QIB YoY net profit up 23%
Qatar Islamic Bank’s (QIB) net profit for the first half financial period ended June 30 has increased 23% to QR 895 Million compared to the same period in 2014, according to the Qatar News Agency.
Total assets of the bank increased by 30% to QR 116 Billion while total income grew 17% to QR 1.8 Billion compared to H1 2014. Income from financing grew 19% to QR 1.8 Billion compared to QR 1.5 Billion in H1 2014. Net fee and commission income rose 10% to QR 210 Million.
Financing grew to QR 77 billion, up QR 17 billion in first half of 2015, a 41% growth compared to second quarter 2014. Customer deposits grew by QR 18 Billion to QR 85 Billion in H1 this year, up 38% over the previous year. Total income for the six-month period grew 17% to QR 2.1 Billion, compared to QR 1.8 Billion in H1 2014.
The bank maintained the ratio of non-performing financing assets to gross financing assets to around 1%, QIB said. Shareholders’ total equity of the bank grew 7% to QR 12 Billion compared to H1 2014.
QIB raised Basel III compliant Additional Tier 1 capital by issuing perpetual sukuk for QR 2 Billion. Capital Adequacy of the bank stands at 14.8% as per Basel III guidelines issued by Qatar Central Bank, the bank said. Global ratings agency Fitch’s April 2015 report upgraded QIB’s Long Term IDR to ‘A+’ from the previously held ‘A’ with a stable outlook.