Qatar Islamic Bank profits cross QR 600 Million

July 20, 2013 11:49 am

Qatar Islamic Bank profits cross QR 600 Million

DOHA 20th July 2013: Qatar Islamic Bank’s (QIB) profit reached QR630m for the first half 2013 (H1 2013). The Bank’s financing activities have strongly rebounded in the second quarter to reach QR41.4bn having grown 9 percent compared to March 2013 and 15.6 percent growth to June 2012.

Customer Deposits of the bank have moved up to QR46.3bn registering a strong growth of 14.1 percent compared to March 2013 and 38.3 percent compared to June 2012 allowing the Bank to effectively fund its asset growth.

Net Profit attributable to the shareholders of the Bank was QR339m for the second quarter of 2013 representing a growth of 16.4 percent over the first quarter of 2013 but 2.9 percent below second quarter 2012. Total Income for the first half has reached QR1.49bn derived by strong growth in investment income which was offset by lower financing income and fees due to margin compression.

Strong cost control established across the Bank has ensured only 1 percent increase in the first half Operating Costs comprising of staff costs, deprecation and other expenses. Total Shareholders’ Equity of the bank reached QR 11.2bn by the end of the second quarter 2013, helping it to maintain its healthy capital adequacy ratios.

During the second quarter of 2013 Fitch has affirmed the Bank’s long term Issuer Default Rating (IDR) of ‘A’ with a stable outlook. Similarly Standard & Poor’s Rating Services have also maintained QIB’s Counterparty Credit Rating at “A-“ with a stable outlook which reflects the Strong position in Qatar’s rapidly expanding Islamic banking market, favourable operating environment and strong capitalization. QIB’s dominant role in Islamic Banking has been recognised through number of accolades that it has received as the Best Islamic Bank in Qatar from The Banker, Islamic Finance News (IFN), Euromoney, The Asset Magazine, World Finance and “Global Finance”.

About the Author

Leave A Response