QIB profit jumps 12.9% y-o-y to QR2.85bn in January-September

QIB profit jumps 12.9% y-o-y to QR2.85bn in January-September

Doha

Qatar Islamic Bank (QIB) has reported a 12.9% year-on-year growth in net profit to QR2.85bn during January-September 2022.

Total assets amounted to QR184bn, while deposits were at QR123bn during the first nine months of this year.

Total income grew 6.5% on annualised basis to QR6.52bn at the end of September 30, 2022.

Income from financing and investing activities grew 7.6% to QR5.74bn during the first nine months of this year.

Total operating expenses stood at QR826mn 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% in 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%, around the same levels as on September 30, 2021 and one of the lowest in the industry, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework.

QIB continues to pursue the conservative impairment policy by building precautionary impairment charge on financing assets for QR1.11bn during January-September 2022.

The bank continued to maintain a healthy coverage ratio for non-performing financing assets at 95.2%.

Total shareholders’