Qatar Islamic Bank (QIB) announced the results for the 9 months period ending September 30, 2015. Net profit attributable to the shareholders was QAR 1.4 billion, representing a growth of 24.8% over the same period of 2014.
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Total assets of the bank have also increased by 28% compared to December 2014 and now stands at QAR 123 billion driven by a continued growth in the core financing and investing activities.
Financing activities now stand at QAR 82 billion having increased by QAR 22 billion representing 38% increase compared to December 2014. Customer Deposits of the bank have grown by QAR 20 billion to reach QAR 87 billion representing a growth of 30% compared to December 2014.
Total Income for the nine months period ending 30th September 2015 has reached QAR 3.3 billion registering 23% growth compared to QAR 2.7 billion for the same period of 2014.
Income from financing and investing activities has grown by 24% to reach QAR 2.8 billion for the nine month period ending 30th September 2015 compared to QAR 2.3 billion for the same period of 2014.
Net fee and commission income reached QAR 345 Million for the nine months ending 30th September 2015 representing 19% growth compared to the same period of 2014.
QIB was able to maintain the ratio of non-performing financing assets to gross financing assets to around 1%, one of the lowest in the industry, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework. The bank continued to pursue the conservative impairment policy with the coverage ratio for non-performing financing portfolio above 100%.
Total Shareholders’ Equity of the bank increased by QAR 417 Million compared to December 2014 to reach QAR 13 billion.
The bank also raised Basel III compliant Additional Tier 1 Capital by issuing perpetual Sukuk for an amount of QAR 2 billion. Capital Adequacy of the bank now stands at 14.2% as per Basel III guidelines issued by Qatar Central bank. ■