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QIB Ranks Second in Qatar & Top 20 Bank in the Middle East in The Banker’s Top 1000 World Banks Ranking 2021

Aug 04, 2021 by Qanect

Qatar Islamic Bank (QIB) was ranked #2 in Qatar, #20 in the Middle East, and #248 in the world in the 'Top 1,000 World Banks' list, the largest and most important edition of the year in “The Banker” magazine.


This evaluation is derived after analyzing each bank’s strengths and weaknesses through eight categories: growth, profitability, operational efficiency, asset quality, and return on risk, liquidity, soundness, and leverage.


QIB’s ranking reflects its solid performance and stability, as well as its ability to ensure business continuity and growth considering the COVID-19 pandemic. It also reflects the Bank’s success in maintaining its longstanding position as Qatar’s largest private bank, the largest Islamic bank in the country, and a leading Islamic bank regionally.


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.


The Banker's global and regional rankings have been industry standard measures of financial institutions performance for more than 50 years. The Banker's Top 1000 World Banks ranks the largest banks by Tier 1 capital, a key measure of banking strength. In addition, it analyses more than 120 data points tracked by The Banker Database year-on-year.


Commenting on the new ranking, Mr. Bassel Gamal said: “We are pleased with our ranking amongst the Top 20 banks in the Middle East and being one of the top performing banks in the region and the second in Qatar. This prestigious ranking reflects QIB’s and Qatar’s banking sector outstanding financial performance and stability despite this challenging year.”


“QIB is a leading regional Bank, contributing to reshaping and empowering the banking industry in Qatar and the Middle East through our investments in digital innovation and customer centric approach.” Mr. Bassel concluded.


Rated ‘A1’, ‘A-/A-2’ and ‘A’ by Moody’s, S&P and Fitch with stable outlooks, QIB has succeeded to maintain positive financial performance levels in 2021 despite the impacts of the COVID-19 pandemic. QIB has recently announced the results for period ended 30 June 2021. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,595 Million for the period ended 30 June 2021 representing a growth of 11.8% over the same period in 2020. Total Assets of the Bank has increased by 5.4% compared to December 2020 and 10.9% compared to June 2020 and now stands at QAR 184 Billion driven by the continued growth in the financing activities. Financing activities 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 registering a growth of 6.1% compared to December 2020 and up by 17.6% compared to June 2020.


Rated ‘A1’ by Moody’s, ‘A-/A-2’ by S&P, ‘A’ by Fitch , and “A+” by Capital Intelligence all are with stable outlooks, QIB has succeeded to maintain positive financial performance levels in 2021 despite the impacts of the COVID-19 pandemic. QIB has recently announced the results for period ended 30 June 2021. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,595 Million for the period ended 30 June 2021 representing a growth of 11.8% over the same period in 2020. Total Assets of the Bank has increased by 5.4% compared to December 2020 and 10.9% compared to June 2020 and now stands at QAR 184 Billion with financing activities being the primary driver for the asset growth. Financing activities 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 registering a growth of 6.1% compared to December 2020 and up by 17.6% compared to June 2020.


For more information, please visit: www.qib.com.qa