Jul 14, 2021 by Qanect
Qatar Islamic Bank (QIB) has announced the results for the six months’ period ended 30 June 2021. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,595 Million for the six months’ period ended 30 June 2021 representing a growth of 11.8% over the same period in 2020.
Total Assets of the Bank now stands at QAR 184 Billion higher by 5.4% compared to December 2020 and a growth of 10.9% compared to June 2020. Financing activities that are the primary driver for the asset growth, have now reached QAR 127 Billion having grown by 6.7% compared to December 2020 and up by 13.2% compared to June 2020. Customer Deposits of the Bank now stand at QAR 125 Billion higher by 6.1% compared to December 2020 and a growth of 17.6% compared to June 2020.
Total Income for the six months’ period ended 30 June 2021 was QAR 4,112 Million registering a growth of 3.5% compared to QAR 3,972 Million for the same period in 2020. Income from financing and investing activities reached QAR 3,543 Million almost in line with the first half of 2020, reflecting a healthy performance in its core operating activities despite the sharp drop in the global interest and profit rates.
Total expenses for the six months’ period ended 30 June 2021 was QAR 535 Million lower by 2.8% compared to the same period in 2020. Strict cost controls supported by higher operating revenues enabled further enhancement of efficiencies with cost to income ratio improving from 21.1% to 17.5% in the first half of 2021, the best in the Qatari Banking sector.
QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.4% reflecting the quality of the Bank’s financing assets portfolio. The Bank continued to create additional precautionary impairment charge on financing assets for QAR 915 Million for the six months’ period ended 30 June 2021 as against QAR 602 Million set aside during the same period last year. In line with the Bank’s conservative impairment policy the coverage ratio for non-performing financing assets as of June 2021 was improved to 95.2% compared to 92.3% as at December 2020.
Total Shareholders’ Equity of the Bank has reached QAR 19 Billion up by 3.8% compared to December 2020 with a growth of 13.1% compared to June 2020. Total Capital adequacy of the Bank under Basel III guidelines is 18.4% as of June 2021, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In May 2021 Moody’s Investors Service, (“Moody’s”) also affirmed the Long-term deposit ratings at “A1”. In April 2021, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term Currency Rating (LTCR) of ‘A+’. In March 2021, Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-’ while upgrading the Bank’s Stand-Alone Credit Profile. In November 2020, Fitch Ratings affirmed the Bank’s credit rating at ‘A’.
In the first half of 2021, QIB has received a number of prestigious awards from well-respected international publications. Mr. Bassel Gamal, QIB Group’s CEO has also entered Forbes’ prestigious Top CEOs in the Middle East ranking.
QIB has recently received the prestigious ‘Islamic Bank of the Year in Qatar’ for the 9th consecutive year, and ‘Islamic Bank of the Year in The United Kingdom’ at The Banker Magazine’s Islamic Bank of the Year 2021 Awards. The Bank was awarded two prestigious accolades at Global Finance’s 2021 Innovators Awards, with both QIB’s Domestic Workers Digital Accounts and Integrated Services on PoS for Corporate and SME Customers winning ‘Outstanding Innovations in Islamic Finance’.
As part of Forbes Middle East Magazine’s annual ranking of the top 100 listed companies in the region for 2021, QIB was ranked #18 in the Middle East, and The Bank was ranked 2nd top listed company in Qatar. And as part of the “Top 1000 World Banks" report published by the “The Banker” magazine, QIB was ranked second in Qatar and 248th position in the global ranking.
QIB has been awarded four prestigious accolades at the Global Finance Magazine’s World's Best Islamic Banks Awards for 2021, including ‘Best Islamic Corporate Bank – Global’ in addition to ‘Best Islamic Bank in the Middle East’ and ‘Best Islamic Bank in Qatar’ for the second consecutive year, and ‘Best Islamic Bank in Sudan’.
QIB was also recognized with two prestigious titles at The Digital Banker Magazine’s Middle East & Africa Innovation Awards 2021, as ‘Best Mobile Initiative in Qatar’ and ‘Best Bank for Cash Management in Qatar.’ The Bank received ‘Digital Bank of the Year in Qatar’ and ‘Best Retail Mobile Banking Experience in Qatar’ at The Asset Triple A Digital Awards 2021. The Bank was also recognized as ‘Best Islamic Bank in the Middle East’, ‘Best Digital Bank of the Year in Qatar’ and ‘Best Mobile Banking in Qatar’ at the International Business Magazine Award 2021.
QIB was awarded the ‘Best Islamic Bank in Qatar’ by Islamic Finance News (IFN), the world’s leading Islamic finance publication and news provider, for the second consecutive year. The Bank was named the ‘Best Islamic Bank in Qatar’ at the 13th edition of the Middle East Banking Awards, presented by EMEA Finance. QIB has also been awarded four prestigious accolades at the 2021 Global Banking & Finance Review Awards, including ‘Best Bank Transformation Qatar 2021’, ‘Best Islamic Digital Bank Qatar 2021’, ‘Best Islamic Retail Bank Qatar 2021’ and ‘Best Islamic Corporate Bank Qatar 2021’.
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