(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar Islamic Bank (QIB), Qatar's leading Islamic Bank, has announced the results for the three months' period ended 31 March 2024. Net Profit attributable to the Shareholders of the Bank amounted to QR955m for the three months' period ended 31 March 2024 representing a growth of 5.5 percent over the same period in 2023.
Total Assets of the Bank as at 31 March 2024 stands at QR192bn representing a growth of 1.5 percent compared to QR189bn as at 31 December 2023 and up by 7.7 percent compared to 31 March 2023. Financing and investing activities were the primary drivers for the asset growth. Financing assets as at 31 March 2024 reached QR124.7bn, having grown by 1.9 percent compared to December 2023 and up by 6 percent compared to March 2023. Investment Securities reached QR48.8bn as at 31 March 2024 are up by 1.5 percent against December 2023 and a growth of 7.8 percent compared to March 2023. Customer Deposits stand at QR123bn as at 31 March 2024 registering a growth of 1.8 percent compared to December 2023 and up by 4.4 percent compared to March 2023. Financing to Deposit ratio was 97 percent as at 31 March 2024 compared to QCB maximum requirement of 100 percent, reflecting the Bank's strong liquidity position.
Total Income for the three months' period ended 31 March 2024 was QR2,818m compared to QR2,411m for the same period in 2023 registering a strong growth of 17 percent. Net income from financing and investing activities registered a robust growth of 19 percent to reach QR2,582m for the three months' ended 31 March 2024 compared to QR2,163m for the same period in 2023.
Total Operating Expenses for the three months' period ended 31 March 2024 was QR287m. Efficient cost containment enabled the Bank to bring down the cost to income ratio to 17.8 percent from 18.8 percent for the same period of last year, 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 1.7 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 QR365m for the three months' period ended 31 March 2024 and maintaining a healthy coverage ratio for non-performing financing assets to 92 percent as at 31 March 2024.
Total Shareholders' Equity of the Bank has reached QR24.6bn as at 31 March 2024. Total Capital adequacy of the Bank as per new guidelines of QCB is 20.7 percent as at 31 March 2024, higher than the minimum regulatory requirements prescribed by QCB and Basel Committee.
In March 2024, Fitch Ratings has upgraded QIB credit rating to 'A' with a stable outlook.
In April 2024, Capital Intelligence Ratings (CI) has affirmed the Bank's Long-term rating to 'AA-' with a stable outlook. In June 2023 Moody's Investors Service, (“Moody's”) affirmed the Long-term deposit ratings at 'A1' with a stable outlook.
In the first quarter of 2024, QIB continued its journey of excellence, securing prestigious awards that reaffirm its leadership in Qatar's banking industry.
At the Global Finance World's Best Bank Awards 2024, QIB was recognized as the Best Bank in Qatar, based on its strong performance and continuous effort to provide its customers with the best banking products and services. Global Finance has additionally recognized QIB as Qatar's safest Islamic bank Qatar in its annual Safest Islamic Bank rankings.
At The Asian Banker Global Excellence in Retail Finance Awards 2024, QIB received the World's Best Islamic Retail Bank and the Best Islamic Retail Bank in Qatar awards. The bank's exceptional digital capabilities were also recognized at The Asset Triple A Digital Awards 2024, where it secured the title of Digital Bank of the Year in Qatar for the fourth consecutive year. Alongside these achievements, QIB was also honored for delivering the Best Retail Mobile Banking Experience and the Best Mobile Banking Application in Qatar.
In addition, QIB received the Financial Inclusion award in the Middle East and was honored as the Best Islamic Bank in Qatar for the seventh consecutive year at the EMEA Middle East Banking Awards 2023. Finally, the bank won the Best Islamic Bank in Qatar award for the 5th consecutive year at the IFN Best Banks Poll 2023.
These accolades further strengthen QIB's position as a leading Islamic financial institution in Qatar.
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