Qatar Islamic Bank (QIB) has reported a 10% year-on-year jump in net profit to QR685.2mn in the first three months of this year.
Total assets expanded more than 2% to QR155.3bn, mainly driven by continued growth in the financing and investing activities.
Financing reached QR106.3bn, having grown about 2% year-on-year. Customer deposits now stand at QR107.8bn, registering a yearly strong growth of more than 5%.
The bank's total income shot up 13% to QR1.85bn. Income from financing and investments registered a strong gain of more than 16% to QR1.68bn at the end of March 31, 2019, reflecting a healthy growth in the lender's core operations.
Total expenses were brought down more than 8% to QR267.1mn for the three-month period ended March 31, 2019.
Strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost-to-income ratio to 23.2% in the first quarter of 2019 compared to 26.5% in the corresponding quarter of 2018.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.2%, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework.
QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 100% at the end of March 2019.
Total shareholders’ equity has reached QR14.9bn. Total capital adequacy of the bank stood at 18.7% as on March 31, 2019, which is higher than the minimum regulatory requirements prescribed by the Qatar Central Bank and the Basel Committee.
In March 2019, Fitch Ratings affirmed QIB at 'A', Standard & Poor’s affirmed the bank’s credit rating at ‘A-’. In January 2019, Moody's affirmed long-term deposit ratings of QIB at “A1”. Capital Intelligence affirmed the bank’s financial strength rating at ‘A’.
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