DOHA: Qatar Islamic Bank’s (QIB) net profit, attributable to the shareholders, amounted to QR1.6bn for the nine months period ended September, reflecting a growth of 14 percent over the same period of 2015. The bank’s total assets have increased by 9 percent from a year ago and now stands at QR135bn, driven by a continued growth in the financing activities.
Financing assets have now reached QR97bn, having added QR14bn, representing 17 percent increase compared to September 2015. Customer deposits of the bank stand at QR96bn having increased by 11 percent year-on-year.
Total shareholders’ equity of the bank reached QR14bn, up 7 percent. The bank also raised Basel III compliant Additional Tier 1 Capital by issuing perpetual Sukuk for an amount of QR2bn.
Capital Adequacy ratio of the bank is at 15.9 percent as per Basel III guidelines issued by Qatar Central Bank.
QIB’s income for the nine-month period has reached QR4.06bn compared to QR3.27bn by end of September2015. Income from financing and investing activities reached QR3.5bn at the end of September 2016 compared to QR 2.83bn a year ago. Net fee and commission income increased QR397m from QR345m.
QIB was able to maintain the ratio of non-performing financing portfolio to gross financing portfolio to less than 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. The Bank continued to pursue the conservative impairment policy with a coverage ratio for non-performing financing portfolio at89% as of September2016.
In April 2016, 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. Standard & Poor’s Rating Services has also retained QIB’s Counterparty Credit Rating at ‘A-’ and Capital Intelligence has reaffirmed QIB’s financial strength rating of ‘A’ with stable outlook.
QIB has been recognized by highly reputable international financial publications and reports as one of the leading regional Banks. Among a number of important awards, Euromoney Awards for Excellence 2016 named QIB for the first time “Qatar’s Best Bank”.
For the second year in a row, The Banker - Financial Times Group, named QIB the “Islamic Bank of the Year 2016 in the Middle East”, and for the first time, Global Finance named QIB as “Best Islamic Retail Bank in the world” in addition to “Best Islamic Bank” in Qatar” for 2016 .
While 2016 also marks the fourth consecutive time that QIB was selected as Qatar’s “Islamic Bank of the Year” by The Banker Magazine.
