(The Group’s Comments) QIIB’s Net Profit Rises to QAR 510.6 Million in the First Half of 2019

 

July 18, 2019

 

Profits: increased by QAR 510.6 million in the first half of 2019, a growth of 5.5%, compared to QAR 484.0 million in the corresponding period of 2018. The bank’s earnings per share amounted to QAR 0.34 versus QAR 0.32. On another hand, the second quarter profits amounted to QAR 244.5 million, compared to QAR 230.8 million for the same quarter of 2018.

 

Gross Income: increased by 10.9% to QAR 1,145.7 million as a result of an increase of QAR 132.4 million or 13.9% in the net income of financing and investment activities, which compensated for the decrease of QAR 11.6 million in foreign exchange profits and for the investment losses in associates that amounted to QAR 18.34 million. These last mentioned losses were a result of QIIB’s investment in Umnia Bank in Morocco (owns about 40%).

 

Expenses: climbed by 30.4% to reach QAR 321.6 million, compared to QAR 246.5 million as a result of increased financing expenses.

 

During the first half, the bank reversed provisions of QAR 1.94 million and recorded revenues amounting to QAR 4.0 million. Provisions for impairment in financing and investments decreased by QAR 29 million, which had a positive impact on profits.

 

Financing Assets: amounted to QAR 31,425 million by the end of this half, a growth of 13%, compared to the same period of 2018, while the ratio of financing to deposits reached 90%. Regarding the quality of assets, the ratio of non-performing loans to total financing reached 1.92% compared to 2.18% for the corresponding half of 2018, and the ratio of allocations to non-regular debt stood at about 92%.