Qatar Islamic Bank (QIB) posted a net profit of 1,815 million QR in the six months of 2022, an increase of 13.8% compared to the same period in 2021.
The total assets of the bank increased by 4.8% compared to June 2021 and now reach 193 billion QR, driven by the growth of investment activities. Customer deposits are now up 3.2% to 129 billion QR compared to June 2021.
Total revenue for the first half of 2022 was 4,284 million QR, 4.2% higher than the same period of 4,112 million QR in 2021. Revenues from finance and investment activities recorded growth of 6.1%, reaching 3.76 billion QR in the first half of 2022. Compared with QR3.543bn of the same period in 2021.
With a total operating expense of 540 million QR for the six months ended June 30, 2022, banks will further improve efficiency and ratio of cost to revenue at 17.5 by generating strong operating profit and controlling costs. Reduced from% to 16.8%. The same period in 2021 is the lowest in the Katari banking sector.
The QIB was able to maintain the ratio of bad financial assets to total financial assets at 1.5%, similar to the level as of June 30, 2021, reflecting the quality of the bank’s financial asset portfolio. Its an effective risk management framework.
QIB will continue to pursue a conservative impairment policy by building preventative impairment costs on financial assets in the first half of 2022. Banks continued to maintain a sound coverage of bad financial assets at 95%.
Total shareholders’ equity increased by 2.5% compared to December 2021 and increased by 11.8% compared to June 2021 to reach 21 billion QR. The total capital adequacy ratio of banks under the Basel III guidelines was 18.5% as of June 2022, which exceeds the minimum regulatory requirements. It is regulated by the Qatar Central Bank and the Basel Committee.
In May 2022, Moody’s Investors Service (Moody’s) confirmed the long-term deposit rating of “A1”. In March 2022, the Capital Intelligence Ratings (CI) confirmed that the bank’s long-term currency rating (LTCR) was “A +”. In May 2022, Standard & Poor’s (S & P) confirmed the bank’s credit rating as “A-“. In April 2022, Fitch Ratings confirmed the bank’s “A-” credit rating.
In the first half of 2022, QIB was an internationally recognized publication reflecting its strong financial performance, excellence in providing quality banking and financial services to retail and corporate customers, and the success of its digital transformation strategy. Received over 20 awards from things. ..
QIB recently received “Best Bank,” “Best Bank for Digital Solutions,” and “Best Bank for Islamic Finance in Qatar” from Euromoney Magazine. Banker Magazine, part of the Financial Times Group, recognizes QIB as “Bank of the Year in Qatar” and “Islamic Bank of the Year in the Middle East, Qatar and the United Kingdom” in recognition of QIB’s continued growth and strong performance. Did.
The bank was also awarded by MEED Magazine for “MENA Retail Bank of the Year,” “Best Retail Bank in Qatar,” “The Best App for the Customer Experience in the MENA Region,” and “Mobile Banking Excellence in the MENA Region.” .. In addition, QIB has received four prestigious awards from Global Finance for its ongoing efforts to meet the needs of individual customers, SMEs, and businesses.
Forbes recognizes the largest listed companies in the Middle East, ranking QIB 25th in the “Top 100 Middle East Listed Companies” and 3rd in Qatar, and QIB Group CEO Baselgamar has been named “Top 100 CEO”. .. In the Middle East 2022′. In addition, Gamal was recognized for his leadership and was ranked number one in the region as the “Top CEO” of Shariah-compliant banks at top CEO meetings and awards ceremonies.
In addition, QIB has received four awards from Asian Banker Magazine, “Best Retail Bank” and “Best SME Bank in Qatar”, and Digital Banker Magazine, and two more from Asset Magazine due to its continued commitment to digital banking services. Won two titles.
EMEA Finance has been awarded the QIB for two titles: “Best Islamic Bank of Qatar” and “Best Product Launch in the Middle East”. Islamic Finance News has recognized QIB as “The Best Islamic Bank of Qatar” for the third consecutive year.
http://www.gulf-times.com/story/721153/QIB-posts-QR1-815bn-net-profit-for-H1-2022-total-a QIB posted a net profit of 1,815 million QR in the first half of 2022.Total assets reach 193 billion QR