(MENAFN- The Peninsula) Qatar Islamic Bank (QIB)'s net profit attributable to the shareholders of the bank touched QR895m for the six months period ended 30th June 2015, representing a growth of 23 percent over the same period of 2014.
The country's leading Islamic lender's total assets increased also by 30 percent compared to June 2014 and now stands at QR116bn driven by a continued growth in the core financing and investing activities.
Financing activities now stand at QR77bn having increased by QR17bn in first half of 2015 and represents 41 percent increase compared to second quarter 2014. Customer deposits of the bank have grown by QR18bn in first half of 2015 to reach QR85bn and represents a growth of 38 percent compared to end of June 2014.
Total income for the six months ended 30 June 2015 has reached QR2.1bn registering 17 percent growth compared to QR1.8bn by end of June 2014. Income from financing and investing activities has grown by 19 percent to reach QR1.8bn at the end of June 2015 compared to QR1.5bn for the six month period ended June 2014. Net fee and commission income reached QR210m for the six months ending June 2015 representing 10 percent growth compared to same period last year.
QIB was able to maintain the ratio of non-performing financing assets to gross financing assets to around one 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 an improved coverage ratio for non-performing financing portfolio at 108.1 percent as of June 2015.
Total shareholders' equity of the bank reached QR12bn, an increase of seven percent as compared to June 2014. The Bank also raised Basel III compliant Additional Tier 1 Capital by issuing perpetual Sukuk for an amount of QR2bn. Capital Adequacy of the bank now stands at 14.8 percent as per Basel III guidelines issued by Qatar Central Bank.
In a report issued in April 2015, the international ratings agency Fitch, has upgraded QIB's Long Term IDR to 'A+' from the previously held 'A' with a stable outlook. Capital Intelligence (CI) has rated QIB's Financial Strength Rating (FSR) of 'A', with 'Stable' Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets. Standard & Poor's Rating Services has retained QIB's Counterparty Credit Rating at "A-"with a stable outlook.
QIB has received a number of prestigious awards during the first half of 2015 reflecting the results and achievements of the Bank, including the 'Islamic Bank of the Year 2015' Award in the Middle East for the first time, and Qatar for the third time in a row by The Banker magazine. QIB was also recognized as the fastest growing financial brand in the world, with its brand value rising 91percent over last year, making the Bank one of the top 50 most valuable brands of all industries in the Mena region.
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