Posted on April 16, 2020

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the three months’ period ended 31 March 2020. Net Profit attributable to the Shareholders of the Bank amounted to QAR 687.5 Million for the three months’ period ended March 2020 in line with the same period in 2019.

Total Assets of the Bank has increased by 6.9% compared to March 2019 and 1.5% compared to December 2019 and now stands at QAR 166.1 Billion driven by the continued growth in the financing and investing activities. Financing activities have now reached QAR 114 Billion having grown by 7.2% compared to March 2019. Customer Deposits of the Bank now stand at QAR 110.2 Billion registering a growth of 2.3% compared to March 2019.

Total Income for the three months’ period ended 31 March 2020 was QAR 1,944 Million registering a 5.1% growth compared to QAR 1,849 Million for the same period in 2019. Income from financing and investing activities has registered a growth of 3.1% to reach QAR 1,727 Million at the end of the three months’ period ended 31st March 2020 compared to QAR 1,675 Million for the same period in 2019, reflecting a healthy growth in the Bank’s core operating activities. Total expenses of QAR 271 Million for the three months’ period ended 31 March 2020 with strict cost controls supporting higher operating revenues enabled further enhancement of efficiency and further decreased the cost to income ratio to 22.7% for the first quarter of 2020.

QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.3% reflecting the quality of the Bank’s financing assets portfolio. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 100% as of March 2020.  QIB’s efficient risk management framework have ensured that the results for the period ended 31 March 2020 have not been materially impacted by the events related to Covid-19. However, the Bank prudently has taken total impairment charge of QAR 276 Million representing an increment of QAR 74 Million compared to same period in 2019. The Bank continues to take necessary precautionary measures to ensure that its employees, customers and shareholders are safe and protected.

Total Shareholders’ Equity of the Bank has reached QAR 16.3 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 18.9% as of March 2020, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee. In April 2020, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’ with a Stable outlook. In November 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a Stable outlook. Also in December 2019, Moody's Investors Service, ("Moody's") has affirmed the Long-term deposit ratings of QIB at “A1” with a Stable outlook. In May 2019, Capital Intelligence Ratings (CI) has affirmed the bank’s Long-term Currency Rating (LTCR) of ‘A+’ with a Stable outlook.

In the First Quarter of 2020, QIB has received 7 prestigious Awards. A testament to its leadership in the Islamic financial sector, Qatar Islamic Bank (QIB) was awarded "Best Islamic Bank in Middle East", “Best Islamic Bank in Qatar” and "World’s Best Islamic SME Bank", by Global Finance magazine. QIB also named Qatar's Best Digital Bank and awarded Best Mobile Banking App by The Asset Magazine, a leading financial publication in Asia-Pacific. Furthermore, QIB has been recognized as the “Best Islamic Bank in Qatar” by Islamic Finance News (IFN) readers, the world’s leading Islamic finance publication. QIB has been named the “Best Islamic Bank in Qatar” in the Middle East Banking Awards, presented by EMEA Finance, the leading finance magazine in Europe, Middle East, and Africa.

These awards recognize the significant progress QIB has made in establishing itself as a leading banking institution in the Middle East while cementing its leadership position in Qatar, its home market.