Doha: Qatar Islamic Bank (QIB) disclosed a net profit of QR975.1m for the nine months period ending September 30, 2013 compared to a net profit of QR1.1bn for the corresponding period last year.
The bank’s total assets reached QR73bn during the first nine months of 2013, up 8.5 percent compared to the same period in 2012. The bank’s financing activities have strongly rebounded in the third quarter to reach QR43.4bn with a 4.9 percent growth compared to June 2013 and 13.7 percent compared to September 2012.
The banks’ earnings per share (EPS) amounted to QR4.13 for the period as against QR4.79 for the corresponding period in 2012 .
Customer deposits of the bank have moved up to QR45.6bn registering a strong growth of 14.1 percent compared to September 2012 allowing the bank to effectively fund its asset growth.
Net profit attributable to the shareholders amounted to QR345m for the third quarter of 2013 representing a growth of 2 percent over the second quarter of 2013. Total income for the third quarter grew by 7.4 percent compared to the second quarter of 2013 and reached QR2.31bn for the nine months ending September 2013.
Total shareholders’ equity of the bank reached QR11.5bn by the end of the third quarter 2013, helping it to maintain its healthy capital adequacy ratios.
QIB was able to manage the ratio of non-performing financing assets to gross financing assets at 1.1 percent, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework.
The bank continued to pursue the conservative impairment policy with the coverage ratio for non-performing financing assets reaching 111 percent as of September 2013.
During the current year, Fitch has affirmed the bank’s long term issuer default rating (IDR) of ‘A’ with a stable outlook.
Similarly Standard & Poor’s rating services have also maintained QIB’s counterparty credit rating at “A-“ with a stable outlook which reflects the strong position in Qatar’s rapidly expanding Islamic banking market, favourable operating environment and strong capitalisation.
QIB’s dominant role in Islamic banking has been recognised through number of accolades that it has received as the Best Islamic Bank in Qatar from The Banker, Islamic Finance News (IFN), Euromoney, The Asset Magazine, World Finance and “Global Finance”, the bank said in a statement yesterday.