Qatar Islamic Bank (QIB) has reported a 12.9% year-on-year growth in net profit to QR2.85bn during January-September 2022.
Total assets amounted to QR184bn, while deposits were at QR123bn during the first nine months of this year.
Total income grew 6.5% on annualised basis to QR6.52bn at the end of September 30, 2022.
Income from financing and investing activities grew 7.6% to QR5.74bn during the first nine months of this year.
Total operating expenses stood at QR826mn 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 17.2% from 17.5% in 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%, around the same levels as on September 30, 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 QR1.11bn during January-September 2022.
The bank continued to maintain a healthy coverage ratio for non-performing financing assets at 95.2%.
Total shareholders’ equity of the bank has reached QR22bn, showing a growth of 12.1% on a yearly basis.
Total capital adequacy of the bank under Basel III guidelines stood at 18.5% as of September 2022, which is higher than the minimum regulatory requirements prescribed by the Qatar Central Bank and Basel Committee.
In May 2022, Moody’s, a global credit rating agency, affirmed QIB's long-term deposit ratings at “A1”. In March 2022, Capital Intelligence affirmed the bank’s long-term currency rating (LTCR) of ‘A+’. In September 2022, Fitch affirmed the bank’s credit rating at ‘A-’.
QIB was named “Best Performing Bank in Qatar” in the Top 100 Arab Banks Rankings for 2022 by the Banker magazine, reaffirming its position as one of the leading banks in the Arab world. The publication also recognised QIB’s continuous growth and solid performance with the “Bank of the Year in Qatar” and “Best Islamic Bank of the Year in the Middle East, Qatar, and the UK” awards.
At this year’s Forbes Top 100 listed companies in the Middle East, QIB was ranked 25th in the Middle East and third in Qatar, while Bassel Gamal, Group chief executive officer of QIB, was amongst the Top 100 CEOs in the Middle East 2022 and received the Asian Banker “CEO Leadership Achievement for Qatar” award for his excellent leadership.
Total assets amounted to QR184bn, while deposits were at QR123bn during the first nine months of this year.
Total income grew 6.5% on annualised basis to QR6.52bn at the end of September 30, 2022.
Income from financing and investing activities grew 7.6% to QR5.74bn during the first nine months of this year.
Total operating expenses stood at QR826mn 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 17.2% from 17.5% in 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%, around the same levels as on September 30, 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 QR1.11bn during January-September 2022.
The bank continued to maintain a healthy coverage ratio for non-performing financing assets at 95.2%.
Total shareholders’ equity of the bank has reached QR22bn, showing a growth of 12.1% on a yearly basis.
Total capital adequacy of the bank under Basel III guidelines stood at 18.5% as of September 2022, which is higher than the minimum regulatory requirements prescribed by the Qatar Central Bank and Basel Committee.
In May 2022, Moody’s, a global credit rating agency, affirmed QIB's long-term deposit ratings at “A1”. In March 2022, Capital Intelligence affirmed the bank’s long-term currency rating (LTCR) of ‘A+’. In September 2022, Fitch affirmed the bank’s credit rating at ‘A-’.
QIB was named “Best Performing Bank in Qatar” in the Top 100 Arab Banks Rankings for 2022 by the Banker magazine, reaffirming its position as one of the leading banks in the Arab world. The publication also recognised QIB’s continuous growth and solid performance with the “Bank of the Year in Qatar” and “Best Islamic Bank of the Year in the Middle East, Qatar, and the UK” awards.
At this year’s Forbes Top 100 listed companies in the Middle East, QIB was ranked 25th in the Middle East and third in Qatar, while Bassel Gamal, Group chief executive officer of QIB, was amongst the Top 100 CEOs in the Middle East 2022 and received the Asian Banker “CEO Leadership Achievement for Qatar” award for his excellent leadership.