DOHA: Qatar Islamic Bank (QIB), with total a income of QR724m for the first quarter of this year, has received an ‘A’ rating, indicating a ‘stable outlook’, for its long-term Issuer Default Rating (IDR) from Fitch ratings agency, and a Viability Rating (VR) of ‘bbb’, a press statement said yesterday.
This reflects a healthy capitalisation, steady core earnings, and a firm stock of liquid assets, its leading Islamic franchise and the Bank’s management, in what remain uncertain economic conditions worldwide. Fitch’s view reflects QIB’s firm position in the banking sector.
The Bank’s VR reflects its steady earnings, strong asset quality ratios, and solid stock of liquid assets. QIB’s core earnings showed firm growth over the last 12 months, with total income for the first quarter of this year standing at QR724m, representing a growth of 12 percent compared to the first quarter of 2012.
Total assets of the Bank increased by 16.6 percent compared to the end of first quarter of 2012 and now stand at QR68.8bn. Financing activities continued to be the major growth driver and have now reached QR 37.8bn, representing 18.6 percent growth over Q1 2012.
The Peninsula
