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QIB Profit grows by 13% to reach QAR 555 Million for three month period ended 31st March 2017

QIB Profit grows by 13% to reach QAR 555 Million for three month period ended 31st March 2017

16/04/2017, Doha, Qatar

Total Assets reach QAR 143.3 Billion

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the three months period ended 31 March 2017. Net Profit attributable to the Shareholders of the Bank amounted to QAR 555 Million for the three months period ended 2017 representing a growth of 12.8% over the three months period ended 2016. Total Assets of the Bank has increased by 9.1% compared to March 2016 and 2.5% compared to December 2016 and now stands at QAR 143.3 billion driven by a continued growth in the financing activities.

Financing activities have now reached QAR 99.5 billion having grown by 9.3% compared to March 2016 and 1.4% increase compared to December 2016. Customer Deposits of the Bank now stand at QAR 103.9 Billion registering a growth of 16.3% compared to March 2016 and 9% compared to December 2016.

Total Income for the three month period ended 31 March 2017 was QAR 1,496 Million registering 16.3% growth compared to QAR 1,287 Million for same period in 2016. Income from financing and investing activities has grown by 19.8% to reach QAR 1,326 Million at the end of the three month period ended 31st March 2017 compared to QAR 1,107 Million for three months period ended 31st March 2016, reflecting a healthy growth in the Bank’s core operating activities.

Total expenses decreased by 5% to reach QAR 267 million for the three month period ended 31 March 2017 as compared to QAR 280 million for the three month period ended 31 March 2016. Strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 26.3% for the first three months of 2017 as compared to 30.9% for the same period in 2016.

QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1%, one of the lowest in the industry, 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 moving up from 87% as at December 2016 to reach 97% as of March 2017.

Total Shareholders’ Equity of the bank has reached QAR 13.7 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 16.6% as of March 2017, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.

In April 2017, Fitch Ratings has affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook reflecting the Bank's established franchise in Qatar, its sound asset quality, solid funding and liquidity profile with a franchise that is more diversified than that of many peers and taking into account the Bank's adequate profitability, and satisfactory capital and leverage ratios. Capital Intelligence Ratings (CI) has also affirmed QIB’s Financial Strength Rating (FSR) at ‘A’ with a ‘Stable Outlook’. The Bank’s Long-Term FCR is raised to ‘A+’ while the Short-Term FCR is affirmed at ‘A2’ on a ‘Stable Outlook’.

In light of the Bank’s positive results, QIB has been recognized by highly reputable international financial publications and reports as one of the leading regional Banks. Among a number of important awards, QIB was named for the first time "Qatar's Best Bank" by Euromoney Awards for Excellence 2016 and only recently has been awarded the "Best Islamic Bank in GCC" for 2017 by Global Finance. For the second year in a row, The Banker - Financial Times Group, named QIB the “Islamic Bank of the Year in the Middle East”, while 2016 also marked the fourth consecutive time that QIB was selected as Qatar’s ‘Islamic Bank of the Year’.

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