QIB Profit Reaches QR 687.5 Million for Three Months' Period of 2020

Doha, April 15 (QNA) - Qatar Islamic Bank (QIB), has announced the results for the three months' period ended 31 March 2020. Net Profit attributable to the Shareholders of the Bank amounted to QR 687.5 Million for the three months period ended March 2020 in line with the same period in 2019. Earnings per share for the first three months of this year amounted to QR 0.29, which is the same value as the earnings per share for the first three months of 2019. Total Assets of the Bank has increased by 6.9 percent compared to March 2019 and 1.5 percent compared to December 2019 and now stands at QR 166.1 Billion driven by the continued growth in the financing and investing activities. Financing activities have now reached QR 114 Billion having grown by 7.2 percent compared to March 2019. Customer Deposits of the Bank now stand at QR 110.2 Billion registering a growth of 2.3 percent compared to March 2019. Total Income for the three months' period ended 31 March 2020 was QR 1,944 Million registering a 5.1 percent growth compared to QR 1,849 Million for the same period in 2019. Income from financing and investing activities has registered a growth of 3.1 percent to reach QR 1,727 Million at the end of the three months period ended 31st March 2020 compared to QR 1,675 Million for the same period in 2019, reflecting a healthy growth in the Banks core operating activities. Total expenses of QR 271 Million for the three months period ended 31 March 2020 with strict cost controls supporting higher operating revenues enabled further enhancement of efficiency and further decreased the cost to income ratio to 22.7 percent for the first quarter of 2020. QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.3 percent reflecting the quality of the Banks financing assets portfolio. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 100 percent as of March 2020. Total Shareholders Equity of the Bank has reached QR 16.3 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 18.9 percent as of March 2020, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee. (QNA)