QIB net profit surges by 5.5% to QR955m in first quarter

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 P...

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.