(MENAFN- The Peninsula) The Peninsula
Qatar Islamic bank (QIB), Qatar's leading Islamic Bank, has announced the results for the three months' period ended 31 March 2023. Net profit attributable to the shareholders of the Bank amounted to QR905m for the three months' period ended 31 March 2023 representing a growth of 5.9 percent over the same period in 2022.
Total Assets of the Bank now stand at QR178bn. Financing assets reached QR118bn and Customer Deposits now stand at QR118bn.
Total Income for the three months' period ended 31 March 2023 was QR2,507m compared to QR2,117m for the same period in 2022 registering a strong growth of 18.4 percent. Income from financing and investing activities registering a robust growth of 21.6 percent to reach QR 2,259m for the first quarter of 2023 compared to QR 1,857m for the same period in 2022.
Total Operating Expenses for the three months' period ended 31 March 2023 was QR285m. Efficient cost containment enabled the Bank to maintain the cost to income ratio at 18.8 percent for the three months' period ended 31 March 2023, which continues to be 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 QR317m for the period ended 31 March 2023 and maintaining a healthy coverage ratio for non-performing financing assets to 95.5 percent as of 31 March 2023 compared to 95 percent at the end of March 2022.
Total Shareholders' Equity of the Bank has reached QR 22.7bn. Total Capital adequacy of the Bank under Basel III guidelines is 19.6 percent as of March 2023, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In April 2023, Fitch Ratings affirmed the Bank's credit rating at 'A-' and upgraded QIB's Outlook to Positive from Stable. In November 2022 Moody's Investors Service, (“Moody's”) affirmed the Long-term deposit ratings at 'A1' with a stable outlook. In February 2023, Capital Intelligence Ratings (CI) has raised the Bank's Long-term rating to 'AA-' with a stable outlook.
In the first quarter of 2023, QIB received twelve prestigious awards from a variety of internationally recognized publications. These honors attest to the bank's excellent customer relationships and commitment to providing innovative products and services.
As part of their 2023 Financial Institutions Awards, Global Finance named QIB the“Best Bank in Qatar” and the“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“Most Innovative Bank in the Middle East”,“Best Product Launch in the Middle East,” and“Best Islamic Bank in Qatar”. 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.