Qatar Islamic Bank Profit up 15% to QR 335 Million in Q1
Qatar Islamic Bank (QIB) net profit is up 15% to QR 335 Million for the three-month period ending March 31, the bank said. Total Assets of the bank have grown by 21% to QR 83 Billion compared to March 2013. Financing business increased significantly increased in the first quarter of 2014 to reach QR 49.2 Billion, a growth by 30% compared to March 2013 and 4% compared to December 2013. Customer deposits at the bank have moved up to QR 58.7 Billion, a strong growth of 45% compared to March 2013 and 17% compared to December 2013. This growth allows QIB to significantly improve its liquidity positions. QIB’s total income grew by 14% to QR 840 Million in the first quarter compared to the first quarter of 2013. Financing business income propelled QIB’s growth, an increase by 21% to QR 580 Million compared to the first quarter of 2013. Net commission and fees income also registered a strong growth of 57% to QR 85.6 Million compared to the first quarter of 2013. Total shareholders’ equity of the bank increased by 3.5% to reach QR 11.2 Billion by the end of the first quarter 2014. From the first quarter of 2014, QIB started implementing Qatar Central Bank (QCB) requirement of Basel III compliance to calculate Capital Adequacy Ratio (CAR). The ratio stood at 15.8% as at March 31, higher than the minimum regulatory requirement of 12.5% prescribed by the QCB.
Source : Qatar News Agency