(MENAFN- The Peninsula) Qatar Islamic Bank's (QIB) nine-month net profit, ended September 30, 2014, attributable to the shareholders reached QR1.13bn, representing a growth of 16 percent compared to a year ago period.
The bank's total assets now stand at QR 93.3bn, up 29 percent compared to September 2013 and 21 percent compared to December 2013. Financing activities, which remains the key growth driver has reached QR59bn having grown by 35 percent on year-on-year basis and 25 percent compared to December 2013.
Customer deposits have moved up to QR64bn registering a strong growth of 41 percent compared to September 2013 and 28 percent compared to December 2013 allowing the bank to significantly improve its liquidity positions and achieve a strong financing-to-deposit ratio of 91 percent.
Total shareholders' equity of the bank reached QR12bn, an increase of 4 percent compared to September 2013. Earnings per share reached QR4.8, compared to QR4.1 in September 2013.
Total income amounted to QR2.7bn, representing an increase of 15 percent compared to September 2013. Income from financing activities was the primary growth driver at QR1.8bn for the period ended September 2014, representing an increase of 23 percent compared to September 2013.
Net commission and fees income has also registered a strong growth to reach QR289m for the period ended September 2014, representing an increase of 40 percent compared to September 2013.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 0.9 percent, one of the lowest in the industry, reflecting the quality of the bank's financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment policy with the coverage ratio for non-performing financing assets reaching 101 percent as of September 2014.
International credit rating agency Standard & Poor's has reaffirmed QIB's Counterparty Credit Rating at "A-" with a stable outlook.
Similarly, Capital Intelligence (CI) 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. Fitch has affirmed for the fourth year the bank's long-term Issuer Default Rating (IDR) of '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, Qatari Enterprise Agility Awards and Islamic Finance News (IFN).
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