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Qatar Islamic Bank H1 net profit rises 7.5% to QR1.42B

Qatar Islamic Bank H1 net profit rises 7.5% to QR1.42B

Qatar Islamic Bank (QIB) has registered a net profit of QR1.42bn in the first half of this year, up 7.5% on H1, 2018.

The leading Islamic bank’s total assets increased by 1.4% compared to June 2018 and 0.9% compared to December 2018 and stood at QR154.6bn, which QIB said, was “driven by the continued growth” in the financing and investing activities.

Financing activities reached QR107bn, having grown by 6.7%, compared to June 2018 and 4.6% compared December 2018. QIB’s customer deposits stood at QR107.6bn, registering a strong growth of 8.8% compared to June 2018 and 6.9% compared to December 2018.

Total income for the six months’ period that ended on June 30 was QR3.73bn, which represents a 10.9% growth rate compared to QR3.36bn in the same period in 2018.
Income from financing and investing activities has registered a strong growth of 13.6% to reach QR3.38bn at the end of the six months’ period that ended in June 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 amounted to QR544.8mn for the six months’ period that ended in June with strict cost controls supporting higher operating revenues and enabled further enhancement of efficiency. This has brought down the cost to income ratio to 23.5% for the six month period that ended in June compared to 25.6% 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% “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% as of June 2019.

Total shareholders’ equity of the bank reached QR15.6bn, registering a growth of 8.1% compared to June 2018 and a growth of 1.3% compared to December 2018.

Total capital adequacy of the bank (under Basel III guidelines) was 18.5% as of June 2019, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and the Basel Committee.

In June 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A'. Also in June, Moody's affirmed the Long-term deposit ratings of QIB at “A1”.

In May this year, Capital Intelligence Ratings affirmed the bank’s Long-term Currency Rating (LTCR) of ‘A+’.
In March 2019, Standard & Poor’s affirmed the bank’s credit rating at ‘A-’.

QIB received as many as 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.

The Banker Magazine named QIB the Best Islamic Bank in the Middle East, Qatar, and United Kingdom. Global Finance Magazine recognised QIB as “Best Islamic Financial Institution in Qatar”, “Best Islamic Project Finance Provider in the World” and “Islamic Finance Innovator 2019”.

The Asian Banker Magazine awarded bank CEO Bassel Gamal the ‘CEO Leadership Achievement Award’ and the Best Managed Bank in Qatar. Also named as the ‘Best Islamic Bank in Qatar’ by the World Union of Arab Bankers (WUAB).
Source: gulf-times

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