(MENAFN - The Peninsula) The Peninsula
Qatar Islamic Bank (QIB), country's leading Shariah-compliant banking and financial services provider, has reported a net profit of over QR1.77bn for the first nine months of this financial year ended September 30, 2017, showing a growth of 10.6 percent compared to the corresponding period in 2016.
Total assets of the Bank have increased by 11 percent compared to September 2016 and 7 percent compared to December 2016 and now stand at QR149bn driven by growth in the investing and financing activities. Financing activities have now reached QR99bn having grown by 3 percent compared to September 2016 and 1 percent compared to December 2016. Investment securities have now reached QR31bn having grown by 62 percent compared to September 2016 and 53 percent compared to December 2016, due to investment in high quality liquid assets.
Customer Deposits of the Bank now stand at QR99bn registering a growth of 2 percent compared to September 2016 and 3 percent compared to December 2016.
Total income for the nine months' period ended September 30, 2017 reached at QR4.72bn registering 16.2 percent growth compared to QR4.06bn for the same period in 2016.
Income from financing and investing activities has grown by 19 percent in the period to reach QR4.18bn against QR3.51bn for the same period last year, reflecting a healthy growth in the Bank's core operating activities.
Total expenses are 0.4 percent above September 2016 at QR831m for the nine months' period as compared to QR828m for the same period in 2016.
Strict cost controls supporting higher operating revenues enabled further enhancement of efficiency, bringing down the cost to income ratio to 25.7 percent for the first nine months of 2017 as compared to 30 percent for the same period in 2016.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets around 1 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 provisioning policy with the coverage ratio for non-performing financing assets moving up from 87 percent as of December 2016 to reaching 110 percent as of September 2017.
Total Shareholders' Equity of the bank has reached QR14.9bn. Total Capital adequacy of the Bank under Basel III guidelines is 16.6 percent as of September 2017, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.