Doha, Qatar–The net profit of Qatar Islamic Bank (QIB) increased by 7.7% in the first half of 2023 to reach $538 million, compared to a net profit of $497 million for the same period of 2022.
The earnings per share (EPS) amounted to QR 0.83 as of 30th June 2023 versus earnings per share (EPS) QR 0.77 for the same period in 2022.
A statement by QIB indicated that the total assets of the bank now stand at $50.27 billion. Financing assets reached $33 billion and customer deposits now stand at $32.14 billion.
QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.6%, reflecting the quality of the banks 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 599 Million for the period ended 30 June 2023 and maintaining a healthy coverage ratio for non-performing financing assets at 95.7% as of 30 June 2023.
