Doha, Qatar: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the six months’ period ended June 30, 2023. Net Profit attributable to the Shareholders of the Bank amounted to QR1,955m for the six months’ period ended June 30, 2023 representing a growth of 7.7 percent over the same period in 2022.
Total Assets of the Bank now stand at QR183bn. Financing assets reached QR120bn and Customer Deposits now stand at QR117bn.
Total Income for the six months’ period ended June 30, 2023 was QAR5,226m compared to QR4,284m for the same period in 2022 registering a strong growth of 22 percent. Income from financing and investing activities registering a robust growth of 26.3 percent to reach QR4,750m for the six months’ period ended 30 June 2023 compared to QR3,760m for the same period in 2022.
Total Operating Expenses for the six months’ period ended 30 June 2023 was QR549m. Efficient cost containment enabled the Bank to maintain the cost to income ratio at 17.7 percent for the six months’ period ended 30 June 2023, which continues to be one of the lowest in the Qatari Banking sector.
QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.6 percent, one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment policy by building precautionary impairment charge on financing assets for QR599m for the period ended 30 June 2023 and maintaining a healthy coverage ratio for non-performing financing assets at 95.7 percent as of 30 June 2023.
Total Shareholders’ Equity of the Bank has reached QR23.6bn as of 30 June 2023. Total Capital adequacy of the Bank under Basel III guidelines is 19.3 percent as of 30 June 2023, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2023 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook.
In April 2023, Fitch Ratings affirmed the Bank’s credit rating at ‘A-’ and upgraded QIB’s Outlook to Positive from Stable. In May 2023, Capital Intelligence Ratings (CI) affirmed the Bank’s Long-term rating to ‘AA-’ with a stable outlook.
During the first half of this year, QIB was honored with multiple esteemed awards and gaining recognition from international publications.
QIB was named the Best Islamic Bank in the Middle East for the second consecutive year by The Banker and has received the title of Best Islamic Bank in Qatar from Euromoney. MEED Magazine recognized QIB as the Best Retail Bank in Qatar and commended its excellence in customer-centricity and mobile banking. As part of their 2023 Financial Institutions Awards, Global Finance named QIB “Best Bank in Qatar” and “Best Islamic Financial Institution in Qatar.”
Furthermore, QIB was named “Best Islamic Bank in Qatar”, “Most Innovative Bank in Qatar,” and “Best Retail Bank in Qatar” by Islamic Finance News (IFN). EMEA Finance Magazine also named QIB “Best Islamic Bank in Qatar”, “Most Innovative Bank in the Middle East”, and “Best Product Launch in the Middle East”. At the Asset Magazine Digital Awards 2023, QIB received “Digital Bank of the Year”, “Best Retail Mobile Banking Experience”, “Best Online Banking Experience,” and “Best Mobile Banking Application” recognizing its excellent digital banking experience. Additionally, QIB received two awards from Visa for introducing “first of their kind” services in Qatar.
In addition to these awards, QIB achieved impressive rankings in Qatar and global standings as part of The Banker Top 1,000 Banks, maintaining its 2nd position for Tier One Capital and Total Assets. Additionally, QIB’s global ranking has improved to 222nd with a 19th position in the Middle East, highlighting remarkable progress compared to the previous year’s rankings.
Furthermore, QIB stands out in the Middle East with a Top 5 ranking for Return on Assets according to The Banker. While Forbes Middle East ranked QIB the 2nd most valuable bank in Qatar, 3rd top listed company in Qatar and top listed private sector company in Qatar, and 4th most valuable Islamic bank in the Middle East. These achievements further solidify QIB’s position as a leading financial institution that excels across various product areas and delivers exceptional customer experiences.
