Qatar Islamic Bank (QIB), the largest Islamic Bank in Qatar has announced the financial results for the nine months ended 30 September 2012. QIB has achieved a net profit of QR1.13bn up by 2% compared to same period last year. Total Assets of the bank increased by 26.7% compared to 30th September 2011 and now stands at QR66.8bn. Asset growth continues to be driven by financing activities that has now reached QR38.1bn having added QR11.3bn, representing a 42% growth since 30th September 2011. Customer Deposits of the bank have registered a strong growth of 50% since 30th September 2011 and now stand at QR39.9bn, reflecting a well-balanced financial position. Net Operating Income of QR2,455m for the third quarter of 2012 which is 20% higher than QR2,045m generated during the same period last year reflecting the strong growth in the Bank's core operating activities. This strong operating performance has enabled the Bank to strengthen its financial position by allocating QR298m towards improving the provision coverage on financial investments and financing activities. Impairment losses during the same period last year was QR73m. Total Equity of the bank reached QR11.3bn as at 30th September 2012, an increase of 4% compared to same period in 2011 helping it to maintain its healthy capital adequacy ratios. QIB's healthy capitalization and strong asset has enabled Fitch Ratings to affirmed QIB Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook. Standard & Poor's has also assigned counterparty credit ratings of 'A-' long-term and 'A-2' short-term, with a stable outlook on the long-term. QIB has established $1.5bn Sukuk programme and has priced first tranche of $750m 5 year Sukuk issued at par with a 2.5% semi-annual profit rate, representing the lowest profit rate ever achieved by any GCC financial institution. This highly successful issue received an overwhelming interest from regional as well as international investors with the final book reaching 6bn representing 8 times the subscription of the issue size. His Excellency, Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani, QIB Chairman, commented, " The Bank continues to show significant growth, stable and well diversified revenue streams and positive results." "The announcement of the financial results coincides with the Bank's success in launching the first tranche - $750m worth - of QIB's new Sukuk programme. This will enable the Bank to further contribute in Qatar's economic growth both at home and internationally," added Sheikh Jassim. Ameinfo
