QIB net profit jumps 14.5% to QR2.75bn y-o-y in 2018

QIB has posted a net profit of QR2.75bn in 2018, up 14.5% on the year before. In 2017, the leading Islamic bank had earned a net profit of QR2.4bn.Basic earnings per share stood at QR10.79 in 2018 compared to QR9.31 in December 2017. QIB’s 2018 financial results were announced by its chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani yesterday.QIB Board of Directors proposed a dividend distribution to shareholders of QR5 per share, which is 50% of the nominal share value, subject to approval of Qatar Central Bank and QIB’s General Assembly. The bank’s total assets increased by 2% compared to 2017 and stood at QR153.2bn, driven by a growth in the core banking activities. Financing activities stood at QR102.2bn in end-December, 2018.Investment securities reached QR31.1bn in end-2018, having added QR743mn, representing a 2.4% growth over 2017. Customer deposits of the bank now stand at QR100.6bn.Total income for the year that ended in December was nearly QR6.9bn, registering 11.3% growth compared to QR6.2bn in 2017.Income from financing and investing activities has grown by 10.2% to reach QR6bn at the end of 2018 compared to QR5.46bn in 2017, reflecting a healthy growth in the Bank’s core operating activities.QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.2%, 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 maintaining 100% coverage ratio for non-performing financing assets as of December 2018. Total shareholders’ equity reached QR15.4bn, an increase of 1% as compared to December 2017. As of December 2018, QIB’s total capital adequacy under Basel III guidelines was 18.8%, higher than the regulatory minimum requirements prescribed by Qatar Central Bank and Basel Committee. QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said, “I am pleased to announce that QIB has marked yet another remarkable year. In 2018 QIB witnessed several milestones in terms of introduction of new innovative products and services and achieved growth in its banking activities. This success is the result of the successful implementation of our business strategy.” “This year’s financial results confirm the bank’s strong position and reflect the firmness, resilience and stability of the Qatari banking sector and national economy. We are dedicated in delivering value to all our stakeholders and offering our customers modern, convenient and timely banking solutions in full compliance with Shariah principles.” “As we enter into the new fiscal year, we have affirmed our position as the leading Islamic bank locally while maintaining the position as the second largest Bank in the country. QIB today has the means, resources and qualification to continue delivering premium banking services to all QIB customers. “The bank’s future development plans are in line with Qatar National Vision 2030. QIB is committed to support the diversification of Qatar’s local economy and the development of its strong private sector”. He added: “For 2019, we remain dedicated to continuously improving our products, digital platforms and services and helping our customers and partners succeed”.