Qatar Islamic Bank (QIB) has announced the results for the three months’ period ended 31 March 2019. Net Profit attributable to the Shareholders of the Bank amounted to QAR 685.2 Million for the three months’ period ended March 2019 representing a growth of 9.6% over the same period in 2018.
Total Assets of the Bank has increased by 2.3% compared to March 2018 and 1.4% compared to December 2018 and now stands at QAR 155.3 billion driven by the continued growth in the financing and investing activities.
Financing activities have now reached QAR 106.3 billion having grown by 1.6% compared to March 2018 and 4% compared to December 2018. Customer Deposits of the Bank now stand at QAR 107.8 Billion registering a strong growth of 7.1% compared to December 2018 and 5.3% compared to March 2018.
Total Income for the three months’ period ended 31 March 2019 was QAR 1,849 Million registering a 13% growth compared to QAR 1,636 Million for the same period in 2018. Income from financing and investing activities has registered a strong growth by 16.3% to reach QAR 1,675 Million at the end of the three months’ period ended 31st March 2019 compared to QAR 1,440 Million for the same period in 2018, reflecting a healthy growth in the Bank’s core operating activities.
Total expenses of QAR 267.1 Million for the three months’ period ended 31 March 2019 are 8.1% lower than QAR 290.7 Million for the three months’ period ended 31 March 2018. Strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 23.2% for the first quarter of 2019 as compared to 26.5% for the first quarter of 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 with the coverage ratio for non-performing financing assets at 100% as of March 2019.
Total Shareholders’ Equity of the bank has reached QAR 14.9 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 18.7% as of March 2019, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In March 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A', Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’. In January 2019, Moody's Investors Service, ("Moody's") has affirmed Long term deposit ratings to QIB at “A1”. Capital Intelligence Ratings (CI) has affirmed the bank’s Financial Strength Rating (FSR) of ‘A’.
In light of the Bank’s performance and continuous innovation, QIB is being recognized by reputable international and local institutions as one of the leading regional Banks. In the first quarter of 2019, QIB received the “Best Retail Mobile Banking Experience in Qatar” award from the Asset Magazine, the Bank has been recognized as one of the best Investor Relations websites among all listed Companies from Qatar Exchange Investor Relations (IR) Awards and got the “Social Responsibility Award for Best Financial Institution in 2018 from Dar Al Sharq publishing.
In 2018, QIB has received more than 20 Awards, including the “Best Financial Institution in the Middle East and Qatar,” “Best Consumer Digital Bank in Qatar” and “Safest Islamic Bank in Qatar” from Global Finance and the “Best Islamic Bank in Qatar” Award from The Banker, part of the Financial Times Group. These awards recognize the significant progress QIB has made in establishing itself as a leading banking institution in the Middle East while cementing its leadership position in Qatar, its home market.
© Press Release 2019