DOHA, Qatar, Islamic Bank (QIB) reported a net profit of QR1.32bn for the six months ended Jun 30, 2018 (,18) registering a growth of 13.8 percent compared to the corresponding period in 2017. Total assets of the Bank has increased by 1.4 percent compared to Dec, 2017 and now stands at QR152.5bn.

Financing activities have now reached QR100.3bn and customer deposits of the Bank now stand at QR98.9bn. Total Income for the six months’ period ended Jun 30, 2018 was QR3.36bn registering seven percent growth compared to QR3.14bn for the same period in 2017.

Income from financing and investing activities has grown by 6.8 percent to reach QR2.97bn at the end of the six months’ period ended Jun 30, 2018, compared to QR2.78bn for the same period in 2017, reflecting a healthy growth in the Bank’s core operating activities.

QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.1 percent 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 at 121.2 percent as of Jun, 2018.

In Jun, 2018, Fitch Ratings affirmed Qatar Islamic Bank at ‘A’ with a Stable outlook and Moody’s Investors Service, (Moody’s) affirmed long term deposit ratings to QIB at A1.

In Apr, 2018, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-‘ and Capital Intelligence Ratings (CI) has affirmed the bank’s Financial Strength Rating (FSR) of ‘A’.

In 2018, QIB continued to win prestigious awards that confirm its leading position in Qatar’s and the region’s banking sector. (1 QAR=0.274725USD)

Source: Nam News Network