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QIB Profit grows by 10.6% to reach QAR 1,775 Million for the nine months’ period ended 30th September 2017

QIB Profit grows by 10.6% to reach QAR 1,775 Million for the nine months’ period ended 30th September 2017

18/10/2017, Doha,Qatar

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the nine months’ period ended 30th September 2017. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,775 Million for the nine months’ period ended 30th September 2017 representing a growth of 10.6% over the nine months’ period ended 30th September 2016.

Total Assets of the Bank has increased by 11% compared to September 2016 and 7% compared to December 2016 and now stands at QAR 149 billion driven by growth in the investing and financing activities.

Financing activities have now reached QAR 99 billion having grown by 3% compared to September 2016 and 1% compared to December 2016. Investment securities have now reached QAR 31 billion having grown by 62% compared to September 2016 and 53% compared to December 2016, due to investment in high quality liquid assets. Customer Deposits of the Bank now stand at QAR 99 Billion registering a growth of 2% compared to September 2016 and 3% compared to December 2016.

Total Income for the nine months’ period ended 30th September 2017 is QAR 4,723 Million registering 16.2% growth compared to QAR 4,065 Million for nine months’ period ended 30th September 2016. Income from financing and investing activities has grown by 19% to reach QAR 4,183 Million at the end of the nine months’ period ended 30th September 2017 compared to QAR 3,518 Million for nine months’ period ended 30th September 2016, reflecting a healthy growth in the Bank’s core operating activities.

Total expenses are 0.4% above September 2016 at QAR 831 million for the nine months’ period ended 30th September 2017 as compared to QAR 828 million for the nine months’ period ended 30th September 2016. Strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 25.7% for the first nine months of 2017 as compared to 30% for the same period in 2016.

QIB was able to maintain the ratio of non-performing financing assets to total financing assets 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. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets moving up from 87% as at December 2016 to reaching 110% as of September 2017.

Total Shareholders’ Equity of the bank has reached QAR 14.9 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 16.6% as of September 2017, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.

In May 2017, Moody's Investors Service, ("Moody's") has for the first time assigned Long term deposit ratings to QIB at “A1”. In August 2017, Fitch Ratings assigned QIB a Long Term Issuer Default Rating (IDR) at 'A', in April 2017 Capital intelligence Rating (CI Ratings or CI) reaffirmed QIB Financial Strength Rating (FSR) of ‘A’ and QIB rating was affirmed by S&P at “A- “.

In light of QIB’s financial results, it has been recognized by several international financial magazines and reports as one of the leading banks in the region. During 2017, the Bank received a number of awards including the “Best Islamic Financial Institution in the GCC” from Global Finance, which also awarded QIB the “Best Islamic Financial Institution in Qatar", the “Islamic Product Innovator of the Year” and the "safest Islamic Bank in Qatar”. QIB was also named the “Best Islamic Bank in Qatar - 2017” by The Banker - Financial Times. The Bank was also awarded the “Best Islamic Bank in Qatar” and “Perpetual Sukuk Deal of the Year” for 2016 from IFN. This is in addition to winning the “Best New Islamic Product” award from Visa International.

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