QIB Profit Grows by 13% in 9 Months Period Ended 30 September 2018

Doha, October 17 (QNA) -Qatar Islamic Bank (QIB) has announced the results for the nine months period ended 30 September 2018. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,005.3 Million for the nine months period ended September 2018 representing a growth of 13% for the same period in 2017. Total Assets of the Bank has increased by 1.4% compared to December 2017 and now stands at QAR 152.5 Billion driven by growth in the financing activities. Financing activities have now reached QAR 106.4 Billion having grown by 3.7% compared to December 2017. Customer Deposits of the Bank now stand at QAR 102.9 Billion up by 1% compared to December 2017. Total Income for the nine months period ended 30 September 2018 was QAR 5,108 Million registering a growth of 8.2% compared to QAR 4,722 Million for the same period in 2017. Income from financing and investing activities has grown by 8.3% to reach QAR 4,528 Million at the end of the nine months period ended 30th September 2018 compared to QAR 4,183 Million for the same period in 2017, reflecting a healthy growth in the Banks core operating activities. QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.1% reflecting the quality of the Banks financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment provisioning policy with the coverage ratio for non-performing financing assets at 127.9% as of September 2018. Total Shareholders' Equity of the bank has reached QAR 15.1 Billion. Total Capital adequacy of the Bank under Basel III guidelines is 17.7% as of September 2018, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee. In June 2018, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a Stable outlook and Moody's Investors Service, ("Moody's") affirmed long-term deposit ratings to QIB at "A1". In April 2018, Standard & Poors (S&P) affirmed the banks credit rating at A- and Capital Intelligence Ratings (CI) has affirmed the banks Financial Strength Rating (FSR) of A. (QNA)