QIB profit up 19% to QR400m

Qatar Islamic Bank (QIB) net profit for the first quarter ending March 31 has increased by 19% to QR 400 Million compared to the same period in 2014.

Total assets also increased 19% compared to the previous year tot QR 99 Billion.

Financing increased 31% to QR 65 Billion with growth of QR 15 Billion.

Customer deposits grew 21% compared to QR 71 Billion compared to 2014, giving QIB a financing to deposit ratio of 91%.

Total shareholders’ equity reached QR 12 Billion, up 6%. Total income for first quarter reached QR 950 Million, up 13% compared to QR 840 Million in Q1 2014.

Income from financing and investments grew 12% to QR 817 Million compared to QR 728 Million in Q1 2014. Net fee and commission income grew 17% to QR 100 Million.

QIB further improved the ratio of non-performing financing assets to gross financing assets to around 1%, one of the lowest in the industry.

In March 2015, Ratings agency Fitch upgraded QIB Long Term IDR to 'A+' from the previously held 'A' with a stable outlook.

Capital Intelligence (CI) rated QIB's Financial Strength Rating (FSR) 'A', with ‘Stable’ Outlook for improvement in financing asset quality and stabilised Return on Average Assets.

Standard & Poor’s Rating Services rated QIB’s Counterparty Credit Rating at 'A-'with a stable outlook, the bank said.