Qatar Islamic Bank (QIB) said its Q1 2024 net profit surged by 5.5% to QAR 955 million compared to the same period a year ago.
The bank’s total assets in the first three months of 2024 rose by 1.5% to QAR 192 billion compared to QAR 189 billion as of December 31 2023 and up by 7.7% compared to March 31, 2023. QIB attributed financing and investing activities as primary drivers for asset growth.
Financing assets as of March 31 2024 reached QAR 124.7 billion, having grown by 1.9% compared to December 2023 and up by 6% compared to March 2023. Investment securities reached QAR 48.8 billion as of March 31 2024 up by 1.5% against December 2023 and a growth of 7.8% compared to March 2023.
Customer Deposits stand at QAR 123 billion as of March 31, 2024, registering a growth of 1.8% compared to December 2023 and up by 4.4% compared to March 2023.
The financing-to-deposit ratio was 97% as of March 31, 2024, compared to the Qatar Central Bank’s maximum requirement of 100%, reflecting the bank’s strong liquidity position.
Total income for the first three months of the year was QAR 2.81 billion compared to QAR 2.41 billion for the same period in 2023 registering a strong growth of 17%.
Net income from financing and investing activities registered a robust growth of 19% to reach QAR 2.58 billion in Q1 2024 compared to QAR 2.16 billion for the same period in 2023.
Total operating expenses for Q1 2024 stood at QAR 287 million. Efficient cost containment enabled the bank to bring down the cost-to-income ratio to 17.8% from 18.8% for the same period of last year, which continues to be the lowest in the Qatari banking sector.
QIB continues to pursue the conservative impairment policy by building precautionary impairment charges on financing assets for QAR 365 million for the three months ended March 31, 2024.
