QIB Profit Grows by 9.6% to Reach QAR 685.2 Million for First Quarter of 2019

Doha, April 17 (QNA) - Qatar Islamic Bank (QIB) has announced the results for the three months period ended March 31, 2019. Net Profit attributable to the Shareholders of the Bank amounted to QAR 685.2 Million for the first quarter which ended March 2019, representing a growth of 9.6 percent over the same period in 2018. Total Assets of the Bank has increased by 2.3 percent compared to March 2018 and 1.4 percent compared to December 2018 and now stands at QAR 155.3 billion driven by the continued growth in the financing and investing activities. Financing activities have now reached QAR 106.3 billion having grown by 1.6 percent compared to March 2018 and 4 percent compared to December 2018. Customer Deposits of the Bank now stand at QAR 107.8 billion registering a strong growth of 7.1 percent compared to December 2018 and 5.3 percent compared to March 2018. Total Income for the first quarter in March 2019 was QAR 1,849 million, registering a 13 percent growth compared to QAR 1,636 million for the same period in 2018. Income from financing and investing activities has registered a strong growth by 16.3 percent to reach QAR 1,675 million at the end of the quarter, compared to QAR 1,440 million for the same period in 2018, reflecting a healthy growth in the Banks core operating activities. Total Shareholders’ Equity of the bank has reached QAR 14.9 billion. Total Capital adequacy of the Bank under Basel III guidelines is 18.7 percent as of March 2019, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee. In March 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A', Standard & Poors (S&P) affirmed the banks credit rating at A-. In January 2019, Moody's Investors Service has affirmed Long term deposit ratings to QIB at "A1". Capital Intelligence Ratings (CI) has affirmed the banks Financial Strength Rating (FSR) of A. In light of the Banks performance and continuous innovation, QIB is being recognized by reputable international and local institutions as one of the leading regional Banks. In the first quarter of 2019, QIB received the "Best Retail Mobile Banking Experience in Qatar" award from the Asset Magazine, the Bank has been recognized as one of the best Investor Relations websites among all listed companies from Qatar Exchange Investor Relations (IR) Awards and got the "Social Responsibility Award for Best Financial Institution in 2018 from Dar Al Sharq publishing. In 2018, QIB received more than 20 Awards, including the "Best Financial Institution in the Middle East and Qatar," "Best Consumer Digital Bank in Qatar" and "Safest Islamic Bank in Qatar" from Global Finance and the "Best Islamic Bank in Qatar" Award from The Banker, part of the Financial Times Group. These awards recognize the significant progress QIB has made in establishing itself as a leading banking institution in the Middle East while cementing its leadership position in Qatar, its home market. (QNA)