Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the 9months period ending 30September 2015. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1.4 Billion for the nine months period ending 30thSeptember2015 representing a growth of 24.8% over the same period of2014.
Total Assets of the Bank have also increased by 28% compared to December 2014 and now stands at QAR 123Billion driven by a continued growth in the core financing and investing activities.
Financing activities now stand at QAR 82Billion having increased by QAR 22 Billion representing 38% increase compared to December 2014. Customer Deposits of the Bank have grown by QAR 20Billionto reach QAR 87Billion representing a growth of 30% compared to December 2014.
Total Income for the nine months period ending30thSeptember2015has reached QAR 3.3Billion registering 23% growth compared to QAR 2.7Billion for the same period of 2014. Income from financing and investing activities has grown by 24% to reach QAR 2.8Billion for the nine month period ending 30thSeptember2015 compared to QAR 2.3Billion for the same period of2014. Net fee and commission income reached QAR 345 Million for the nine months ending30thSeptember 2015 representing 19% growth compared to the same period of 2014.
QIB was able to maintain the ratio of non-performing financing assets to gross financing assets to around 1%, one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. The Bank continued to pursue the conservative impairment policy with the coverage ratio for non-performing financing portfolio above 100%.
Total Shareholders’ Equity of the bank increased by QAR 417 Million compared to December 2014 to reach QAR 13 Billion. The Bank also raised Basel III compliant Additional Tier 1 Capital by issuing perpetual Sukuk for an amount of QAR 2 Billion. Capital Adequacy of the Bank now stands at 14.2% as per Basel III guidelines issued by Qatar Central Bank.
In a report issued in April 2015, the international ratings agency Fitch, has upgraded QIB’s Long Term IDR to ‘A+’ from the previously held ‘A’ with a stable outlook. Capital Intelligence (CI) has rated QIB’s Financial Strength Rating (FSR) of ‘A’, with ‘Stable’ Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets. Standard & Poor’s Rating Services has retained QIB’s Counter party Credit Rating at “A-“with a stable outlook.
QIB has received a number of prestigious awards during the first nine months of 2015 reflecting the results and achievements of the Bank, including the ‘Islamic Bank of the Year 2015’ Award in the Middle East for the first time, and Qatar for the third time in a row by The Banker magazine (part of the Financial Times Group). QIB was also recognized as the fastest growing financial brand in the world, with its brand value rising 91% over last year, making the Bank one of the top 50 most valuable brands of all industries in the MENA region.
Furthermore, QIB Group CEO was recognized and honored at the TOP CEO Award, from “Trends” business magazine and the “INSEAD” Business School, the Best Islamic Bank in Qatar from Islamic Finance News and Arabian Business Magazine. QIB also received three awards from Global Banking & Finance review: Best Islamic Project Finance Bank MENA, Best Islamic Finance Provider Qatar, and the Best Islamic Retail Bank Qatar.