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Doha, Qatar : Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the six months’ period ended 30 June 2018. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,325.3 Million for the six months’ period ended June 2018 representing a growth of 13.8% for the same period in 2017.
Total Assets of the Bank has increased by 1.4% compared to December 2017 and now stands at QAR 152.5 billion. Financing activities have now reached QAR 100.3 billion and customer deposits of the Bank now stand at QAR 98.9 Billion.
Total Income for the six months’ period ended 30 June 2018 was QAR 3,368 Million registering 7% growth compared to QAR 3,146 Million for the same period in 2017. Income from financing and investing activities has grown by 6.8% to reach QAR 2,977 Million at the end of the six months’ period ended 30th June 2018 compared to QAR 2,788 Million for the same period in 2017, reflecting a healthy growth in the Bank’s core operating activities.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.1% 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 121.2% as of June 2018.
Total Shareholders’ Equity of the bank has reached QAR 14.5 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 17.5% as of June 2018, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2018, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a Stable outlook and Moody's Investors Service, ("Moody's") affirmed long term deposit ratings to QIB at “A1”. In April 2018 Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’ and Capital Intelligence Ratings (CI) has affirmed the bank’s Financial Strength Rating (FSR) of ‘A’.
In 2018, QIB continued to win prestigious awards that confirm its leading position in Qatar’s and the region’s banking sector. QIB named “Islamic Bank of the Year – Qatar” by The Banker, part of Financial Times Group. QIB also took center stage at the recently Global Finance Magazine annual awards for the “World’s best Islamic Financial Institutions 2018”, where it won six awards, ‘Best Islamic Financial Institution in the Middle East’, ‘Best Islamic Financial Institution in Qatar’, ‘Best Islamic Financial Institution for Large Corporate’, ‘Best Islamic Project Finance Provider’, ‘Best Real Estate Deal of the Year’ and ‘Best Sukuk Deal of the Year’. QIB also received three awards from Islamic Finance News (IFN), Best Islamic Bank in Qatar, Best Deal of the Year in Qatar and Structuring Deal of the Year, and recently won the Best Islamic Bank in Qatar Award from the World Union of Arab Bankers (WUAB. QIB also won “Best Prepaid Product in Qatar” by VISA International. These awards recognize the impressive 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.
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