Qatar Islamic Bank (the Bank) announced the results of the nine-month period ending on September 30, 2024, as it achieved net profits worth 3,265 million riyals for the nine-month period ending on September 30, 2024, with a growth rate of 6.9% compared to the same period in 2023.
Basic earnings per share amounted to 1.38 Qatari riyals for the nine-month period ending on September 30, 2024, compared to 1.29 Qatari riyals for the nine-month period ending on September 30, 2023.
Total assets are 197.5 billion riyals
The bank’s total assets amounted to 197.5 billion riyals, a growth rate of 4.4% compared to 189.2 billion riyals on December 31, 2023, and a growth of 5.7% compared to September 30, 2023. Financing and investment activities were the main driver of asset growth, as financing assets amounted to 127.7 billion Qatari riyals on 30 December 2023. September 2024, achieving a growth of 4.4% compared to December 2023 and a growth of 4.9% compared to September 2023. Financial investments also amounted to 50.3 billion Qatari riyals as of September 30, 2024, a growth rate of 4.8% compared to December 2023 and a growth of 6.1% compared to September 2023. Customer deposits amounted to 126.4 billion riyals as of September 30, 2024, recording a growth of 4.6% compared to December 2023 and a growth of 4.0% compared to September 2023. The financing to deposit ratio also reached 101% as of September 30, 2024, which is considered one of the lowest rates among banks. Its counterpart in Qatar reflects the strong and stable liquidity position of the bank.
Total income for the nine-month period ending on September 30, 2024 amounted to QAR 8,640 million. Compared to 7,820 million QAR. For the same period in 2023, recording a strong growth of 10.5%, as net revenues from financing and investment activities achieved a strong growth of 11.8% to reach 7,927 million QAR. For the nine-month period ending September 30, 2024, compared to QAR 7,090 million. For the same period in 2023.
Establishing impairment allowances
Total operating expenses amounted to 854 million Qatari riyals for the nine-month period ending on September 30, 2024. By efficiently containing costs, the bank was able to maintain the cost-to-income ratio at 17.3%, which is the same level as it was last year and this ratio is still the lowest in Qatari banking sector.
The bank was also able to maintain the percentage of non-performing financing out of total financing at 1.7%, which is considered one of the lowest rates in the banking sector, which reflects the quality of the bank’s financing portfolio and the effective risk management framework. The bank continues to follow its conservative policy of creating impairment provisions by creating total precautionary provisions worth QAR 807 million for the nine-month period ending September 30, 2024, while maintaining a good coverage ratio for non-performing financing assets at 95% as of September 30, 2024.
Total shareholders’ equity amounted to 26.3 billion QAR. As of September 30, 2024, a growth rate of 3.7% compared to QAR 25.4 billion. on December 31, 2023 and a growth of 7.1% compared to September 30, 2023. The total capital adequacy ratio reached 21.3% as on September 30, 2024 in accordance with the new instructions from the Qatar Central Bank and is higher than the supervisory requirements for the minimum ratio specified by the Qatar Central Bank and the decisions of the Qatar Central Bank. Basel.
It is worth noting that in July 2024, the international credit rating agency “Fitch” confirmed the bank’s credit rating at “A” with a stable outlook. In June 2024, Moody’s Investors Service (Moody’s) confirmed the bank’s long-term deposit rating at “A1” with a stable outlook. In April 2024, Capital Intelligence (CI) confirmed the bank’s long-term rating (LTCR) to “AA-” with a stable outlook.