Qatar Islamic Bank (QIB) made a net profit of 1.59 billion riyals ($438 million) for the six months ended 30 June 2021, nearly 12 percent higher compared with the year-ago period.

Total assets of the bank rose to 184 billion riyals, nearly 11 percent higher compared to June 2020.

Income from financing and investing activities reached 3.54 billion riyals almost in line with the first half of 2020, the shariah-compliant lender said.   

QIB maintained the ratio of non-performing financing assets to total financing assets at 1.4 percent. It made impairment provisions on financing assets of 915 million riyals for the period under review compared with 602 million riyals during the same period last year.

The coverage ratio for non-performing financing assets as of June 2021 improved to 95.2 percent compared to 92.3 percent as at December 2020, QIB said.

Total expenses for the period was nearly 3 percent lower year-on-year at 535 million riyals, due to cost controls supported by higher operating revenues. Cost- to-income ratio improved from 21.1 percent to 17.5 percent in the first half of 2021.

Customer deposits stood at 125 billion riyals; up 17.6 percent compared to June 2020.

(Writing by Brinda Darasha; editing by Seban Scaria)

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