QIB posts net profit of QR2.2 bn in 9 months
Total assets of Qatar Islamic Bank reached QR170 billion at the end of September this year
QATAR Islamic Bank (QIB) on Wednesday announced that the net profit attributable to the shareholders of the bank amounted to QR2.21 billion in the first nine months of 2020, which is in line with the performance during the same period last year.
Total assets of the bank reached QR170 billion at the end of September this year, higher by percent compared to December 2019 and 9.8 percent compared to the same period last year.
Financing activities reached QR113.2 billion, a growth of .7 percent compared. Customer deposits of the bank stood at QR112 billion at the end of September this year, higher by percent compared to September last year.
Total income for the nine months’ period of 2020 was QR .96 billion compared to QR .71 billion for the same period in 2019 registering a growth of . percent.
Income from financing and investing activities registered a growth of .9 percent to reach QR .36 billion compared to QR .11 million for the same period in 2019, re ecting 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 decreased to QR 821.9 million from QR827.8 million in the same period last year. Strict cost controls supported by higher operating revenues enabled further enhancement of efficiencies with cost to income ratio improving from 23. percent to 20. percent for the nine months period ended September 30, the best in Qatar’s banking sector.
QIB’s efficient risk management framework has ensured that the results for the period ended September 30, 2020, have not been materially impacted by the events related to COVID-19. QIB was able to contain the ratio of non-performing financing assets to total financing assets at 1.3 percent re ecting 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 QR960.6 million in the nine months of 2020 compared to QR 6.9 million in 2019 and continues to maintain a 100 percent coverage ratio for non-performing financing assets.
Total shareholders’ equity of the bank reached QR17.7 billion, up by 7.8 percent compared to September 2019 and higher by 3.1 percent compared to December 2019. Total Capital adequacy of the bank under Basel III guidelines is 18.3 percent as of September 2020, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.