Qatar Islamic Bank (QIB) has announced a profit of QAR 1,815 million (US$499m) for the six months’ period ended 30 June 2022 which is a growth of 13.8 percent over the same period in 2021.
Total assets of the bank have increased by 4.8 percent compared to June 2021 and now stand at QAR 193 billion, driven by the growth in investing activities. Customer deposits of the bank now stand at QAR 129 billion higher by 3.2 percent compared to June 2021.
Total Income for the six months’ period was QAR 4,284 million registering a growth of 4.2 percent compared to QAR 4,112 million for the same period in 2021.
Income from financing and investing activities registered a growth of 6.1 percent to reach QAR 3,760 million for the first half of 2022 compared to QAR 3,543 million for the same period of 2021.
Total Operating Expenses for the six months’ period ended 30 June 2022 was QAR 540 million with strong operating income generation and cost containment enabling the bank to further improve its efficiencies and bringing down the cost to income ratio to 16.8 percent from 17.5 percent for the same period in 2021, which is the lowest in the Qatari Banking sector.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.5 percent, similar to levels as at 30 June 2021 and 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 QAR 885 million for 1H 2022.
The Bank continued to maintain a healthy coverage ratio for non-performing financing assets at 95%.
Total Shareholders’ Equity of the bank has reached QAR 21 billion up by 2.5 percent compared to December 2021, a growth of 11.8 percent compared to June 2021.
Total Capital adequacy of the bank under Basel III guidelines is 18.5 percent as of June 2022, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In May 2022 Moody’s Investors Service, affirmed the Long-term deposit ratings at “A1”. In March 2022, Capital Intelligence Ratings (CI) affirmed the bank’s Long-term Currency Rating of ‘A+’.
In May 2022, Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-’. In April 2022, Fitch Ratings affirmed the Bank’s credit rating at ‘A-’.