Posted on October 20, 2013

Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced the results for 9 months ending 30th September 2013. Total Assets of the Bank now stand at QAR 73 billion having increased 8.5% compared to September 2012. Financing activities have strongly rebounded in the third quarter of 2013 to reach QAR 43.4 billion having grown 4.9% compared to June 2013 and 13.7% compared to September 2012.

Customer Deposits of the bank have moved up to QAR 45.6 billion registering a strong growth of 14.1% compared to September 2012 allowing the Bank to effectively fund its asset growth. Net Profit attributable to the Shareholders of the Bank amounted to QAR 345 million for the third quarter of 2013 representing a growth of 2% over the second quarter of 2013.  

Total Income for the third quarter grew by 7.4% compared to the second quarter of 2013 and reached QAR 2.31 billion for the 9 months ending September 2013. Total Shareholders’ Equity of the bank reached QAR 11.5 billion by the end of the third quarter 2013, helping it to maintain its healthy capital adequacy ratios.

QIB was able to manage the ratio of non-performing financing assets to gross financing assets at 1.1%, reflecting 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 the coverage ratio for non-performing financing assets reaching 111% as of September 2013.

During the current year Fitch has affirmed the Bank's long term Issuer Default Rating (IDR) of 'A' with a stable outlook. Similarly Standard & Poor’s Rating Services have also maintained QIB’s Counterparty Credit Rating at “A-“ with a stable outlook which reflects the Strong position in Qatar's rapidly expanding Islamic banking market, favorable operating environment and strong capitalization.

QIB’s dominant role in Islamic Banking has been recognized through number of accolades that it has received as the Best Islamic Bank in Qatar from The Banker, Islamic Finance News (IFN), Euromoney, The Asset Magazine, World Finance and “Global Finance”.

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