DOHA: Qatar Islamic Bank’s (QIB) net profit reached QR291m for the first quarter of 2013. The bank’s total assets increased by 16.6 percent for the period compared to first quarter 2012 to QR68.8bn.
Financing activities continues to be the major growth driver and have now reached QR 37.8bn representing 18.6 percent growth since the first quarter 2012.
Customer deposits of the bank have registered a strong growth of 33.9 percent compared to first quarter 2012 to at QR40.5bn, reflecting customers’ confidence and well-balanced financial position.
Total income for the first quarter 2013 was QR724m representing a growth of 12 percent compared to last quarter of 2012. Income from financing and investing activities in the first quarter 2013 has reached QR662m registering a 2 percent growth compared to same period last year and 15 percent 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 QR233m in first quarter of 2013 representing a reduction of 11 percent compared to last quarter of 2012 and increase of 5 percent compared to first quarter 2012.
The bank allocated QR96m in the first quarter 2013 towards improving the provision coverage on financial investments and financing activities compared to QR85m in the same period previous year.
Total shareholders’ equity reached QR10.9bn at the end of the first quarter 2013, helping it to maintain its healthy capital adequacy ratios.
Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, QIB Chairman, said: “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.”
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 capitalisation.
The Peninsula
