Qatar Islamic Bank (QIB), Qatar's leading Islamic Bank, has announced the results for the six months' period ended 30 June 2019. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,425.3 Million for the six months' period ended 30 June 2019 representing a growth of 7.5% over the same period in 2018.
Total assets of the Bank has increased by 1.4% compared to June 2018 and 0.9% compared to December 2018 and now stands at QAR 154.6 billion driven by the continued growth in the financing and investing activities.
Financing activities have now reached QAR 107 Billion having grown by 6.7% compared to June 2018 and 4.6% compared December 2018. Customer Deposits of the Bank now stand at QAR 107.6 Billion registering a strong growth of 8.8% compared to June 2018 and 6.9% compared to December 2018.
Total Income for the six months' period ended 30 June 2019 was QAR 3,734.8 Million registering a 10.9% growth compared to QAR 3,367.7 Million for the same period in 2018. Income from financing and investing activities has registered a strong growth of 13.6% to reach QAR 3,382 Million at the end of the six months' period ended 30 June 2019 compared to QAR 2,977.1 Million for the same period in 2018, reflecting a healthy growth in the Bank's core operating activities.
Total staff and general administrative expenses of QAR 544.8 Million for the six months' period ended 30 June 2019 with strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 23.5% for the six month period ended June 2019 as compared to 25.6% 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 keeping the coverage ratio for non-performing financing assets at 100% as of June 2019.
Total Shareholders' Equity of the bank has reached QAR 15.6 Billion registering a growth of 8.1% compared to June 2018 and a growth of 1.3% compared to December 2018. Total Capital adequacy of the Bank under Basel III guidelines is 18.5% as of June 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 has received 18 prestigious awards in the first half of 2019 reflecting the results and achievements of the businesses, including Qatar's Best Bank from Euromoney Awards for Excellence 2019. The Banker Magazine named QIB the Best Islamic Bank in the Middle East, Qatar, and United Kingdom. Global Finance Magazine 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 the CEO Leadership Achievement Award and the Best Managed Bank in Qatar. Also named as the Best Islamic Bank in Qatar by the World Union of Arab Bankers (WUAB).
Source: Qatar Islamic Bank