Doha: Qatar Islamic Bank’s (QIB) net profit attributable to the Shareholders of the Bank amounted to QR 1.42bn for the six months’ period ended June 30, 2019, representing a growth of 7.5 percent over the same period in 2018.
Total assets of the bank has increased by 1.4 percent compared to June 2018 and 0.9 percent compared to December 2018 and stood at QR154.6bn, driven by the continued growth in the financing and investing activities.
QIB’s financing activities have now reached QR107bn having grown by 6.7 percent compared to June 2018 and 4.6 percent compared December 2018. Customer Deposits of the bank now stand at QR107.6bn registering a strong growth of 8.8 percent compared to June 2018 and 6.9 percent compared to December 2018.
Total Income for the six months’ period ended June 2019 was QR3.73bn registering a 10.9 percent growth compared to QR3.36bn from a year ago. Income from financing and investing activities has registered a strong growth of 13.6 percent to reach QR3.38bn at the end of the six months’ period ended June 2019 compared to QR2.97bn for the same period in 2018, reflecting a healthy growth in the bank’s core operating activities.
Total staff and general administrative expenses of QR544.8m for the six months’ period ended 30 June 2019 with strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 23.5 percent for the six month period ended June 2019 as compared to 25.6 percent for the same period in 2018.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.2 percent 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 keeping the coverage ratio for non-performing financing assets at 100 percent as of June 2019.
Total Shareholders’ Equity of the bank has reached QR15.6bn registering a growth of 8.1 percent compared to June 2018 and a growth of 1.3 percent compared to December 2018. Total Capital adequacy of the bank under Basel III guidelines is 18.5 percent, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2019, Fitch Ratings affirmed Qatar Islamic Bank at ‘A’. Also in June 2019, Moody’s Investors Service, (“Moody’s”) has affirmed the Long-term deposit ratings of QIB at “A1”. In May 2019, Capital Intelligence Ratings (CI) has affirmed the bank’s Long-term Currency Rating (LTCR) of ‘A+’. In March 2019, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’.
QIB has received 18 prestigious awards in the first half of 2019 reflecting the results and achievements of the businesses, including Qatar’s Best Bank from Euromoney Awards for Excellence 2019.
Source from: The Peninsula