Qatar Islamic Bank net profit grows by 13.8 % in H1,2018

DOHA: Qatar Islamic Bank (QIB) has reported a net profit of QR1.32bn for the six months ended  June 30, 2018 (H1, 18) registering a growth of 13.8 percent compared to the corresponding period in 2017.

Total assets of the Bank has increased by 1.4 percent compared to December 2017 and now stands at QR152.5bn.

Financing activities have now reached QR100.3bn and customer deposits of the Bank now stand at QR98.9bn. Total Income for the six months’ period ended June 30, 2018 was QR3.36bn registering 7 percent growth compared to QR3.14bn for the same period in 2017.

Income from financing and investing activities has grown by 6.8 percent to reach QR2.97bn at the end of the six months’ period ended June 30, 2018 compared to QR2.78bn for the same period in 2017, 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 121.2 percent as of June 2018.

Total Shareholders’ Equity of the bank has reached QR14.5bn. Total Capital adequacy of the Bank under Basel III guidelines is 17.5 percent as of June 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’.

In 2018, QIB continued to win prestigious awards that confirm its leading position in Qatar’s and the region’s banking sector.

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