QIB Profit reached QR 1.13 Billion for the first 9 months of 2014
20/10/2014, Doha, Qatar
Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced that Net Profit attributable to the Shareholders of the Bank reached QAR 1.13 Billion for nine months ended 30th September 2014 representing a growth of 16% compared to the same period last year.
Total Assets of the Bank now stand at QAR 93.3 Billion having increased 29% compared to September 2013 and 21% compared to December 2013. Financing activities, which remains the key growth driver has reached QAR 59 Billion having grown by 35% compared to September 2013 and 25% compared to December 2013.
Customer deposits have moved up to QAR 64 Billion registering a strong growth of 41% compared to September 2013 and 28% compared to December 2013 allowing the Bank to significantly improve its liquidity positions and achieve a strong financing-to-deposit ratio of 91%.
Total Shareholders’ Equity of the bank reached QAR 12 Billion, an increase of 4% compared to September 2013. Earnings per Share reached QAR 4.8, compared to QAR 4.1 in September 2013.
Total Income of the Bank for the period ended September 2014 amounted to QAR 2.7 Billion representing an increase of 15% compared to September 2013. Income from financing activities was the primary growth driver at QAR 1.8 Billion for the period ended September 2014, representing an increase of 23% compared to September 2013. Net commission and fees income has also registered a strong growth to reach QAR 289 Million for the period ended September 2014, representing an increase of 40% compared to September 2013.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 0.9%, 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 with the coverage ratio for non-performing financing assets reaching 101% as of September 2014.
International credit rating agency Standard & Poor’s has reaffirmed QIB’s Counterparty Credit Rating at “A-“with a stable outlook. Similarly, Capital Intelligence (CI) has reaffirmed QIB’s Financial Strength Rating (FSR) of ‘A’, with an upgraded ‘Stable’ Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets. Fitch has affirmed for the fourth year the Bank’s long term Issuer Default Rating (IDR) of ‘A’ with a stable outlook.
QIB has received a number of prestigious awards this year reflecting the results and achievements of the businesses, including the title of ‘Best Islamic Bank in Qatar’, which the Bank received from Euromoney, The Banker, World Finance, Qatari Enterprise Agility Awards and Islamic Finance News (IFN). World Finance also named QIB as ‘The Best SME Islamic Finance Provider’; while Global Finance voted QIB as the Safest Islamic Bank in Qatar, in addition QIB was recently named Contractor Financing Bank of the Year during the second Qatar Contractors Forum. Meanwhile, Islamic Finance News (IFN) named QIB as both the ‘Arranger of the Syndicated Deal of the Year’ for its Ijarah Facility; and ‘Arranger in the Tawarruq Deal of the Year’ for its Murabahah Facility.
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