(MENAFN - Gulf Times) The Banker Magazine has named QIB the 'Best Islamic Bank Middle East, 'Best Islamic Bank Qatar, and 'Best Islamic Bank United Kingdom as part of the Islamic Bank of the Year Awards 2019 based on their outstanding performance during the fiscal year 2018.
QIB said the bank 'continues to win prestigious awards that confirm its leading position in Qatar's and the region's financial markets.
Commenting on the achievement QIB Group CEO Bassel Gamal said, 'We are humbled by the international recognition which we have been receiving for our sustainable performance. The positive financial results are a testimonial of our strong performance in local, regional and UK markets despite the challenging economic and regional situation. This achievement reflects the strength of the Qatari economy and it is a result of our efforts to implement a coherent business strategy in providing Shariah-compliant banking products and services to all of our clients.
'With the introduction of new products and services, a refined coverage model and a genuine attention to our customers, we have been able to strengthen our relationships with all our customer segments across the entire spectrum of their financial needs. This has resulted in attracting new clients to Islamic Banking, proving that Islamic Banks are competing with conventional banks across all banking services, he added.
During the first three months ending March 2019, QIB's net profit amounted to QR685.2mn, representing a growth of 9.6% over the same period of 2018. The bank's total assets have also increased by 2.3% compared to March 2018 and now stands at QR155.3bn, driven by a continued growth in the core financing and investing activities.
Financing activities now stand at QR106.3bn, representing a 1.6% increase compared to March 2018.
Customer deposits of the bank stand at QR107.8bn, registering a strong growth of 5.3% compared to March 2018.
This is for the first time that QIB-UK, a wholly owned subsidiary of the QIB Group, receives the 'Best Islamic Bank United Kingdom award.
QIB-UK had a strong performance at the end of 2018, with its net profit after tax witnessing an increase of 111% over 2017.
Financing activities grew by a 21% over 2017. Total income recorded a 21% growth compared to 2017.