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Capital Intelligence Raises QIB's Long-Term Foreign Currency Rating to 'A+'

Capital Intelligence Raises QIB's Long-Term Foreign Currency Rating to 'A+'

12/04/2017, Doha, Qatar

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, announces that, the Capital Intelligence Ratings (CI Ratings), the international credit rating agency, has affirmed QIB’s Financial Strength Rating (FSR) at ‘A’ with a ‘Stable Outlook’.The Bank’s Long-Term FCR is raised to ‘A+’ while the Short-Term FCR is affirmed at ‘A2’ on a ‘Stable Outlook’. These indications reflect the QIB’s strong financial profile, the robust growth potential of the Qatari economy and the on-going government support for all Qatari banks.

“We are very pleased with the upgrade of our long term foreign currency rating and the affirmation of our FSR rating by CI. They are solid confirmations asserting the Bank’s enhanced asset quality and robust capital position.” said Bassel Gamal, Group Chief Executive Officer of QIB. “The ratings affirm the Bank’s success in pursuing our long-term growth and performance objectives and speak to the strength of Qatar’s economy and of the Islamic banking industry.”

QIB’s 2016 financial results showed a net profit of QAR 2,155 Million for the fiscal year compared to QAR 1,954 Million for the year 2015, thus marking an increase by 10.3% over last year. Total Assets of the Bank have increased by 10% compared to 2015 and now stand at QAR 139.8 Billion driven by a robust growth in the financing activities that have now reached QAR 98.2 Billion having added QAR 10.7 Billion, representing a 12% growth over 2015. Total Income for the year ended 31 December 2016 was QAR 5,488 Million registering 22% growth compared to QAR 4,508 Million for 2015 reflecting a healthy growth in the Bank’s core operating activities.

“QIB continues to consolidate its position in the Qatari Banking sector and record steady, healthy growth across a broad range of key performance indicators,” said Bassel Gamal. “In keeping with the Bank’s long-term growth strategy, QIB is pursuing new means for building its customers’ wealth while adhering to the highest ethical standards.

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