QIB approves 57.5% cash dividend for 2021

QIB approves 57.5% cash dividend for 2021

The shareholders of Qatar Islamic Bank (QIB) on Tuesday approved 57.5% cash dividend for 2021.

At the general assembly meeting, which was held virtually, shareholders also approved the board of director’s report on the results and financial statements for year ended December 31, 2021 and the plan for 2022.

"Amid the significant developments despite the challenges faced last year, QIB’s results affirmed its position as one the largest Islamic banks locally and internationally," its chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani told shareholders.

QIB, which has maintained and strengthened its leadership in the Qatari banking sector, reported a 16% year-on-year growth in net profit to QR3.56bn in 2021.

Total assets increased by 11.2% year-on-year to QR193.9bn in 2021. Customer deposits grew 11% to QR131.1bn. Total income amounted to QR8.1bn, showing a growth of 2.2% over the previous year.

Moreover, the bank was able to maintain the ratio of non-performing financing assets to total financing assets at around 1.4%, one of the lowest in the banking industry. It also continued to pursue a conservative impairment policy, with coverage ratio of the non-performing financing assets reaching 95% as of the end of 2021, in line with the Qatar Central Bank’s (QCB) directives.

Sheikh Jassim