Qatar Islamic Bank (QIB) was named ‘Best Performing Bank in Qatar’ for 2021 by The Banker Magazine, part of Financial Times group, based on its 2020 financial results and key performance indicators.
QIB’s ranking reflects its solid performance and stability, as well as its ability to withstand business continuity considering the Covid-19 pandemic, and its success in maintaining its longstanding position as Qatar’s largest private bank, the largest Islamic bank in the country, and a leading Islamic bank regionally.
The Banker’s ‘Best Performing Bank’ selection and rankings include eight different categories: growth, profitability, operational efficiency, asset quality, and return on risk, liquidity, soundness, and leverage.
QIB Group CEO Bassel Gamal said, “We are pleased that the bank’s exceptional performance has been recognised by The Banker Magazine. It reflects QIB’s sustainable business growth and sound financial performance and comes at a time that we have signified our customer-centric approach by supporting all our individual, SMEs, and corporate customers to navigate through the financial hurdles imposed by the global pandemic.
“At QIB, we are committed to keep on contributing to the evolution of the banking industry in Qatar with innovative digital-driven products and sustainable banking solutions.”
Rated ‘A1’, ‘A-/A-2’ and ‘A’ by Moody’s, S&P and Fitch with stable outlooks, QIB has recently announced the results for the period ended June 30, 2021. QIB’s net profit amounted to QR1.59bn representing a growth of 11.8% over the same period in 2020. Total assets of the bank increased by 5.4% compared to December 2020 and 10.9% compared to June 2020, and now stands at QR184bn driven by the continued growth in the financing activities.
Financing activities have now reached QR127bn having grown by 6.7% compared to December 2020 and up by 13.2% compared to June 2020. Customer deposits of the bank now stand at QR125bn registering a growth of 6.1% compared to December 2020 and up by 17.6% compared to June 2020.