Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for 6 months ending 30 June 2014. Net Profit attributable to the Shareholders of the Bank reached QR725m for the period ended June 2014 representing a growth of 15% compared to June 2013.
Total Assets of the Bank now stand at QR89.1bn having increased 20% compared to June 2013 and 15% compared to December 2013. Financing activities has significantly increased to reach QR54.5bn having grown by 32% compared to June 2013 and 16% compared to December 2013.
Customer Deposits of the bank have moved up to QR61.3bn registering a strong growth of 33% compared to June 2013 and 22% compared to December 2013 allowing the Bank to significantly improve its liquidity positions.
Total Shareholders’ Equity of the bank reached QR11.6bn, an increase of 4% compared to June 2013
Total Income of the Bank for the period ended June 2014 amounted to QR1.8bn representing an increase of 18% compared to June 2013. Income from financing activities was the primary growth driver at QR1.2bn for the period June 2014, representing an increase of 23% compared to June 2013. Net commission and fees income has also registered a strong growth to reach QR191m for the period ended June 2014, representing an increase of 42% compared to June 2013.
QIB was able to manage the ratio of non-performing financing assets to gross financing assets at 0.9%, as compared to 1.5% in June 2013, which is 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 the coverage ratio for non-performing financing assets reaching 97.2% as of June 2014 as compared to 85.5% in June 2013.
International credit rating agency Standard & Poor’s, in its latest report issued in June 2014 have reaffirmed QIB’s Counterparty Credit Rating at “A-“with a stable outlook. Similarly, Capital Intelligence (CI) in its latest report issued in April 2014, has reaffirmed QIB’s Financial Strength Rating (FSR) of ‘A’, with an upgraded ‘Stable’ Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets. In 2014, Fitch had affirmed the Bank’s long term Issuer Default Rating (IDR) of ‘A’ with a stable outlook.
QIB has received a number of prestigious awards this year reflecting the results and achievements of the businesses, including the title of ‘Best Islamic Bank in Qatar’, which the Bank received from Euromoney, The Banker, World Finance and Islamic Finance News (IFN). World Finance also named QIB as ‘The Best SME Islamic Finance Provider’; while Global Finance voted QIB as ‘the Safest Islamic Bank in Qatar’. Meanwhile, Islamic Finance News (IFN) named QIB as both the ‘Arranger of the Syndicated Deal of the Year’ for its Ijarah Facility; and ‘Arranger in the Tawarruq Deal of the Year’ for its Murabahah Facility.
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