Qatar Islamic Bank (QIB)’s net profit for nine months up to September has exceeded QR2bn, which represents a 13% growth on the same period in 2017.
Driven by growth in financing activities, QIB’s total assets increased by 1.4% compared to December 2017 and stood at QR152.5bn as of September 30 this year.
Financing activities reached QR106.4bn at the end of the third quarter, having grown by 3.7% compared to December 2017. 
QIB’s customer deposits totalled QR102.9bn, up 1% on December 2017, the bank announced yesterday.
Total income for the nine months was QR5.1bn, which QIB said indicated a growth of 8.2% on QR4.7bn registered in the same period last year. 
Income from financing and investing activities has grown by 8.3% to reach QR4.5bn in September. In comparison, QIB earned QR4.1bn as income from financing and investing activities in the same period in 2017. 
This reflects a “healthy growth” in the bank’s core operating activities, QIB said. 
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.1% reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework. The bank said it continues to pursue the “conservative impairment provisioning policy” with the coverage ratio for non-performing financing assets at 127.9% as of September this year.  
Total shareholders’ equity of the bank reached QR15.1bn in September, QIB said. Total capital adequacy of QIB (under Basel III guidelines) was 17.7% as of September 2018, higher than the minimum regulatory requirements prescribed by the Qatar Central Bank and the Basel Committee.   
In June 2018, Fitch Ratings affirmed QIB at ‘A’ with a ‘stable’ outlook, while Moody’s affirmed long-term deposit ratings on QIB at ‘A1’. 
In April this year, Standard & Poor’s  affirmed the bank’s credit rating at ‘A-’ and Capital Intelligence Ratings affirmed the bank’s financial strength rating (FSR) at ‘A’. 
So far this year, QIB received as many as 20 awards from highly reputable international financial publications. Seven awards received from Global Finance include the ‘Best Financial Institution in the Middle East and Qatar’, and the ‘Best Consumer Digital Bank in Qatar’. 
QIB has also received the “Best Islamic Bank in Qatar” Award from The Banker, part of the Financial Times Group. 
Furthermore, QIB received the ‘Excellence in Mobile Banking’ from the New Age Banking & Finance Awards, as well as three awards from the Assets magazine and three more from the Islamic Finance News (IFN). 
These awards, QIB said “recognise the significant progress the bank has made in establishing itself as a leading banking institution in the Middle East while strengthening its leadership position in Qatar”.