• Total Assets reach QAR 192.3 Billion

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced the results for the six months’ period ended 30 June 2024. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,065 Million for the six months’ period ended 30 June 2024 representing a growth of 5.6% over the same period in 2023.

Basic earnings per share for the six months period ended 30 June 2024 is QAR 0.87 compared to QAR 0.83 for the six months period ended 30 June 2023. 

QIB Board of Directors have authorized the distribution of interim cash dividend to shareholders of QAR 0.25 per share i.e. 25% of the nominal share value payable to eligible shareholders as at the close of trading on 25 July 2024.

Total Assets of the Bank as at 30 June 2024 stands at QAR 192.3 Billion representing a growth of 1.7% compared to QAR 189.2 Billion as at 31 December 2023 and up by 4.9% compared to 30 June 2023. Financing and investing activities were the primary drivers for the asset growth. Financing assets as at 30 June 2024 reached QAR 126.9 Billion, having grown by 3.7% compared to December 2023 and up by 6.1% compared to June 2023. Investment Securities reached QAR 49.3 Billion as at 30 June 2024, up by 2.7% against December 2023 and a growth of 3.1% compared to June 2023. Customer Deposits stand at QAR 122.7 Billion as at 30 June 2024 registering a growth of 1.6% compared to December 2023 and up by 5% compared to June 2023. Finance to Deposit Ratio of the Bank was 103% as at 30 June 2024, which is one of the lowest among its peer banks in Qatar reflecting the Bank’s strong and stable liquidity position.

Total Income for the six months’ period ended 30 June 2024 was QAR 5,662 Million compared to QAR 5,038 Million for the same period in 2023 registering a strong growth of 12.4%. Net income from financing and investing activities registered a robust growth of 13.5% to reach QAR 5,179 Million for the six months’ ended 30 June 2024 compared to QAR 4,563 Million for the same period in 2023.   

Total Operating Expenses for the six months’ period ended 30 June 2024 was QAR 571 Million. Efficient cost containment enabled the Bank to bring down the cost to income ratio to 17.7% maintaining the same level for same period of last year, which continues to be the lowest in the Qatari Banking sector.

QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.7%, one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment policy by building precautionary impairment charge on financing assets for QAR 565 Million for the six months’ period ended 30 June 2024 and maintaining a healthy coverage ratio for non-performing financing assets at 95% as at 30 June 2024.

Total Shareholders’ Equity of the Bank as at 30 June 2024 stands at QAR 25.7 Billion representing a growth of 1.3% compared to QAR 25.4 Billion as at 31 December 2023 and up by 9.2% compared to 30 June 2023. Total Capital adequacy of the Bank as per the new guidelines of QCB is 20.7% as at 30 June 2024, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.   

In April 2024, Fitch Ratings upgraded QIB credit rating to ‘A’ with a stable outlook, which was reaffirmed in July 2024. In June 2024 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook. In April 2024, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term rating to ‘AA-’ with a stable outlook.

In the first half of 2024, QIB received numerous local, regional, and global awards, underscoring its innovation and excellence in the financial sector, in line with Qatar National Vision 2030 and QCB’s Third Financial Sector Strategic Plan.

Among the most prestigious recognitions were three global awards: The Banker awarded QIB for Excellence in Islamic Digital Banking, and Global Finance recognized the newly launched QIB Lite App as the Best App to Encourage Financial Inclusion. Furthermore, at the Asian Banker Global Excellence in Retail Finance Awards 2024, QIB was honored as the World’s Best Islamic Retail Bank.

Global Finance also named QIB the Best Bank in Qatar for the second consecutive year. The Bank received four distinguished awards from Euromoney, including Best Digital Bank, Best Domestic Islamic Bank, Best Bank for Corporate Responsibility, and Best Bank for SME in Qatar.

Additionally, The Banker’s Top 1000 World Banks 2024 acclaimed QIB as the Best Performing Bank in Qatar, maintaining its strong performance by retaining the 2nd position for Tier One Capital and Total Assets in Qatar, while achieving the top rank for Capital Assets Ratio and Return on Assets. QIB was also featured in the Middle East’s Forbes Top 100 Listed Companies 2024, ranking 2nd in Qatar and 29th across all listed companies in the Middle East.

QIB received the Best Islamic Retail Bank in Qatar awards by The Asian Banker, and at The Asset Triple A Digital Awards 2024, it was named Digital Bank of the Year in Qatar for the fourth consecutive year, along with Best Retail Mobile Banking Experience and Best Mobile Banking Application in Qatar. QIB also received the Financial Inclusion award in the Middle East and was honored as the Best Islamic Bank in Qatar for the seventh consecutive year By EMEA Finance. These accolades further strengthen QIB's position as a leading Islamic financial institution in Qatar.