Doha, Qatar–The net profit of Qatar Islamic Bank (QIB) shot up by 7.5 percent over the past year to reach $1.18 billion, compared to $1.10 billion in 2022.
Data issued by the bank and published on the Qatar Stock Exchange website showed that the basic earnings per share for the year 2023 are QAR 1.73 compared to QAR 1.62 for 2022.
QIB board of directors proposed a dividend distribution to shareholders of QAR 0.725 per share, i.e. 72.5 percent of the nominal share value, subject to the approval of Qatar Central Bank and QIB’s General Assembly.
Total assets of the bank now stand at $52 billion representing a growth of 2.8 percent compared to $50.54 billion for the year ended Dec. 31, 2022.
Financing and investing activities were the primary drivers for asset growth. Financing activities have now reached $33.62 billion having grown by 2.6 percent compared to Dec. 2022 and Investment Securities reached $13.18 billion as of Dec. 31, 2023, are up by 4.9 percent against Dec. 2022.
Customer Deposits stand at $33.8 billion as of Dec. 31, 2023, with Financing to Deposit ratio of 96.5 percent as of Dec. 31, 2023, compared to Qatar Central Bank’s maximum requirement of 100 percent, reflecting the Bank’s strong liquidity position.
Total Income for the year ended Dec. 31, 2023, registered a strong growth of 24 percent to reach $3.02 billion.
QIB was able to manage the ratio of non-performing financing assets to total financing assets around 1.7 percent, as of Dec. 31, 2023, one of the lowest in the industry.
Total Shareholders’ Equity of the Bank reached $7 billion, an increase of 9.2 percent compared to $6.40 billion as of Dec. 31, 2022. As of Dec. 2023, the Total Capital adequacy of the Bank under Basel III guidelines is 20.4 percent, well above the regulatory minimum requirements prescribed by the Qatar Central Bank and Basel Committee.
HE QIB Chairman, Sheikh Jassim bin Hamad bin Jassim bin Jaber Al-Thani said that 2023 was defined by the bank’s unwavering commitment to the customers, placing their needs at the forefront of our operations.
He added that despite the challenges posed by the operating and macroeconomic environment, QIB has delivered remarkable results. It is a testament to QIB’s financial strength and dedication to sustainable growth.
This achievement was realized while QIB continued to invest in strengthening the bank’s core businesses and expanding revenue streams with innovative products and services.