QIB profit grows 14% to reach QR855m in Q1 – The Peninsula

QIB profit grows 14% to reach QR855m in Q1 – The Peninsula

Doha: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the three months’ period ended 31 March 2022.

Qatar Islamic Bank’s (QIB), Qatar’s leading Islamic Bank, net profit attributable to the shareholders of the bank amounted to QR855m for the three months’ period ended 31 March 2022, representing a growth of 14 percent over the same period in 2021.

Total assets of the bank has increased by 6.8 percent compared to March 2021 and now stand at QR193bn driven by the continued growth in the financing and investing activities.

Financing assets reached QR127bn having grown by 1.6 percent compared to March 2021 while Customer Deposits now stand at QR123bn.

Total Income for the three months’ period ended 31 March 2022 was QR2,117m with Income from financing and investing activities registering a growth of 5.6 percent to reach QR1,857m for the first quarter of 2022 compared to QR1,758m for the same period in 2021. The Bank was also able to achieve reduction in cost of funding (profit paid to Sukuk and Unrestricted Investment Account holders) enabling growth in the Net Operating Income.

Total Operating Expenses for the three months’ period ended 31 March 2022 was QR270m, maintained around the same levels for