QIB’s total assets stood at QR99bn in March, up 19% compared with the last-year period


QIB has posted a first-quarter net profit of QR400mn, up 19% on the same period in 2014.
The bank’s total assets stood at QR99bn in March, up 19% compared with last year, which QIB said was “driven by a continued growth in the core investing and financing activities.”
The bank’s financing activities reached QR65bn in March, which shows an increase of QR15bn (31%) compared to the first quarter in 2014.
Customer deposits registered a growth of 21% compared to end-March 2014 and now stand at QR71bn, allowing the bank to achieve a financing to deposit ratio of 91%.
Total shareholders’ equity of the bank reached QR12bn, an increase of 6% compared to March 2014.
Total income for the three months that ended in March reached QR950mn, up 13% on QR840mn in the same period last year.
Income from financing and investing activities grew by 12% to reach QR817mn in end-March 2015 compared with QR728mn in Q1, 2014. Net fee and commission income reached QR100mn in the first quarter, up 17% on the same period in 2014.
QIB was able to further improve the ratio of non-performing financing assets to gross financing assets to around 1%, one of the lowest in the industry. It reflects the quality of the bank’s financing assets portfolio and its effective risk management framework.
The bank continued to pursue the conservative impairment policy with an improved coverage ratio for non-performing financing portfolio at 104% as of March 2015.
In March, Fitch upgraded QIB’s long-term IDR to ‘A+’ from the previously held ‘A’ with a stable outlook.
Capital Intelligence (CI) has rated QIB’s Financial Strength Rating (FSR) at ‘A’, with a ‘stable’ outlook in view of the significant improvement in financing asset quality and stabilised Return on Average Assets.
Standard & Poor’s rated QIB’s Counterparty Credit Rating at “A-“with a stable outlook.
QIB has received a number of “prestigious awards” reflecting the results and achievements of the businesses, including the title of ‘Best Islamic bank in Qatar’ from Euromoney, The Banker, World Finance, Qatari Enterprise Agility Awards and Islamic Finance News (IFN).