Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

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

MENAFN - The Peninsula - 17/04/2014
No. of Ratings : 0
Add to Mixx!



(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.

 


The Peninsula




  MENA News Headlines
 Sep 17 2014 - 'Password fatigue' haunts Internet massesArab Times
(MENAFN - Arab Times) SHINGTON June 25 2013 (AFP) -Looking for a safe password You can give HQbgbiZVu9AWcqoSZmChwgtMYTrM7HE3ObVWGepMeOsJf4iHMyNXMT1BrySA4d7 a try. Good luck memorizing it. Sixty-three ...

 Sep 17 2014 - Profits of Kingdom's firms set to rise 172Arab News
(MENAFN - Arab News) DUBAI: The opening of Saudi Arabia's stock market (Tadawul) to direct foreign investment early next year is set to coincide with a pick-up in earnings growth in the Kingdom which ...

 Sep 17 2014 - Kuwait- Man City rescue thrilling draw against ArsenalArab Times
(MENAFN - Arab Times) LONDON Sept 13 (AFP): Martin Demichelis' late header saved Manchester City from a second successive defeat as the Premier League champions rescued a thrilling 2-2 draw against ...

 Sep 17 2014 - Prince Harry turns 30 with a military focus and a fortuneArab News
(MENAFN - Arab News) Prince Harry celebrated his 30th birthday Monday after the end of his multi-sport event for wounded troops and with a windfall from his late mother Diana's estate.Harry fourth in ...

 Sep 17 2014 - The theater of fashion and why you need to be thereArab News
(MENAFN - Arab News) LONDON: Live streaming video replays Instagram and Twitter updates from the front row there are many ways to follow fashion shows these days but nothing compares to the ...

 Sep 17 2014 - Robin Thicke didn't write 'Blurred Lines'Arab News
(MENAFN - Arab News) LOS ANGELES: Robin Thicke's blockbuster but much criticized hit 'Blurred Lines' grew even more controversial Monday as the singer revealed he never wrote it according to court ...

 Sep 17 2014 - Eminem hit lands NZ ruling party in courtArab News
(MENAFN - Arab News) WELLINGTON: New Zealand's ruling National Party is being sued for alleged unauthorized use of rapper Eminem's song 'Lose Yourself' in campaign ads ahead of next Saturday's ...

 Sep 17 2014 - Kim Kanye 'trying' for second babyArab News
(MENAFN - Arab News) LOS ANGELES: Reality star Kim Kardashian has confirmed that she is trying for a second baby with husband Kanye West amid reports that she pregnant. She had earlier expressed her ...

 Sep 17 2014 - Clooney to get prize for humanitarian workArab News
(MENAFN - Arab News) LOS ANGELES: Hollywood megastar George Clooney will receive the Cecil B. DeMille Award at the Golden Globes for his work on screen and off the organization said Monday.The ...

 Sep 17 2014 - Palestinian bagpipers back Scottish independenceArab News
(MENAFN - Arab News) Scottish independence campaigners have found an unexpected source of support ahead of a landmark referendum on the fate of the United Kingdom Palestinian bagpipers.In a small ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help