Qatar Islamic Bank (QIB) has announced the results for the nine months' period ended 30 September 2019. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,215 Million for the nine months' period ended 30 September 2019 representing a growth of 10.5% over the same period in 2018.
Total assets of the Bank has increased by 1.1% compared to December 2018 and now stands at QAR 154.9 billion driven by the continued growth in the financing and investing activities. Financing activities have now reached QAR 107 Billion having grown by 4.7% compared to December 2018. Customer Deposits of the Bank now stand at QAR 106.6 Billion registering a strong growth of 6% compared to December 2018.
Total Income for the nine months' period ended 30 September 2019 was QAR 5,710.6 Million registering a 11.8% growth compared to QAR 5,107.9 Million for the same period in 2018. Income from financing and investing activities has registered a strong growth of 12.9% to reach QAR 5,113.7 Million at the end of the nine months' period ended 30 September 2019 compared to QAR 4,528.1 Million for the same period in 2018, reflecting a healthy growth in the Bank's core operating activities.
Total general and administrative expenses was QAR 827.8 Million for the nine months' period ended 30 September 2019 registering a 3.8% decrease compared to QAR 860.3 Million for the same period in 2018. Strict cost controls supported by higher operating revenues enabled further enhancement of efficiency bringing down the cost to income ratio to 23.4% for the nine months' period ended September 2019 as compared to 25.5% for the same period in 2018.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.2% reflecting the quality of the Bank's financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 100% as of September 2019.
Total Shareholders' Equity of the bank has reached QAR 16.4 Billion registering a growth of 6.3% compared to December 2018 and a growth of 8.3% compared to September 2018. Total Capital adequacy of the Bank under Basel III guidelines is 18.4% as of September 2019, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A'. Also in June 2019, Moody's Investors Service, ("Moody's") has affirmed the Long-term deposit ratings of QIB at A1. In May 2019, Capital Intelligence Ratings (CI) has affirmed the bank's Long-term Currency Rating (LTCR) of 'A+'. In March 2019, Standard & Poor's (S&P) affirmed the bank's credit rating at 'A-'.
QIB's outstanding performance and investments in innovation has led the Bank to be recognized as one of the leading banks in the region. Recently this year, QIB has received 20 awards from prestigious international and local institutions, including Qatar's Best Bank from Euromoney Awards for Excellence 2019. The Banker Magazine, part of the Financial Times International Group, named QIB the Best Islamic Bank in the Middle East, Qatar, and for the first time awarded QIB the 'Best Islamic Bank in the UK'. The Bank took center stage at the Global Finance Magazine Digital Awards where it won three major awards; Qatar's Best Consumer Digital Bank for the second consecutive year, Qatar's Most Innovative Digital Bank, and Qatar's Best Social Media Marketing and Services. Also, Global Finance recognized QIB as Best Islamic Financial Institution in Qatar, Best Islamic Project Finance Provider in the World and Islamic Finance Innovator 2019. The Asian Banker Magazine awarded Mr. Bassel Gamal, QIB's CEO, with the Leadership Achievement Award and The Best Managed Bank in Qatar for the period from January 2016 to December 2018.
Source: Qatar Islamic Bank