QIB achieves Net Profit of QAR 1,605 Million for nine months period ended 30th September 2016
18/10/2016, Doha, Qatar
Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the nine months period ended 30 September 2016. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,605 Million for the nine months period ended 30th September 2016 representing a growth of 14% over the same period of 2015.
Total Assets of the Bank has increased by 9% compared to September 2015 and now stands at QAR 135 Billion driven by a continued growth in the financing activities.
Financing assets have now reached QAR 97 Billion having added QAR 14 Billion representing 17% increase compared to September 2015. Customer Deposits of the Bank now stand at QAR 96 Billion having increased by 11% compared to September 2015.
Total Shareholders’ Equity of the bank reached QAR 14 Billion, an increase of 7% as compared to September 2015. The Bank also raised Basel III compliant Additional Tier 1 Capital by issuing perpetual Sukuk for an amount of QAR 2 Billion. Capital Adequacy ratio of the Bank now stands at 15.9% as per Basel III guidelines issued by Qatar Central Bank.
Total Income for the nine-month period ended 30 September 2016 has reached QAR 4,065 Million compared to QAR 3,275 Million by end of September 2015. Income from financing and investing activities reached QAR 3,518 Million at the end of September 2016 compared to QAR 2,832 Million for the nine-month period ended September 2015. Net fee and commission income reached QAR 397 Million at the end of September 2016 compared to QAR 345 Million for the nine-month period ended September 2015.
QIB was able to maintain the ratio of non-performing financing portfolio to gross financing portfolio to less than 1%, one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. The Bank continued to pursue the conservative impairment policy with a coverage ratio for non-performing financing portfolio at 89% as of September 2016.
In April 2016, 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. Standard & Poor’s Rating Services has also retained QIB’s Counterparty Credit Rating at ‘A-‘ and Capital Intelligence has reaffirmed QIB’s financial strength rating of ‘A’ with 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, Euromoney Awards for Excellence 2016 named QIB for the first time “Qatar’s Best Bank”. For the second year in a row, The Banker – Financial Times Group, named QIB the “Islamic Bank of the Year 2016 in the Middle East”, and for the first time, Global Finance named QIB as “Best Islamic Retail Bank in the world” in addition to “Best Islamic Bank” in Qatar” for 2016 . While 2016 also marks the fourth consecutive time that QIB was selected as Qatar’s “Islamic Bank of the Year” by The Banker Magazine.
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