QIB Achieves Net Profit of QAR 492 Million for Three Month Period Ended 31st March 2016

Doha, April 13 (QNA) - Qatar Islamic Bank (QIB), Qatars leading Islamic Bank on Wednesday announced the results for the three months period ended 31 March 2016. Net Profit attributable to the Shareholders of the Bank amounted to QAR 492 Million for the first quarter of 2016 representing a growth of 23% over the first quarter of 2015. Total Assets of the Bank has increased by 3% compared to December 2015 and now stands at QAR 131 billion driven by a continued growth in the financing activities. Financing activities have now reached QAR 91 billion having added QAR 4 billion representing 4% increase compared to December 2015. Customer Deposits of the Bank now stand at QAR 89 Billion and Total Shareholders' Equity of the bank has reached QAR 13 Billion. Total Income for the three month period ended 31 March 2016 has reached QAR 1,287 million compared to QAR 950 million by end of March 2015. Income from financing and investing activities reached QAR 1,107 million at the end of March 2016 compared to QAR 817 million for the three month period ended March 2015. Net fee and commission income reached QAR 133 million at the end of March 2016 compared to QAR 100 million for the three month period ended March 2015. QIB was able to further improve 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 Banks financing assets portfolio and its effective risk management framework. The Bank continued to pursue the conservative impairment policy with an improved coverage ratio for non-performing financing portfolio at 112% as of March 2016. International ratings agency Capital Intelligence has in April 2016 reaffirmed QIBs Financial Strength Rating of A with a stable outlook in view of very good asset quality, strong capital ratios and improved coverage ratio. Fitch, in 2015 has upgraded QIBs Long Term IDR to 'A+' from the previously held 'A' with a stable outlook. Standard & Poors Rating Services has retained QIBs Counterparty Credit Rating at 'A-' with a stable outlook. In light of QIBs positive performance, the Bank has been recognized by highly influential international financial publications and reports as one of the leading regional Banks in 2016. One of QIBs latest commendations goes to its Group CEO, Bassel Gamal, who was ranked the first of 100 best-performing CEOs of listed companies in the GCC states from TRENDS & INSEAD Business School. QIB has also won other substantial awards such as: Bank of the Year 2015 in Qatar by the Banker Magazine, and has been recognised by the Islamic Finance News (IFN) for being the Best Islamic Bank in Qatar and for the Best Deal of the Year - Regulatory Capital in relation to its QAR 2 billion Sukuk deal. Earlier in the year, the Bank has witnessed an improvement in its 2016 ranking according to The Banker Top 500 Banking Brands from 321 to 267. (QNA)