International credit rating agency the Capital Intelligence Ratings (CI Ratings), has affirmed QIB’s Financial Strength Rating (FSR) at ‘A’ with a ‘Stable Outlook’.
The FSR is supported by good overall capital adequacy including a strong and improved CET-1 ratio, and still fairly good profitability, which is underpinned by a low cost base.
The Bank’s Long-Term FCR is raised to ‘A+’ while the Short-Term FCR is affirmed at ‘A2’ on a ‘Stable Outlook’. These indications reflect the QIB’s strong financial profile, the robust growth potential of the Qatari economy and the on-going government support for all Qatari banks.
“We are very pleased with the upgrade of our long term foreign currency rating and the affirmation of our FSR rating by CI. They are solid confirmations asserting the Bank’s enhanced asset quality and robust capital position.” said Bassel Gamal, Group Chief Executive Officer of QIB. “The ratings affirm the Bank’s success in pursuing our long-term growth and performance objectives and speak to the strength of Qatar’s economy and of the Islamic banking industry.”
QIB’s 2016 financial results showed a net profit of QR 2.16bn for the fiscal year compared to QR1.95bn for the year 2015, thus marking an increase by 10.3 percent over last year. Total Assets of the Bank have increased by 10 percent compared to 2015 and now stand at QR139.8bn driven by a robust growth in the financing activities that have now reached QR98.2bn having added QR10.7bn, representing a 12 percent growth over 2015. Total Income for the year ended December 31, 2016 was QR 5.49bn registering 22 percent growth compared to QAR4.51bn for 2015 reflecting a healthy growth in the Bank’s core operating activities.
“QIB continues to consolidate its position in the Qatari Banking sector and record steady, healthy growth across a broad range of key performance indicators,” said Bassel Gamal. “In keeping with the Bank’s long-term growth strategy, QIB is pursuing new means for building its customers’ wealth while adhering to the highest ethical standards.
