Economy: Qatar Islamic Bank Profits Jump 18% YoY

Doha, July 18 (QNA) - Qatar Islamic Bank announced Monday that its profits for the first half of 2016 were QR1.055, compared to QR895 million achieved during the same period of last year. The figure represents an 18% growth year-on-year. The bank's assets also grew 155 year-on-year to reach QR135 billion. Financing assets have now reached QAR 97 billion having added QAR 20 billion representing 25% increase compared to June 2015. Customer Deposits of the Bank now stand at QAR 95 Billion and Total Shareholders Equity of the bank has reached QAR 13 Billion. Revenue for the six months was reached QAR 2,657 million compared to QAR 2,077 million by end of June 2015. Revenue from financing and investing activities reached QAR 2,283 million at the end of June 2016 compared to QAR 1,801 million for the six month period ended June 2015. Net fee and commission income reached QAR 268 million at the end of June 2016 compared to QAR 210 million for the six month period ended June 2015. QIB was able to maintain the ratio of non-performing financing portfolio to gross financing portfolio to less than 1%, one of the lowest in the industry, reflecting the quality of the Banks financing assets portfolio and its effective risk management framework. The Bank continued to pursue the conservative impairment policy with a coverage ratio for non-performing financing portfolio at 93% as of June 2016. In April 2016, Fitch Ratings has affirmed QIBs Long Term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook reflecting the Bank's established franchise in Qatar, its sound asset quality, solid funding and liquidity profile with a franchise that is more diversified than that of many peers and taking into account the bank's adequate profitability, and satisfactory capital and leverage ratios. Standard & Poors Rating Services has also retained QIBs Counterparty Credit Rating at 'A-' and Capital Intelligence has reaffirmed QIBs financial strength rating of A with stable outlook. (QNA)