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Tribune News network
Doha
Qatar Islamic Bank (QIB) on Sunday announced net profit of QR1.32 billion for the six months period ending June 30, 2018, an increase by 13.8 percent compared to the same period in 2017.
The total assets of the bank increased by 1.4 percent to QR152.5 billion, compared to December 2017. Financing activities touched QR100.3 billion, while customer deposits of the bank reached QR98.9 billion.
The total income for the six months' period reached QR3.36 billion registering 7 percent growth compared to QR 3.14 billion for the same period in 2017.
Income from financing and investing activities grew by 6.8 percent to reach QR2.97 billion, compared to QR2.78 billion in 2017, reflecting a healthy growth in the bank's core operating activities.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.1 percent reflecting the quality of the bank's financing assets portfolio and its effective risk management framework.
QIB continued to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets reaching 121.2 percent as of June 2018.
Total shareholders' equity of the bank reached QR14.5 billion. Total capital adequacy of the bank under Basel III guidelines reached 17.5 percent as of June 2018, higher than the minimum regulatory requirements prescribed by the Qatar Central Bank (QCB) and Basel Committee.
In June 2018, Fitch Ratings affirmed QIB at 'A'with a stable outlook and Moody's Investors Service, (Moody's) affirmed long term deposit ratings to QIB at 'A1'. In April 2018, Standard & Poor's (S&P) affirmed the bank's credit rating at 'A-' and Capital Intelligence Ratings (CI) affirmed the bank's Financial Strength Rating (FSR) at 'A'.
