QIB Achieves Net Profit of QR 1.605 Billion in Jan-Sept 2016

Doha, October 18 (QNA) - Qatar Islamic Bank (QIB), Qatar's leading Islamic bank, has announced the results for the nine months period that ended on September 30, posting net profit attributable to the bank shareholders amounting to QR 1.605 billion, a growth of 14 percent over the same period of 2015. Total assets of the bank has increased by 9 percent compared to September 2015 and now stands at QR 135 billion, driven by a continued growth in the financing activities. Financing assets have reached QR 97 billion, having added QR 14 billion, an increase of 17 percent compared to September 2015. Customer deposits of the bank now stand at QR 96 billion, having increased by 11 percent compared to September 2015. QIB was able to maintain the ratio of non-performing financing portfolio to gross financing portfolio to less than 1 percent, 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 89 percent as of September 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 and 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. (QNA)