QIB Profit Grows by 13.8 Percent to reach QR 1,325.3 Million in First Quarter

Doha, July 15 (QNA) - Qatar Islamic Bank (QIB) has announced the results for the six months' period ended 30 June 2018. Net profit attributable to the shareholders of the bank amounted to QR 1,325.3 million for the six months' period ended June 2018 representing a growth of 13.8 percent for the same period in 2017. Total assets of the bank have increased by 1.4 percent compared to December 2017 and now stand at QR 152.5 billion. Financing activities have now reached QR 100.3 billion and customer deposits of the bank now stand at QR 98.9 billion. Total income for the six months' period ended 30 June 2018 was QR 3,368 million registering 7 percent growth compared to QR 3,146 million for the same period in 2017. Income from financing and investing activities has grown by 6.8 percent to reach QR 2,977 million at the end of the six months' period ended 30th June 2018 compared to QR 2,788 million for the same period in 2017, reflecting a healthy growth in the bank's core operating activities. QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.1 percent 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 at 121.2 percent as of June 2018. Total shareholders' equity of the bank has reached QR 14.5 billion. Total capital adequacy of the bank under Basel III guidelines is 17.5 percent as of June 2018, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee. In June 2018, fitch ratings affirmed QIB at 'A' with a stable outlook and Moody's Investors Service, (Moody's) affirmed long term deposit ratings to QIB at "A1". In April 2018 Standard & Poor's (S&P) affirmed the bank's credit rating at 'A-' and Capital Intelligence Ratings (CI) has affirmed the bank's Financial Strength Rating (FSR) of 'A'. In 2018, QIB continued to win prestigious awards that confirm its leading position in Qatar's and the region's banking sector. QIB named "Islamic Bank of the Year Qatar" by The Banker, part of Financial Times Group. QIB also took center stage at the recently Global Finance Magazine annual awards for the "World's best Islamic Financial Institutions 2018", where it won six awards, 'Best Islamic Financial Institution in the Middle East', 'Best Islamic Financial Institution in Qatar', 'Best Islamic Financial Institution for Large Corporate', 'Best Islamic Project Finance Provider', 'Best Real Estate Deal of the Year' and 'Best Sukuk Deal of the Year'. (QNA)