Qatar Islamic Bank reports 14% growth

Qatar Islamic Bank (QIB) has reported about 14% year-on-year growth in net profit to QR1.33bn in the first six months of this year. Total assets stood at QR152.5bn with financing portfolio at QR100.3bn, while customer deposits amounted to QR98.9bn.
Total income for the first half of 2018 was QR3.37bn, registering a 7% year-on-year growth. Income from financing and investing activities grew by 7% to QR2.98bn at the end of June 30, 2018, 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.  The lender continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 121.2% at the end of six months ended on June 2018.
Total shareholders’ equity of the bank has reached QR14.5bn. Total capital adequacy stood at 17.5% at the end of June 30, 2018, which is higher than the minimum regulatory requirements prescribed by the Qatar Central Bank and the Basel Committee.
In June 2018, Fitch Ratings affirmed QIB’s rating at ‘A’ with a “stable” outlook and Moody’s affirmed long term deposit ratings at “A1”. In April 2018 Standard & Poor’s affirmed the bank’s credit rating at ‘A-’ and Capital Intelligence Ratings has affirmed the bank’s financial strength rating of ‘A’.