QIB nine-month net profit rises 13.9% to QR2.52bn

QIB nine-month net profit rises 13.9% to QR2.52bn

The bank’s total assets stood at QR186bn, up 6.7% on December and 9.4% compared to September 2020

QIB posted a net profit of QR2.52bn in nine months up to September, up 13.9% over the same period in 2020.

The bank’s total assets stood at QR186bn, up 6.7% on December and 9.4% compared to September 2020, driven by the continued growth in the financing and investing activities.

Financing activities have now reached QR127bn, having grown by 6.7% compared to December and a growth of 12.3% compared to September 2020.

QIB’s customer deposits now stand at QR129bn, higher by 9% compared to December 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% at the end of December 2020.

Total income for the nine months’ period that ended in September this year was QR6.12bn compared to QR5.96bn for the same period in 2020 registering a growth of 2.7%.

Income from financing and investing activities was QR5.33bn, marginally below same period last year on account of lower market interest rates.

Total operating expenses for the nine months’ period that ended in September decreased to QR797mn from QR822mn for the same