QIB posts profit of QAR 2,850mln for the nine months’ period ended 30 September 2022

QIB posts profit of QAR 2,850mln for the nine months’ period ended 30 September 2022

Qatar Islamic Bank (QIB) has announced the results for the nine months’ period ended 30 September 2022. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,850 Million for the nine months’ period ended 30 September 2022 representing a growth of 12.9% over the same period in 2021.

Total Assets of the Bank now stand at QAR 184 Billion. Customer Deposits of the Bank stand at QAR 123 Billion.

Total Income for the nine months’ period ended 30 September 2022 was QAR 6,523 Million registering a growth of 6.5% compared to QAR 6,124 Million for the same period in 2021. Income from financing and investing activities registered a growth of 7.6% to reach QAR 5,736 Million for the nine months’ period ended 30 September 2022 compared to QAR 5,330 Million for the same period of 2021.

Total Operating Expenses for the nine months’ period ended 30 September 2022 was QAR 826 Million 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% from 17.5% for the same period in 2021, which is the lowest in the Qatari Banking sector.

QIB was able to maintain the