QIB Profit Grows by 7.2 Percent During 2023's First Nine Months

 

 

Doha, October 17 (QNA) - Qatar Islamic Bank (QIB) announced the results for the nine months' period that ended on Sep. 30, 2023. The net profit attributable to the Shareholders of the Bank amounted to QR 3,055 Million for the nine months' period ended Sep. 30, 2023, representing a growth of 7.2 percent over the same period in 2022.

    QIB said that its Total Assets now stands at QR 187 Billion, higher by 1.5 percent compared to December 2022 and a growth of 1.7 percent compared to September 2022.

    Financing and investing activities were the primary drivers for the asset growth.

    Financing activities have now reached QR 122 billion having grown by 2.1 percent compared to December 2022 and up by 1 percent compared to September 2022. Investing activities now stand at QR 47.4 billion, up by 3.5 percent compared to December 2022, and up by 4.1 percent compared to September 2022. Customer Deposits of the Bank now stand at QR 122 billion.

    QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.5 percent, one of the lowest in the industry, reflecting the quality of the Bank's financing assets portfolio and its effective risk management framework.

    QIB continues to pursue the conservative impairment policy by building precautionary impairment charge on financing assets for QR 867 million for the period ended 30 September 2023 and maintaining a healthy coverage ratio for non-performing financing assets at 95 percent as of 30 September 2023.

    Earnings Per Share (EPS) amounted to QR 1.29 in the period ending on September 30, 2023, compared to the EPS of QR 1.21 for the same period of the previous year. (QNA)