QIB posts QR1.815bn net profit for H1 2022; total assets reach QR193bn

QIB posts QR1.815bn net profit for H1 2022; total assets reach QR193bn

Doha

Qatar Islamic Bank (QIB) posted a net profit of QR1.815bn for the six months of 2022, representing a growth of 13.8% over the same period in 2021.

Total assets of the bank increased by 4.8% compared to June 2021 and now stand at QR193bn, driven by growth in investing activities. Customer deposits now stand at QR129bn, higher by 3.2% compared to June 2021.

Total income for H1 2022 was QR4.284bn, registering a growth of 4.2% over QR4.112bn for the same period in 2021. Income from financing and investing activities registered a growth of 6.1% to reach QR3.76bn for the first half of 2022 compared to QR3.543bn for the same period of 2021.

Total operating expenses for the six-month period ended June 30, 2022 was QR540mn 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 16.8% from 17.5% 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%, similar to levels as of June 30, 2021, and one of the lowest in the industry,