QIB posts profit of QAR 2,525 Million for the nine months’ period ended 30 September 2021 Total Assets reach QAR 186 Billion

Oct 20, 2021 by Qanect

Qatar Islamic Bank (QIB) has announced the results for the nine months’ period ended 30 September 2021. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,525 Million for the nine months’ period ended 30 September 2021 representing a growth of 13.9% over the same period in 2020.

Total Assets of the Bank now stands at QAR 186 Billion higher by 6.7% compared to December 2020 with a growth of 9.4% compared to September 2020 driven by the continued growth in the financing and investing activities.

Financing activities have now reached QAR 127 Billion having grown by 6.7% compared to December 2020 and a growth of 12.3% compared to September 2020. Customer Deposits of the Bank now stand at QAR 129 Billion higher by 9% compared to December 2020 and a growth of 15% compared to September 2020. QIB has been able to bring down the Finance to Deposit ratio to 99% compared to 101% end of December 2020.

Total income for the nine months’ period ended 30 September 2021 was QAR 6,124 Million compared to QAR 5,962 Million for the same period in 2020 registering a growth of 2.7%. Income from financing and investing activities was QAR 5,330 Million marginally below same period last year on account of lower market interest rates.

Total operating expenses for the nine months’ period ended 30 September 2021 decreased to QAR 797 Million from QAR 822 Million for 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 20.5% to 17.5% for the nine months period ended 30 September 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 of QAR 1,194 Million for the nine months’ period ended 30 September 2021 against QAR 961 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 September 2021 was improved to 95% compared to 92.3% as at December 2020.   

Total Shareholders’ Equity of the Bank has reached QAR 19.9 Billion up by 8.9% compared to December 2020 and higher by 12.8% compared to September 2020. Total Capital adequacy of the Bank under Basel III guidelines is 18% as of September 2021, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.   

In October 2021, Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-’ following the upgrade the Bank’s Stand-Alone Credit Profile earlier this year. In August 2021 2020, Fitch Ratings affirmed the Bank’s credit rating at ‘A’ while in May 2021 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at “A1”.  Capital Intelligence Ratings (CI) has also affirmed the Bank’s Long-term Currency Rating (LTCR) of ‘A+’ in April 2021.

Qatar Islamic Bank (QIB) has received more than 30 prestigious awards and recognitions in the first 9 months of 2021 from well-respected international publications including Forbes Middle East, The Banker (part of Financial Times Group), Global Finance, Digital Banker, Asiamoney, IFN, The Asian Banker and The Asset Triple A. 

These accolades span across different offerings of the Bank reflecting the commitment and efforts that the bank has put to meet the ongoing needs of all customer segments, individuals, SMEs, and Corporates. It is also a great testament to the bank’s continuous investment in digital led initiatives as part of its digital transformation plan both locally as well as internationally.

This year’s Forbes Middle East Magazine’s annual ranking of the top 100 listed companies in the region for 2021 ranked QIB #18 in the Middle East, and 2nd top listed company in Qatar. QIB was also named Best Performing Bank in Qatar by The Banker Magazine and Mr. Bassel Gamal, QIB Group’s CEO has been recognized in the prestigious Forbes Middle East Top CEOs Ranking.

QIB 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’ from The Banker Magazine.

The Bank was awarded two further 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’. QIB also received 6 awards namely: ‘Best Consumer Digital Bank’, ‘Best Online Product Offerings’, ‘Best in Lending’, ‘Best Online Portal’, ‘Best Open Banking APIs’, and ‘Best SME Banking’. The Magazine also recognized the Bank’s efforts to strengthen the Islamic Bank sector locally and international with ‘Best Islamic Corporate Bank – Global’ and ‘Best Islamic Bank in the Middle East, Qatar and Sudan’ awards.

QIB received two prestigious awards, “Best Digital Bank in Qatar” and “Best SME Bank in the Middle East and Qatar” by The Asian Banker. QIB has also been awarded by Global Banking & Finance Review Awards, as ‘Best Bank Transformation in Qatar’, ‘Best Islamic Digital Bank in Qatar’, ‘Best Islamic Retail Bank in Qatar’ and ‘Best Islamic Corporate Bank in Qatar’.

QIB was further recognized with two prestigious titles from The Digital Banker Magazine, as ‘Best Mobile Initiative in Qatar’ and ‘Best Bank for Cash Management in Qatar.’ The Bank also received the ‘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 Awards.

The Asset Magazine awarded QIB five awards: ‘Digital Bank of the Year in Qatar’, ‘Best Retail Mobile Banking Experience in Qatar’, ‘Islamic Bank of the Year’, ‘Islamic Issuer of the Year – Financial Institution’, and ‘Best Bank Sukuk’.

The Bank was named ‘Best Bank for SMEs in Qatar’ at the Asiamoney Middle East’s Best Bank Awards 2021 and received the “Best Retail Bank in Qatar” award at the 12th Annual Retail Banker Trailblazer Awards in collaboration with MEED and GlobalData.

Visa awarded QIB with “Appreciation for Innovation in Digital Banking” award for its enhanced digital solutions to Visa cardholders.