DOHA: Qatar Islamic Bank’s (QIB) net profit attributable to the shareholders of the bank amounted to QR2.005bn for the nine months’ period ended September 2018, representing a growth of 13 percent for the same period in 2017.
The Qatar’s leading Islamic lenders total assets increased by 1.4 percent compared to December 2017 and now stands at QR152.5bn driven by growth in the financing activities.
Financing activities have now reached QR106.4bn having grown by 3.7 percent compared to December 2017. Customer Deposits of the Bank now stand at QR102.9bn up by 1 percent compared to December 2017.
Total Income for the nine months’ period ended 30 September 2018 was QR5.10bn registering a growth of 8.2 percent compared to QR4.7bn for the same period in 2017.
Income from financing and investing activities has grown by 8.3 percent to reach QR 4.52bn during the nine-month period ended 30th September 2018 compared to QR 4.18bn for a year ago, 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 1.1 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 at 127.9 percent as of September 2018. Total Shareholders’ Equity of the bank has reached QR15.1bn. Total Capital adequacy of the Bank under Basel III guidelines is 17.7 percent as of September 2018, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2018, Fitch Ratings affirmed Qatar Islamic Bank at ‘A’ with a Stable outlook and Moody’s Investors Service, (“Moody’s”) affirmed long-term deposit ratings to QIB at “A1”. In April 2018, 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’.
During 2018, QIB has received 20 awards from well-reputed international financial publications.
Seven awards received from Global Finance include the “Best Financial Institution in the Middle East and Qatar”, and the “Best Consumer Digital Bank in Qatar”. QIB has also received the “Best Islamic Bank in Qatar” Award from The Banker, part of the Financial Times Group.
