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Doha-Qatar: International credit rating agency, Standard & Poor’s (S&P) have revised the outlook on Qatar Islamic Bank (QIB) to ‘Stable’ and affirmed the ‘A-/A-2’ issuer credit rating.
According to the report issued by S&P: “Our rating on QIB reflects our view of the bank’s robust corporate banking franchise and favorable position as Qatar’s largest Islamic Bank. QIB’s capital is strong and supports the rating. The bank continues to display robust assets quality indicators. QIB’s funding profile is now more balanced, as the bank has replaced GCC deposits with core domestic deposits. QIB’s stable funding ratio reached 111%, the bank’s liquidity is also adequate, with around 6% of assets placed in liquid forms and another 20% placed most in Qatari government sukuk.”
The report also reflected on the elasticity of the Qatari banks being able to absorb the initial shock of the GCC crisis; in addition, the wise and effective leadership of the government on the ongoing issues related to trade and financial flows.
Bassel Gamal QIB’s Group CEO commented: “We are pleased with the revised outlook on QIB and the affirmation of the rating by S&P. These are solid confirmations on asserting the bank’s enhanced asset quality and robust capital position”
“QIB is able to maintain a stable and healthy growth across all key performance indicators,” said Bassel Gamal. “The ratings affirm the Bank’s success in pursuing our long-term growth and performance objectives and speak to the vigour of Qatar’s economy and of the Islamic banking industry in the country” he added.
In the first nine months of 2018, QIB achieved a net profit of QR2,005.3 million, representing a growth of 13% for the same period in 2017. Total assets of the Bank have increased by 1.4% compared to December 2017, and now stand out QR152.5 billion. Financing activities have reached QR106.4 billion and have grown by 3.7% compared to December 2017. Total income for the nine months period, ending in 30 September 2018, was QR 5,108 million, registering 8.2% growth compared to QR 4,722 million for the same period in 2017, reflecting a healthy growth in the Bank’s core operating activities.
Established in 1982, QIB was the first Islamic Bank in Qatar. Today, it is the second largest Bank, and largest Islamic bank in the country, with a market share above 10% in terms of total assets as of year-end 2017. The Bank provides Sharia’-compliant products and services to corporates and individuals primarily in Qatar.
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