘A’ by Fitch , and “A+” by Capital Intelligence with stable outlooks, QIB has succeeded to maintain positive financial performance levels in 2021 despite the impacts of the COVID-19 pandemic. QIB has recently announced its financial results for the period ended June 20, 2021 with a net profit of QR1.59bn, an 11.8 percent growth compared to the same period in 2020.
The Bank’s total assets stood at QR184bn, an increase of 5.4 percent compared to December 2020 and 10.9 percent compared to June 2020, driven by the continued growth in the financing activities. Financing activities have now reached QR127bn having grown by 6.7 percent compared to December 2020 and up by 13.2 percent compared to June 2020.
Customer deposits of the Bank reached QR125bn registering a growth of 6.1 percent compared to December 2020 and up by 17.6 percent compared to June 2020.
