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QIB Profit grows by 12.6% to reach QAR 625.2 Million for three months’ period ended 31st March 2018

15/04/2018, Doha,Qatar

QIB Profit grows by 12.6% to reach QAR 625.2 Million for three months’ period ended 31st March 2018

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the three months’ period ended 31 March 2018. Net Profit attributable to the Shareholders of the Bank amounted to QAR 625.2 Million for the three months’ period ended March 2018 representing a growth of 12.6% for the same period in 2017.

Total Assets of the Bank has increased by 6% compared to March 2017 and now stands at QAR 151.8 billion driven by a continued growth in the financing and investing activities.

Financing activities have now reached QAR 104.6 billion having grown by 5.2% compared to March 2017. Customer Deposits of the Bank now stand at QAR 102.3 Billion.

Total Income for the three months’ period ended 31 March 2018 was QAR 1,636 Million registering 9.3% growth compared to QAR 1,496 Million for the same period in 2017. Income from financing and investing activities has grown by 8.6% to reach QAR 1,440 Million at the end of the three months’ period ended 31st March 2018 compared to QAR 1,326 Million 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 1.2% 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 106.2% as of March 2018.  

Total Shareholders’ Equity of the bank has reached QAR 13.7 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 17.4% 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.

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