Qatar- QIB posts nine-month net profit of QR2.22bn
Date
10/15/2020 2:15:55 PM
(MENAFN- Gulf Times) Qatar Islamic bank (QIB) has reported net profit of QR2.22bn during the first nine months of this year, which is in line with the performance during the same period in 2019.
Total assets jumped 9.8% year-on-year to QR170bn, driven by the continued growth in the financing and investing activities.
Financing activities jumped 5.7% year-on-year to QR113.2bn, while customer deposits were up 5% to QR112bn.
Total income grew 4.4% year-on-year to QR5.96bn with income from financing and investing expanding 4.9% to QR5.36bn, reflecting a healthy performance in its core operating activities despite the support provided to the customers impacted by Covid-19 pandemic.
Total operating expenses for the nine months' period ended September 30 decreased to QR821.9mn from QR827.8mn for the same period in 2019.
Strict cost controls, supported by higher operating revenues, enabled further enhancement of efficiencies with cost-to-income ratio improving from 23.4% to 20.5%, which is considered the best in the Qatari banking sector.
QIB's efficient risk management framework has ensured that the results for the nine-month period 'have not been materially impacted by the events related to Covid-19, its spokesman said.
QIB was able to contain 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 and has more than doubled the financing impairment charges to QR960.6mn in January-September 2020 and continues to maintain 100% coverage ratio for non-performing financing assets.
QIB continues to take necessary actions and precautions for safety and well-being of its employees, customers and to the community at large.
Total shareholders' equity of the bank has reached QR17.7bn, which is up 7.8% year-on-year.
Total capital adequacy of the bank under Basel III guidelines is 18.3% as of September 2020, higher than the minimum regulatory requirements stipulated by the Qatar Central Bank and the Basel Committee.
In June this year, global credit rating agency Moody's had affirmed the long-term deposit ratings of QIB at 'A1 with a 'stable outlook. In April, Standard & Poor's affirmed the bank's credit rating at ‘A-' with a 'stable outlook. In May, Capital Intelligence affirmed the bank's long-term currency rating (LTCR) of ‘A+' with a 'stable outlook.
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