QATAR Islamic Bank (QIB) has announced a net profit of QR1.24bn for 2012 …on the back of its robust core earnings

Qatar Islamic Bank (QIB) has announced a net profit of QR1.24bn for 2012 on the back of its robust core earnings.

QIBBased on its performance, the bank has proposed a 37.5% profit distribution, subject to the approval of the Qatar Central Bank and shareholders at the next meeting of general assembly.
Total assets of the bank jumped by 26% to QR73.2bn. Financing activities continue to be the major growth driver, jumping 46% to QR43.1bn. Customer deposits registered a strong 55% growth to QR43.1bn, reflecting a well-balanced financial position.
Total income gained 16% to QR3.11bn, reflecting strong growth in the bank’s core operating activities. Financing income grew 17% to QR2.08bn and net fee income by 39% to QR417.2mn.
The strong operating performance has enabled the bank to strengthen its financial position by allocating QR502mn towards improving the provision coverage on financial investments and financing activities compared to QR194mn in 2011.
Total shareholders’ equity of the bank reached QR11.5bn as on December 31, 2012, helping it to maintain healthy capital adequacy ratios.
QIB’s healthy capitalisation and strong assets have enabled credit rating agency Fitch to affirm a long-term issuer default rating (IDR) at ‘A’ with a stable outlook. Standard & Poor’s also assigned the bank counterparty credit ratings of ‘A-‘ long-term and ‘A-2’ short-term, with a stable outlook on the long-term.

Source: Caye Global News, Gulf Times

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