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Qatar- QIB Q1 profit grows 15pc to QR335m  Join our daily free Newsletter

MENAFN - The Peninsula - 17/04/2014
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(MENAFN - The Peninsula) Qatar Islamic Bank's (QIB) net profit rose by 15 percent to QR335m in the first-quarter of 2014 on strong growth in lending income and deposits. The total assets grew by 21 percent to reach QR83bn compared to a year ago period, the country's leading Islamic bank announced yesterday.

Financing activities has significantly increased in the first quarter of 2014 to reach QR49.2bn, having grown 30 percent compared to March 2013 and 4 percent compared to December 2013. Customer deposits have moved up to QR58.7bn registering a strong growth of 45 percent compared to March 2013 and 17 percent compared to December 2013, allowing the bank to significantly improve its liquidity positions.

The total income grew by 14 percent compared to the first quarter of 2013 and reached QR840m for the three months ending March 2014. Income from financing activities was the primary growth driver which has increased by 21 percent, compared to the first quarter of 2013 and reached QR580m for the three months ending March 2014. Net commission and fee income has also registered a strong growth of 57 percent compared to the first quarter of 2013 to reach QR85.6m for the three months ending March 2014.

Total shareholders' equity of the bank increased by 3.5 percent to reach QR11.2bn by the end of the first quarter 2014. From the first quarter of 2014, the bank has started implementing Qatar Central Bank requirements under Basel III for the calculation of the Capital Adequacy Ratio (CAR). The ratio stood at 15.8 percent as on March 31, 2014, higher than the minimum regulatory requirement of 12.5 percent prescribed by QCB.

QIB was able to manage the ratio of non-performing financing assets to gross financing assets at 1.05 percent, 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 the coverage ratio for non-performing financing assets reaching 90 percent.

International credit rating agency, Capital Intelligence (CI) in its latest report issued this month, has reaffirmed QIB's Financial Strength Rating (FSR) of 'A', with an upgraded 'Stable' Outlook in view of the significant improvement in financing asset quality and stabilised Return on Average Assets. In 2013, Fitch had 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.

QIB has received a number of prestigious awards this year reflecting the results and achievements of the businesses, including the title of 'Best Islamic Bank in Qatar', which the Bank received from Euromoney, The Banker, World Finance and Islamic Finance News (IFN). World Finance also named QIB as 'The Best SME Islamic Finance Provider'; while Global Finance voted QIB as 'the Safest Islamic Bank in Qatar'. Meanwhile, IFN named QIB as both the 'Arranger of the Syndicated Deal of the Year' for its Ijarah Facility; and 'Arranger in the Tawarruq Deal of the Year' for its Murabahah Facility.

 






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