Doha, Qatar–Qatar International Islamic Bank’s (QIIB) has posted a 7.7% jump in net profit to $169 million for H1 of 2023, in comparison to net profit $157 million for the same period of the previous year.
A QIIB’s statement said that the earnings per share (EPS) amounted to QR 0.41 as of June 30, 2023 versus EPS QR 0.38 for the same period in 2022.
Chairman of the Board of Directors of QIIB Sheikh Abdullah bin Thani bin Abdullah Al-Thani said that the results achieved by the bank are in harmony with the strength of the Qatari economy, which enjoys the best levels of solvency regionally and internationally and is able to continue achieving the best opportunities and growth factors for various economic sectors in the country, foremost of which is the banking sector.
For his part, QIIB Chief Executive Officer Dr Abdul basit Ahmed Al Shaibei pointed out that the results achieved by the QIIB at the end of the first half period reflect its success in positively aligning its results with various circumstances, developments and challenges, and responding to various developments in the banking work environment and its global development trends.
Last year, credit rating agency Moody’s assigned A2 ratings to the Qatar International Islamic Bank (QIIB) with a stable outlook.
It has also noted that QIIB enjoys many advantages that outweigh the strength of its financial position.
On the rationale behind its rating, Moody’s said the rating reflects the bank’s position as one of Qatar’s leading Islamic financial institutions, particularly in the retail segment.
It also said the financial institution has solid asset quality, profitability, liquidity, and capitalization.
The issuer ratings incorporate a very high likelihood of support from the government of Qatar (Aa3 stable).
Moody’s indicated that QIIB enjoys high asset quality, supported by exposure to Qatar government assets and quasi-government entities, which are of relatively high credit quality and have historically demonstrated zero default rates.
In its analysis of QIIB, Moody’s indicated that the bank also has a good financing profile backed by the privilege of having a significant market share in the retail sector of around 9.2 percent of total retail lending in Qatar.