Qatar Islamic Bank (QIB) has announced the results for the nine months’ period ended 30 September 2022. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,850 Million for the nine months’ period ended 30 September 2022 representing a growth of 12.9% over the same period in 2021.
Total Assets of the Bank now stand at QAR 184 Billion. Customer Deposits of the Bank stand at QAR 123 Billion.
Total Income for the nine months’ period ended 30 September 2022 was QAR 6,523 Million registering a growth of 6.5% compared to QAR 6,124 Million for the same period in 2021. Income from financing and investing activities registered a growth of 7.6% to reach QAR 5,736 Million for the nine months’ period ended 30 September 2022 compared to QAR 5,330 Million for the same period of 2021.
Total Operating Expenses for the nine months’ period ended 30 September 2022 was QAR 826 Million with strong operating income generation and cost containment enabling the Bank to further improve its efficiencies and bringing down the cost to income ratio to 17.2% from 17.5% for the same period in 2021, which is the lowest in the Qatari Banking sector.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.5%, around the same levels as at 30 September 2021 and one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment policy by building precautionary impairment charge on financing assets for QAR 1,114 Million for the nine months’ period ended 30 September 2022. The Bank continued to maintain a healthy coverage ratio for non-performing financing assets at 95.2%.
Total Shareholders’ Equity of the Bank has reached QAR 22 Billion up by 7.7% compared to December 2021, a growth of 12.1% compared to September 2021. Total Capital adequacy of the Bank under Basel III guidelines is 18.5% as of September 2022, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In May 2022 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at “A1”. In March 2022, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term Currency Rating (LTCR) of ‘A+’. In September 2022, Fitch Ratings affirmed the Bank’s credit rating at ‘A-’.
QIB’s dedication to innovation and digitization has earned the bank over 25 prestigious awards and global recognition from acclaimed publications until today.
Euromoney has recognized QIB across four categories in Euromoney Market Leaders rankings, reaffirming its leading position in the financial sector in the country. QIB was ranked as a leader in “Digital Solutions”, “Corporate Banking” and “Islamic Finance” and was highly regarded in “Corporate Social Responsibility (CSR)”. Moreover, QIB received “Best Bank”, “Best Bank for Digital Solutions”, and “Best Bank for Islamic Finance in Qatar” from Euromoney Magazine as a testimony of its extraordinary performance.
QIB was named “Best Performing Bank in Qatar” in the Top 100 Arab Banks Rankings for 2022 by the Banker Magazine reaffirming its position as one of the leading banks in the Arab world. The Banker also recognized QIB’s continuous growth and solid performance with the “Bank of the Year in Qatar” and “Best Islamic Bank of the Year in the Middle East, Qatar, and the UK” awards.
Furthermore, QIB received Straight Through Processing (STP) Excellence Award from Citibank and was honored by Ministry of Labour for its Qatarization efforts. QIB received eight awards from the Digital Banker, and three awards from the Asset Triple A Islamic Finance Awards. The Bank also received four prestigious awards from Global Finance and four from MEED MENA Banking Excellence Awards.
At this year’s Forbes Top 100 Listed Companies in the Middle East, QIB was ranked 25th in the Middle East and 3rd in Qatar, while Mr. Bassel Gamal, Group CEO of QIB was amongst the Top 100 CEOs in the Middle East 2022 and received the Asian Banker “CEO Leadership Achievement for Qatar” award for his excellent leadership.
Additionally, QIB received two awards from the Asian Banker magazine, as well as two more titles from the Asset Triple A Magazine for its exceptional digital services. EMEA Finance awarded QIB with two titles Best Islamic Bank in Qatar and Best Product Launch in the Middle East. Islamic Finance News recognized QIB as Best Islamic Bank in Qatar for the third consecutive year.
Source: Qatar Islamic Bank
