Doha, Qatar: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the six months’ period ended 30 June 2024. Net Profit attributable to the Shareholders of the Bank amounted to QR2,065m for the six months’ period ended 30 June 2024 representing a growth of 5.6% over the same period in 2023.
Basic earnings per share for the six months period ended 30 June 2024 is QR0.87 compared to QR0.83 for the six months period ended 30 June 2023.
QIB Board of Directors have authorized the distribution of interim cash dividend to shareholders of QR0.25 per share i.e. 25% of the nominal share value payable to eligible shareholders as at the close of trading on 25 July 2024.
Total Assets of the Bank as at 30 June 2024 stands at QR192.3bn representing a growth of 1.7% compared to QR189.2bn as at 31 December 2023 and up by 4.9% compared to 30 June 2023. Financing and investing activities were the primary drivers for the asset growth. Financing assets as at 30 June 2024 reached QR126.9bn, having grown by 3.7% compared to December 2023 and up by 6.1% compared to June 2023. Investment Securities reached QR49.3bn as at 30 June 2024, up by 2.7% against December 2023 and a growth of 3.1% compared to June 2023. Customer Deposits stand at QR122.7bn as at 30 June 2024 registering a growth of 1.6% compared to December 2023 and up by 5% compared to June 2023. Finance to Deposit Ratio of the Bank was 103% as at 30 June 2024, which is one of the lowest among its peer banks in Qatar reflecting the Bank’s strong and stable liquidity position.
Total Income for the six months’ period ended 30 June 2024 was QR5,662m compared to QR5,038m for the same period in 2023 registering a strong growth of 12.4%. Net income from financing and investing activities registered a robust growth of 13.5% to reach QR5,179m for the six months’ ended 30 June 2024 compared to QR4,563m for the same period in 2023.
Total Operating Expenses for the six months’ period ended 30 June 2024 was QR571m. Efficient cost containment enabled the Bank to bring down the cost to income ratio to 17.7% maintaining the same level for same period of last year, which continues to be the lowest in the Qatari Banking sector.
QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.7%, 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 by building precautionary impairment charge on financing assets for QR565m for the six months’ period ended 30 June 2024 and maintaining a healthy coverage ratio for non-performing financing assets at 95% as at 30 June 2024.
Total Shareholders’ Equity of the Bank as at 30 June 2024 stands at QR25.7bn representing a growth of 1.3% compared to QR25.4bn as at 31 December 2023 and up by 9.2% compared to 30 June 2023. Total Capital adequacy of the Bank as per the new guidelines of QCB is 20.7% as at 30 June 2024, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In April 2024, Fitch Ratings upgraded QIB credit rating to ‘A’ with a stable outlook, which was reaffirmed in July 2024. In June 2024 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook. In April 2024, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term rating to ‘AA-’ with a stable outlook.
In the first half of 2024, QIB received numerous local, regional, and global awards, underscoring its innovation and excellence in the financial sector, in line with Qatar National Vision 2030 and QCB’s Third Financial Sector Strategic Plan.
