Qatar Islamic Bank (QIB) net profit for the first quarter ending March 31 has increased by 19% to QR 400 Million compared to the same period in 2014.
Total assets also increased 19% compared to the previous year tot QR 99 Billion.
Financing increased 31% to QR 65 Billion with growth of QR 15 Billion.
Customer deposits grew 21% compared to QR 71 Billion compared to 2014, giving QIB a financing to deposit ratio of 91%.
Total shareholders’ equity reached QR 12 Billion, up 6%. Total income for first quarter reached QR 950 Million, up 13% compared to QR 840 Million in Q1 2014.
Income from financing and investments grew 12% to QR 817 Million compared to QR 728 Million in Q1 2014. Net fee and commission income grew 17% to QR 100 Million.
QIB further improved the ratio of non-performing financing assets to gross financing assets to around 1%, one of the lowest in the industry.
In March 2015, Ratings agency Fitch upgraded QIB Long Term IDR to 'A+' from the previously held 'A' with a stable outlook.
Capital Intelligence (CI) rated QIB's Financial Strength Rating (FSR) 'A', with ‘Stable’ Outlook for improvement in financing asset quality and stabilised Return on Average Assets.
Standard & Poor’s Rating Services rated QIB’s Counterparty Credit Rating at 'A-'with a stable outlook, the bank said.