Posted on July 14, 2015

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the 6 months period ending 30 June 2015. Net Profit attributable to the Shareholders of the Bank amounted to QAR 895 Million for the six months period ended 30th June 2015 representing a growth of 23% over the same period of 2014.   

Total Assets of the Bank has increased also by 30% compared to June 2014 and now stands at QAR 116 Billion driven by a continued growth in the core financing and investing activities. Financing activities now stand at QAR 77 billion having increased by QAR 17 billion in first half of 2015 and represents 41% increase compared to second quarter 2014. Customer Deposits of the Bank have grown by QAR 18 Billion in first half of 2015 to reach QAR 85 billion and represents a growth of 38% compared to end of June 2014.

Total Income for the six months ended 30 June 2015 has reached QAR 2.1 Billion registering 17% growth compared to QAR 1.8 Billion by end of June 2014. Income from financing and investing activities has grown by 19% to reach QAR 1.8 Billion at the end of June 2015 compared to QAR 1.5 Billion for the six month period ended June 2014. Net fee and commission income reached QAR 210 Million for the six months ending June 2015 representing 10% growth compared to same period last year.

QIB was able to maintain the ratio of non-performing financing assets to gross financing assets to around 1%, one of the lowest in the industry, 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 an improved coverage ratio for non-performing financing portfolio at 108.1% as of June 2015. Total Shareholders’ Equity of the bank reached QAR 12 Billion, an increase of 7% as compared to June 2014. The Bank also raised Basel III compliant Additional Tier 1 Capital by issuing perpetual Sukuk for an amount of QAR 2 billion. Capital Adequacy of the Bank now stands at 14.8% as per Basel III guidelines issued by Qatar Central Bank.

In a report issued in April 2015, the international ratings agency Fitch, has 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) of ‘A’, with ‘Stable’ Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets. Standard & Poor’s Rating Services has retained QIB’s Counterparty Credit Rating at “A-“with a stable outlook.

QIB has received a number of prestigious awards during the first half of 2015 reflecting the results and achievements of the Bank, including the 'Islamic Bank of the Year 2015’ Award in the Middle East for the first time, and Qatar for the third time in a row by The Banker magazine (part of the Financial Times Group). QIB was also recognized as the fastest growing financial brand in the world, with its brand value rising 91% over last year, making the Bank one of the top 50 most valuable brands of all industries in the MENA region.

Furthermore, QIB Group CEO was recognized and honored at the TOP CEO Award, from “Trends” business magazine and the “INSEAD” Business School, and the Best Islamic Bank in Qatar from Islamic Finance News. QIB also received three awards from Global Banking & Finance review: Best Islamic Project Finance Bank MENA, Best Islamic Finance Provider Qatar, and the Best Islamic Retail Bank Qatar.

In 2014, QIB has received the title of ‘Best Islamic Bank in Qatar’ from Euromoney, World Finance, Qatari Enterprise Agility Awards and Islamic Finance News (IFN). QIB received ‘Best Treasury Products Management’ award Banker Middle East, ‘Best SME Islamic Finance Provider for the GCC & MENA’ from Global Banking & Finance Review, ‘Best Co-Branded Credit Card’ from Global Banking & Finance Review, ‘Best Financial Brand Qatar’ from Global Brands Magazine and ‘Best Call Centre customer experience of all banks in Qatar’ from Ethos Integrated Solutions.