(The Group’s Comments) QIIB Net Profit Climbs to QR 266.1 Million in Q1 2019

April 22, 2019

Profits: Qatar International Islamic Bank’s (QIIB) net profit increased by 5% in the first quarter of 2019 to reach QR 266.1 million, compared to QR 253.2 million for the same period in 2018, with earnings per share of QR 1.76 in the period ended 31/3/2019, versus QR 1.67 for the corresponding period of 2018.

Gross Income: rose to QR 558.1 million in the first quarter of 2019, an increase of 8.6% compared to QR 514.0 million for the first quarter of 2018. This improvement in income resulted from a significant increase in financing and investment income that amounted to QR 536.2 million, compared to QR 477.4 million for the same quarter of 2018. It should be noted that the Bank recorded a loss of QR 19.2 million from the results of its associates.

Expenditures: amounted to QR 149.0 million by the end of the first quarter of 2019, compared to QR122.2 million for the first quarter of 2018. These were calculated before the expected losses of the value of loans and financial investments which amounted to QR 842,000 thousand at the end of the period due to a drop in a securities investment amounted to QR 8.26 million, versus a loss of QR 5.1 million for the corresponding period of 2018.

Financing Assets: amounted to QR 31.03 billion in the first quarter of 2019, an increase of 10.8%, compared to QR 28.0 billion at the end of 2018. Most of this increase came from Murabaha and bargaining which increased by QR 2.73 billion. Irregular financing assets accounted for 1.97% of total assets.

Assets: Loans and advances decreased by 1% in the first quarter of 2019, compared to the end of 2018. In contrast, deposits increased by 14% to QR 81.6 billion compared to QR 71.3 billion at the end of the year, which led to an improvement in the ratio of loans to deposits of 104.4% compared to 117.4% by the end of the year 2018.