QIB net profit up 12.9% to QR2.850bn for nine months – The Peninsula

QIB net profit up 12.9% to QR2.850bn for nine months – The Peninsula

Doha: Qatar Islamic Bank (QIB) has announced the results for the nine months’ period ended September 30, 2022. Net Profit attributable to the Shareholders of the Bank amounted to QR2.850bn for the nine months’ period ended September 30, 2022, representing a growth of 12.9 percent over the same period in 2021.

Total Assets of the Bank stood at QR184bn. While Customer Deposits reached QR123bn.

Total Income for the nine months’ period ended September 30, 2022 was QR6.523bn registering a growth of 6.5 percent compared to QR6.124bn for the same period in 2021. Income from financing and investing activities registered a growth of 7.6 percent to reach QR5.736bn for the nine months’ period ended September 30, 2022 compared to QR5.330bn for the same period of 2021.

Total Operating Expenses for the nine months’ period ended September 30, 2022 was QR826m with strong operating income generation and cost containment enabling the Bank to further improve its efficiencies and bringing down the cost to income ratio to 17.2 percent from 17.5 percent for the same period in 2021, which is the lowest in the Qatari Banking sector.

QIB was able to maintain the ratio of non-performing financing assets to total financing assets at 1.5 percent, around the