(MENAFN- The Peninsula)
The Peninsula
Doha: Qatar Islamic bank (QIB) has announced the results for the nine months' period ended September 30, 2021. Net profit attributable to the shareholders of the Bank amounted to QR2.52bn for the nine months' period ended September 30, 2021, representing a growth of 13.9 percent over the same period in 2020.
Total Assets of the Bank now stands at QR186bn, higher by 6.7 percent compared to December 2020, with a growth of 9.4 percent compared to September 2020, driven by the continued growth in the financing and investing activities.
Financing activities have now reached QR127bn having grown by 6.7 percent compared to December 2020 and a growth of 12.3 percent compared to September 2020. Customer Deposits of the Bank now stand at QR129bn, higher by 9 percent compared to December 2020 and a growth of 15 percent compared to September 2020. QIB has been able to bring down the Finance to Deposit ratio to 99 percent compared to 101 percent end of December 2020.
Total income for the nine months' period ended September 30, 2021 was QR6.12bn compared to QR5.96bn for the same period in 2020, registering a growth of 2.7 percent. Income from financing and investing activities was QR5.33bn, marginally below same period last year on account of lower market interest rates.
Total operating expenses for the first nine months decreased to QR797m from QR822m for the same period in 2020. Strict cost controls supported by higher operating revenues enabled further enhancement of efficiencies with cost to income ratio improving from 20.5 percent to 17.5 percent for the nine months period ended September 30, 2021, the best in the Qatari Banking sector.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.4 percent reflecting the quality of the Bank's financing assets portfolio.
The Bank continued to create additional precautionary impairment charge on financing assets of QR1.19bn for the first nine months' of 2021 against QR961m set aside during the same period last year. In line with the Bank's conservative impairment policy the coverage ratio for non-performing financing assets as of September 2021 was improved to 95 percent compared to 92.3 percent as at December 2020.
Total Shareholders' Equity of the Bank has reached QR19.9bn, up by 8.9 percent compared to December 2020 and higher by 12.8 percent compared to September 2020. Total Capital adequacy of the Bank under Basel III guidelines is 18 percent as of September 2021, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In October 2021, Standard & Poor's (S & P) affirmed the Bank's credit rating at 'A-' following the upgrade the Bank's Stand-Alone Credit Profile earlier this year. In August 2021, Fitch Ratings affirmed the Bank's credit rating at 'A' while in May 2021 Moody's Investors Service, (Moody's) affirmed the Long-term deposit ratings at“A1”. Capital Intelligence Ratings (CI) has also affirmed the Bank's Long-term Currency Rating (LTCR) of 'A+' in April 2021.
Qatar Islamic Bank (QIB) has received more than 30 prestigious awards and recognitions in the first 9 months of 2021 from well-respected international publications including Forbes Middle East, The Banker (part of Financial Times Group), Global Finance, Digital Banker, Asiamoney, IFN, The Asian Banker and The Asset Triple A.
These accolades span across different offerings of the Bank reflecting the commitment and efforts that the bank has put to meet the ongoing needs of all customer segments, individuals, SMEs, and Corporates. It is also a great testament to the bank's continuous investment in digital led initiatives as part of its digital transformation plan both locally as well as internationally.
This year's Forbes Middle East Magazine's annual ranking of the top 100 listed companies in the region for 2021 ranked QIB #18 in the Middle East, and 2nd top listed company in Qatar.
QIB was also named Best Performing Bank in Qatar by The Banker Magazine and Bassel Gamal, QIB Group's CEO has been recognised in the prestigious Forbes Middle East Top CEOs Ranking.
QIB received the prestigious 'Islamic Bank of the Year in Qatar' for the 9th consecutive year, and 'Islamic Bank of the Year in The United Kingdom' from The Banker Magazine.
The Bank was awarded two further accolades at Global Finance's 2021 Innovators Awards, with both QIB's Domestic Workers Digital Accounts and Integrated Services on PoS for Corporate and SME Customers winning 'Outstanding Innovations in Islamic Finance'. QIB also received 6 awards namely: 'Best Consumer Digital Bank', 'Best Online Product Offerings', 'Best in Lending', 'Best Online Portal', 'Best Open Banking APIs', and 'Best SME Banking'.
The Magazine also recognised the Bank's efforts to strengthen the Islamic Bank sector locally and international with 'Best Islamic Corporate Bank – Global' and 'Best Islamic Bank in the Middle East, Qatar and Sudan' awards.
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