QIB Profit reached QR1.24bn in 2012
- Qatar: Monday, January 21 - 2013 at 10:21
- PRESS RELEASE
Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced a net profit of QR1.24bn for the year 2012. QIB Board of Directors proposed a 37.5% Profit Distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.
Financing activities continues to be the major growth driver and have now reached QR43.1bn having added QR13.5bn, representing a 45.7% growth since 31st December 2011.
Customer Deposits of the bank have registered a strong growth of 55% compared to 31st December 2011 and now stand at QR43.1bn, reflecting a well-balanced financial position.
Total Income for the year ended 31 December 2012 has reached QR3,111m which is 16% higher than QR2,681m generated last year, reflecting strong growth in the Bank's core operating activities. Financing income has grown by 17% to reach QR2,081m at the end of 2012 compared to QR1,775m for 2011. Net Fee income was QR417.2m compared to QR300m in 2011 showing YOY increase of %39.
This strong operating performance has enabled the Bank to strengthen its financial position by allocating QR502m towards improving the provision coverage on financial investments and financing activities compared to QR194m in 2011.
Total Shareholders' Equity of the bank reached QR11.5bn as at 31st December 2012, helping it to maintain its healthy capital adequacy ratios. QIB's healthy capitalization and strong asset has enabled Fitch Ratings to affirmed QIB Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook. Standard & Poor's has also assigned counterparty credit ratings of 'A-' long-term and 'A-2' short-term, with a stable outlook on the long-term.
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