• Total Assets of the bank now exceed QAR 200 Billion

Doha, Qatar – Qatar Islamic Bank (QIB) has announced the financial results of the fiscal year ended 31 December 2024. Net profit attributable to shareholders amounted to QAR 4,605 Million for the fiscal year 2024 compared to QAR 4,305 Million for the year 2023 marking an increase of 7% over last year.  

Basic earnings per share for the year 2024 is QAR 1.86 compared to QAR 1.73 for the year 2023.  QIB Board proposed additional cash dividend of 55% of the paid up share capital, i.e. QAR 0.55 per share taking the total cash dividend during the year to 80% of the paid up share capital, i.e. QAR 0.80 per share subject to the approval of Qatar Central Bank and QIB’s General Assembly.

Total Assets of the Bank now stands at QAR 200.8 Billion representing a growth of 6.1% compared to QAR 189.2 Billion as at 31 December 2023. Financing and investing activities were the primary drivers for the asset growth. Financing activities have now reached QAR 125.3 Billion having grown by 2.4% compared to December 2023 and Investment Securities reached QAR 53 Billion as at 31 December 2024 are up by 10.4% against December 2023. Customer Deposits stand at QAR 125 Billion as at 31 December 2024 are up by 3.4% against December 2023 with Financing to Deposit ratio of 94.5% as at 31 December 2024 compared to QCB maximum requirement of 100%, reflecting the Bank’s strong liquidity position.

Total Income for the year ended 31 December 2024 registered a strong growth of 9.4% to reach QAR 11.7 Billion compared to QAR 10.7 Billion for the year ended 31 December 2023. Net income from financing and investing activities registered a robust growth of 10% to reach QAR 10.7 Billion compared to QAR 9.7 Billion for the year ended 31 December 2023. Net fee and commission income at QAR 867.4 Million continued to reflect the Bank’s healthy core operating and banking services activities.

Total general and administrative expenses of the Bank was QAR 1.1 Billion for the year ended 31 December 2024, almost at the same level of last year. The Bank’s drive to improve the efficiency supported by strict cost management measures helped in bringing down the cost-to-income ratio by 10 bps from 17.1% in 2023 to 17.0% for 2024, which is the lowest in the Qatari Banking sector.

QIB was able to manage the ratio of non-performing financing assets to total financing assets around 1.86%, as at 31 December 2024 one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management framework. QIB continued to create precautionary impairment charge on financing assets for QAR 865.3 Million in the year ended 31 December 2024 and maintaining a healthy coverage ratio for non-performing financing assets at 95% as of 31 December 2024.

Total Shareholders’ Equity of the Bank reached QAR 27.2 Billion, an increase of 7% compared to QAR 25.4 Billion as at 31 December 2023. As of 31 December 2024 the Total Capital adequacy of the Bank under Basel III guidelines is 20.9%, well above the regulatory minimum requirements prescribed by Qatar Central Bank and Basel Committee.

Commenting on the 2024 end-of-year financial results, His Excellency Sheikh Jassim Bin Hamad Bin Jassim bin Jaber Al Thani, QIB Chairman stated: “As we close the year 2024, I am proud to reflect on QIB’s remarkable journey and the significant milestones we have achieved. Our financial performance this year is a testament to the bank’s solid strategy, innovative initiatives, and unwavering commitment to delivering exceptional value to our customers, shareholders, and the broader community. Beyond financial success, 2024 was marked by groundbreaking advancements in digital banking, steadfast dedication to environmental, social, and governance (ESG) principles, and robust partnerships within the corporate sector.”

 “At QIB, we prioritize our customers by placing their needs at the forefront of our operations. The past year, we strengthened our core businesses and expanded revenue streams with innovative products and services. Our focus on technology adoption, cost optimization, and customer-centricity has positioned us as one of the world's most efficient banks. We delivered strong ROA and ROE ratios, providing high returns to our shareholders and reinforcing our confidence in achieving future objectives. A balanced and diversified balance sheet remains a cornerstone of our strategy, enabling us to cater to all segments of the Qatari economy while upholding stringent risk management practices, including ESG integration. With one of the lowest non-performing financing assets ratios in Qatar and the region and a sharp increase in digital adoption, including 99% self-service transactions and significant contributions from digital sales, we are setting benchmarks in operational excellence.”

Sheikh Jassim continued: “These accomplishments reflect our unwavering focus on delivering sustainable growth, pioneering innovation, and fostering inclusivity and community development. As we look forward to 2025, we remain committed to building on this success, setting new benchmarks in Islamic banking, and continuing to serve as a trusted partner for our customers and the Qatari community.”

Sheikh Jassim concluded the Board meeting by expressing his profound gratitude to QIB’s shareholders and customers for their trust in the Bank, and his appreciation to the Board of Directors and all Bank employees for their dedication and continuous efforts towards achieving positive results and continuous improvements during this difficult period.

In July 2024, Fitch Ratings affirmed QIB credit rating at ‘A’ with a stable outlook. 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 2024, QIB received numerous prestigious awards for its innovation and excellence in the financial sector, further aligning with Qatar’s National Vision 2030 and Qatar Central Bank’s Financial Sector Strategic Plans.

Global Finance recognized QIB as the Best Bank in Qatar for the second consecutive year and Qatar’s safest Islamic bank in its annual Safest Islamic Bank rankings. QIB was also recognized for its digital banking services, earning accolades such as Best Mobile Banking App, Excellence in Islamic Digital Banking, Best Online User Experience, and Best Information Security and Fraud Management as well as Best App to Encourage Financial Inclusion for the QIB Lite App. These awards highlight QIB's commitment to leveraging technology to enhance customer experiences and promote financial inclusion.

Euromoney also honored QIB, including Best Digital Bank in Qatar, Best Bank for Corporate Responsibility in Qatar, and Best SME Bank in Qatar. These recognitions underscore the bank's dedication to supporting the broader community and fostering economic growth through small and medium enterprises.

QIB was named the Best Performing Bank in Qatar by The Banker’s Top 1000 World Banks 2024 and ranked among the top banks globally by Forbes Middle East. The bank's strong performance in terms of Tier One Capital, Total Assets, Capital Assets Ratio, and Return on Assets reflects its financial stability and operational excellence.

The Asian Banker Global Excellence in Retail Finance Awards 2024 recognized QIB as the World’s Best Islamic Retail Bank and Best Islamic Retail Bank in Qatar.

At The Asset Triple A Islamic Finance Awards 2024, QIB received several accolades, including Islamic Bank of the Year, Best Islamic Retail Bank, Best Islamic SME Bank, Best Islamic Digital Banking Solution, and Best Sukuk. While at The Asset Triple A Digital Awards 2024, QIB 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's Group CEO, Bassel Gamal, was recognized among the Top 100 CEOs in the Middle East by Forbes Middle East, reinforcing the bank's leadership in the industry. His recognition is a testament to the bank's strategic vision and effective management.

These accolades underscore QIB's commitment to excellence, innovation, and customer-centric banking, solidifying its status as a leading financial institution in Qatar and the region. The bank's achievements in 2024 reflect its ongoing efforts to align with Qatar’s strategic goals and deliver exceptional value to its customers and all stakeholders.