QIB nine-month net profit rises 13.9% to QR2.52bn
October 17 2021 11:16 PM
RELATED STORIES
QIB posted a net profit of QR2.52bn in nine months up to September, up 13.9% over the same period in
QIB posted a net profit of QR2.52bn in nine months up to September, up 13.9% over the same period in 2020.

The bank’s total assets stood at QR186bn, up 6.7% on December and 9.4% compared to September 2020
 
 
QIB posted a net profit of QR2.52bn in nine months up to September, up 13.9% over the same period in 2020.
The bank’s total assets stood at QR186bn, up 6.7% on December and 9.4% compared to September 2020, driven by the continued growth in the financing and investing activities.
Financing activities have now reached QR127bn, having grown by 6.7% compared to December and a growth of 12.3% compared to September 2020.
QIB’s customer deposits now stand at QR129bn, higher by 9% compared to December and a growth of 15% compared to September 2020.
QIB has been able to bring down the “finance to deposit” ratio to 99% compared to 101% at the end of December 2020.
Total income for the nine months’ period that ended in September this year was QR6.12bn compared to QR5.96bn for the same period in 2020 registering a growth of 2.7%.
Income from financing and investing activities was QR5.33bn, marginally below same period last year on account of lower market interest rates.
Total operating expenses for the nine months’ period that ended in September decreased to QR797mn from QR822mn for the same period in 2020.
Strict cost controls supported by higher operating revenues enabled further enhancement of efficiencies with cost to income ratio improving from 20.5% to 17.5% for the nine months period that ended in September, the “best” in the Qatari banking sector.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.4% reflecting the quality of the Bank’s financing assets portfolio.
The bank continued to create additional precautionary impairment charge on financing assets of QR1.19bn for the nine months’ period that ended in September compared to QR961mn set aside during the same period last year.
In line with the bank’s conservative impairment policy the coverage ratio for non-performing financing assets as of September 2021 was improved to 95% compared to 92.3% as at December 2020.
Total shareholders’ equity reached QR19.9bn, up 8.9% compared to December and higher by 12.8% compared to September 2020. Total capital adequacy of the Bank under Basel III guidelines is 18% as of September, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In October 2021, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’ following the upgrade of QIB’s ‘stand-alone credit profile’ earlier this year.
In August, Fitch Ratings affirmed the bank’s credit rating at ‘A’ while in May Moody’s Investors Service affirmed the long-term deposit ratings at ‘A1’.
Capital Intelligence Ratings (CI) also affirmed QIB’s long-term currency rating of ‘A+’ in April.
QIB received more than 30 prestigious awards and recognitions in the first nine months of 2021 from well-respected international publications including Forbes Middle East, The Banker (part of Financial Times Group), Global Finance, Digital Banker, Asiamoney, IFN, The Asian Banker and The Asset Triple A.
These accolades span across different QIB offerings “reflecting the commitment and efforts” that the bank has put to meet the ongoing needs of all customer segments, individuals, SMEs, and corporates.
“It is also a great testament to the bank’s continuous investment in digital led initiatives as part of its digital transformation plan both locally as well as internationally,” QIB said.
 
 



There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS

HAPPENING IN DOHAMore