QIB Profit grows by 7.2% to reach QAR 3,055 Million for the nine months’ period ended 30 September 2023
17/10/2023, Doha,Qatar
Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the nine months’ period ended 30 September 2023. Net Profit attributable to the Shareholders of the Bank amounted to QAR 3,055 Million for the nine months’ period ended 30 September 2023 representing a growth of 7.2% over the same period in 2022.
Total Assets of the Bank now stands at QAR 187 Billion higher by 1.5% compared to December 2022 and a growth of 1.7% compared to September 2022. Financing and investing activities were the primary drivers for the asset growth. Financing activities have now reached QAR 122 Billion having grown by 2.1% compared to December 2022 and up by 1% compared to September 2022. Investing activities now stand at QAR 47.4 Billion up by 3.5% compared to December 2022 and up by 4.1% compared to September 2022. Customer Deposits of the Bank now stand at QAR 122 Billion.
Total Income for the nine months’ period ended 30 September 2023 was QAR 8,096 Million compared to QAR 6,523 Million for the same period in 2022 registering a strong growth of 24.1%. Income from financing and investing activities registering a robust growth of 28.4% to reach QAR 7,366 Million for the nine months’ period ended 30 September 2023 compared to QAR 5,736 Million for the same period in 2022.
Total operating expenses for the nine months’ period ended 30 September 2023 amounted to QAR 825 Million, remaining flat as compared to the same period in 2022. Efficient cost containment enabled the Bank to maintain the cost to income ratio at 17.3% for the nine months’ period ended 30 September 2023, which continues to be one of the lowest in the Qatari Banking sector.
QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.5%, 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 policy by building precautionary impairment charge on financing assets for QAR 867 Million for the period ended 30 September 2023 and maintaining a healthy coverage ratio for non-performing financing assets at 95% as of 30 September 2023.
Total Shareholders’ Equity of the Bank has reached QAR 24.6 Billion as of 30 September 2023. Total Capital adequacy of the Bank under Basel III guidelines is 18.9% as of 30 September 2023, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2023 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook. In July 2023, Fitch Ratings affirmed the Bank’s credit rating at ‘A-’ with a positive outlook. In May 2023, Capital Intelligence Ratings (CI) affirmed the Bank’s Long-term rating to ‘AA-’ with a stable outlook.
Since the beginning of 2023, QIB was honored with multiple esteemed awards and gaining recognition from international publications underscoring its dedication and outstanding performance in delivering an unparalleled sustainable banking experience to both retail and corporate customers.
QIB received the Best Bank for Sustainability (ESG) and Best Islamic Bank in Qatar from Euromoney. The Bank was named the Best Islamic Bank in the Middle East from The Banker for the second consecutive year. Global Finance Magazine presented eight awards for its excellence in digital banking, including Best Consumer Digital Bank in Qatar, Best User Experience in Middle East and acknowledged QIB as the Best Bank in Qatar.
The Asset Triple A recognized QIB as the Digital Bank of the Year, Best Retail Bank, and Best SME Bank and Best Mobile Banking Application in Qatar. MEED recognized QIB as the Best Retail Bank in Qatar.
Additionally, QIB has received three prestigious awards from Islamic Finance News, including the Most Innovative Bank in Qatar. Further acclaim came from EMEA Finance Magazine, which crowned QIB as the Best Islamic Bank in Qatar and the Most Innovative Bank in the Middle East.
Beyond accolades, QIB maintained its 2nd position in The Banker Top 1,000 Banks for Tier One Capital and Total Assets in Qatar. The Banker also highlighted QIB’s Top 5 position in Return on Assets in the Middle East. Forbes Middle East recognized QIB as the 2nd most valuable Bank in Qatar, 3rd top listed company, 4th most valuable Islamic bank in the Middle East and one of Middle East’s top Sustainability Leader. These achievements reinforce QIB’s stature as a leading financial institution, excelling in various domains and consistently delivering outstanding customer experiences and sustainable growth.
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