Qatar Islamic Bank’s (QIB) net profit attributable to the shareholders of the bank rose to QR555m for the three months period ended 2017, up 12.85 percent from a year ago.
Total Assets of the Bank has increased by 9.1 percent compared to March 2016 and 2.5 percent compared to December 2016 to stand at QR143.3bn driven by a continued growth in the financing activities.
Financing activities have reached QR 99.5bn having grown by 9.3 percent compared to March 2016 and 1.4 percent increase compared to December 2016. Customer deposits of the Bank currently stand at QR103.9bn registering a growth of 16.3 percent compared to March 2016 and 9 percent compared to December 2016.
Total Income for the three month period ended 31 March 2017 was QR1.49bn, an increase of16.3 percent compared to QR1.28bn recorded for same period in 2016.
Income from financing and investing activities has grown by 19.8 percent to reach QR 1.32bn at the end of the first three months of this year, compared to QR1.10bn reported a year ago, reflecting a healthy growth in the Bank’s core operating activities.
Total expenses decreased by 5 percent to reach QR267m for the three month period ended 31 March 2017 as compared to QR280m recorded during the first three months of 2016. Strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 26.3 percent during the first quarter of 2017, as compared to 30.9% for the same period in 2016.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1 percent, 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 provisioning policy with the coverage ratio for non-performing financing assets moving up from 87 percent as at December 2016 to reach 97 percent as of March 2017.
Total Shareholders’ Equity of the bank has reached QR13.7bn. Total Capital adequacy of the Bank under Basel III guidelines is 16.6 percent as of March 2017, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In April 2017, Fitch Ratings has affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook reflecting the Bank's established franchise in Qatar, its sound asset quality, solid funding and liquidity profile with a franchise that is more diversified than that of many peers and taking into account the Bank's adequate profitability, and satisfactory capital and leverage ratios. Capital Intelligence Ratings (CI) has also affirmed QIB’s Financial Strength Rating (FSR) at ‘A’ with a ‘Stable Outlook’. The Bank’s Long-Term FCR is raised to ‘A+’ while the Short-Term FCR is affirmed at ‘A2’ on a ‘Stable Outlook’.
In light of the Bank’s positive results, QIB has been recognized by highly reputable international financial publications and reports as one of the leading regional Banks.
