QIB Profit reached QR 291 mn in 1Q2013
Qatar Islamic Bank ( QIB ), the leader in Islamic banking s, has announced the first quarter 2013 results. Total Assets of the bank has increased by 16.6% compared to first quarter 2012 and now stands at QAR 68.8 billion. Financing activities continues to be the major growth driver and have now reached QAR 37.8 billion representing 18.6% growth since the first quarter 2012.
Customer Deposits of the bank have registered a strong growth of 33.9% compared to first quarter 2012 and now stand at QAR 40.5 billion, reflecting customers’ confidence and well-balanced financial position.
Total income for the first quarter 2013 was QAR 724 million representing a growth of 12% compared to last quarter of 2012. Income from Financing and Investing activities in the first quarter 2013 has reached QAR 662 million registering a 2% growth compared to same period last year and 15% growth compared to last quarter of 2012. However, Fee and Commission income were lower compared to first quarter of 2012 which included certain non-recurring items.
Total Expenses of the Bank were contained to QAR 233 million in first quarter of 2013 representing a reduction of 11% compared to last quarter of 2012 and increase of 5% compared to first quarter 2012.
The Bank allocated QAR 96 million in the first quarter 2013 towards improving the provision coverage on financial investments and financing activities compared to QAR 85 million in the same period previous year.
Total Shareholders’ Equity of the bank reached QAR 10.9 billion at the end of the first quarter 2013, helping it to maintain its healthy capital adequacy ratios.
His Excellency, Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani, QIB Chairman, commented “The Bank is building on its long term strategy to create a strong banking group with local and international presence which meets the expectations of its shareholders, customers and strategic partners. QIB continues to add new products and services together with investing in its infrastructure to have the right foundation for future growth.” added Sheikh Jassim.
During the first quarter 2013, Standard & Poor's have affirmed its 'A-' long-term and 'A-2' short-term counterparty credit ratings to QIB with a stable outlook rating on the long-term. Similarly Capital Intelligence (CI) has affirmed the bank's Financial Strength Rating (FSR) of 'A', which reflects the Bank's strong Islamic banking franchise, evidenced by substantial growth in financings and customer deposits, and the Bank's strong capitalization.