Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the nine months’ period ended 30 September 2024. Net Profit attributable to the Shareholders of the Bank amounted to QAR 3,265 Million for the nine months’ period ended 30 September 2024 representing a growth of 6.9% over the same period in 2023.

Basic earnings per share for the nine months period ended 30 September 2024 is QAR 1.38 compared to QAR 1.29 for the nine months period ended 30 September 2023. 

Total Assets of the Bank as at 30 September 2024 stands at QAR 197.5 Billion representing a growth of 4.4% compared to QAR 189.2 Billion as at 31 December 2023 and up by 5.7% compared to 30 September 2023. Financing and investing activities were the primary drivers for the asset growth. Financing assets as at 30 September 2024 reached QAR 127.7 Billion, having grown by 4.4% compared to December 2023 and up by 4.9% compared to September 2023. Investment Securities reached QAR 50.3 Billion as at 30 September 2024, up by 4.8% against December 2023 and a growth of 6.1% compared to September 2023. Customer Deposits stand at QAR 126.4 Billion as at 30 September 2024 registering a growth of 4.6% compared to December 2023 and up by 4.0% compared to September 2023. Finance to Deposit Ratio of the Bank was 101 % as at 30 September 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 nine months’ period ended 30 September 2024 was QAR 8,640 Million compared to QAR 7,820 Million for the same period in 2023 registering a strong growth of 10.5%. Net income from financing and investing activities registered a robust growth of 11.8% to reach QAR 7,927 Million for the nine months’ ended 30 September 2024 compared to QAR 7,090 Million for the same period in 2023.  

Total Operating Expenses for the nine months’ period ended 30 September 2024 was QAR 854 Million. Efficient cost containment enabled the Bank to maintain the cost to income ratio at 17.3%, same level as last year. The ratio 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 total impairment charge for QAR 807 Million for the nine months’ period ended 30 September 2024 and maintaining a healthy coverage ratio for non-performing financing assets at 95% as at 30 September 2024.

Total Shareholders’ Equity of the Bank as at 30 September 2024 stands at QAR 26.3 Billion representing a growth of 3.7% compared to QAR 25.4 Billion as at 31 December 2023 and up by 7.1% compared to 30 September 2023. Total Capital adequacy of the Bank as per the new guidelines of QCB is 21.3% as at 30 September 2024, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.  

In July 2024, Fitch Ratings affirmed QIB credit rating at ‘A’ with a stable outlook. 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 third quarter of 2024, QIB continued to receive numerous significant local, regional, and global awards for its innovation and excellence in the financial sector, in alignment with Qatar National Vision 2030 and the Qatar Central Bank’s Third Financial Sector Strategic Plan. These recognitions complement the previous prestigious awards QIB received such as the Best Bank in Qatar by Global Finance, the Best Digital Bank by Euromoney and the World’s Most Efficient Bank by The Asian Banker.

The Bank made history by winning 16 prestigious awards at the Global Finance World’s Best Digital Bank Awards. These accolades spanned both consumer and corporate banking categories, with QIB being recognized as the Best Corporate Digital Bank in Qatar, Best Consumer Digital Bank in Qatar, and Best Islamic Digital Bank in Qatar. The Bank also received top honors for Best Online User Experience (UX) Portal, Best Mobile Banking App, Best in Innovation, and Best Information Security and Fraud Management, among others. These awards underscore QIB's leadership in digital banking, innovation, and commitment to providing secure, cutting-edge services for its customers.

Additionally, Mr. Bassel Gamal, QIB’s Group CEO, was named one of the Top 100 CEOs in the Middle East by Forbes Middle East for 2024, marking a significant achievement and reinforcing QIB’s leadership in the banking industry.

At The Asset Triple A Islamic Finance Awards 2024, QIB received several accolades, including Islamic Bank of the Year, Best Islamic Retail Bank, Best Islamic SME Bank, Best Islamic Digital Banking Solution, and Best Sukuk in Qatar, showcasing the bank’s comprehensive approach to Islamic finance.

Furthermore, the bank has been honoured by the Ministry of Labor for its Qatarization efforts and advancement of community development. This award recognizes QIB’s dedication to advancing Qatarization by attracting and empowering national talents across various roles within the bank.

These awards continue to highlight QIB’s dedication to innovation, excellence, and customer service in digital banking, solidifying its role as a key player in Qatar's banking landscape.