Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the six months period ended 30 June 2016. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,055 Million for the six months period ended 30th June 2016 representing a growth of 18% over the same period of 2015.
Total Assets of the Bank has increased by 15% compared to June 2015 and now stands at QAR 135 billion driven by a continued growth in the financing activities.
Financing assets have now reached QAR 97 billion having added QAR 20 billion representing 25% increase compared to June 2015. Customer Deposits of the Bank now stand at QAR 95 Billion and Total Shareholders’ Equity of the bank has reached QAR 13 Billion.
Total Income for the six month period ended 30 June 2016 has reached QAR 2,657 million compared to QAR 2,077 million by end of June 2015. Income from financing and investing activities reached QAR 2,283 million at the end of June 2016 compared to QAR 1,801 million for the six month period ended June 2015. Net fee and commission income reached QAR 268 million at the end of June 2016 compared to QAR 210 million for the six month period ended June 2015.
QIB was able to maintain the ratio of non-performing financing portfolio to gross financing portfolio to less than 1%, one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. The Bank continued to pursue the conservative impairment policy with a coverage ratio for non-performing financing portfolio at 93% as of June 2016.
In April 2016, Fitch Ratings has affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook reflecting the Bank's established franchise in Qatar, its sound asset quality, solid funding and liquidity profile with a franchise that is more diversified than that of many peers and taking into account the bank's adequate profitability, and satisfactory capital and leverage ratios. Standard & Poor’s Rating Services has also retained QIB’s Counterparty Credit Rating at 'A-' and Capital Intelligence has reaffirmed QIB’s financial strength rating of ‘A’ with stable outlook.
In light of the Bank’s positive results, QIB has been recognized by highly reputable international financial publications and reports as one of the leading regional Banks. Among a number of important awards, for the second year in a row, The Banker - Financial Times Group, named QIB the “Islamic Bank of the Year in the Middle East”, while 2016 also marks the fourth consecutive time that QIB was selected as Qatar’s ‘Islamic Bank of the Year’. QIB was named for the first time “Qatar’s Best Bank” by Euromoney Awards for Excellence 2016 as well as “Best Islamic Retail Bank in the world” for 2016 by Global Finance. One of QIB’s latest commendations goes to its Group CEO, Mr. Bassel Gamal, who was ranked the first of 100 best-performing CEOs of listed companies in the GCC states from TRENDS & INSEAD Business School.Back to All News Updates