QIB net profit jumps 16% y-o-y to QR3.56bn in 2021

QIB net profit jumps 16% y-o-y to QR3.56bn in 2021

Qatar Islamic Bank (QIB) has reported a 16% year-on-year jump in net profit to QR3.56bn in 2021.

The board has proposed a dividend of QR0.575 per share, i.e. 57.5% of the nominal share value, subject to the approval of the Qatar Central Bank (QCB) and QIB’s general assembly.

The bank's basic earnings-per-share was QR1.42 compared to QR1.21 in 2020.

"QIB managed to maintain and strengthen its leadership in the Qatari banking sector and continued to be the largest Islamic Bank and the largest private bank in Qatar ... The performance of the bank in terms of growth, portfolio and profitability is a result of the focused execution of our business strategy over the past few years," said Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, QIB chairman.

Total assets shot up 11.2% to QR194bn, driven by the growth in the finance and investments. Financing registered a strong annual growth of 7.8% to QR128bn. Investments grew sharply by 33.5% to QR44bn.

Customer deposits registered a robust 11% growth to QR131bn. The bank’s strong asset liability management capabilities enabled it to "significantly" improve the financing-to-deposit ratio to 98% in 2021 against 101% in 2020, reflecting its strong liquidity position.

Total income stood at QR8.1bn, registering