The Banking Executive Magazine - January 2023 Issue

QIB QIB PROFIT GROWS BY 12.7% TO REACH QAR 4,005MLN IN 2022 Qatar Islamic Bank (QIB) has an- nounced the financial results of the fiscal year 2022, ending 31st of De- cember. Net profit attributable to shareholders amounted to QAR 4,005 Million for the fiscal year 2022 compared to QAR 3,555 Million for the year 2021, thus marking an in- crease of 12.7% over last year with basic earnings per share of QAR 1.62 compared to QAR 1.42 as at 31 De- cember 2021. QIB Board of Directors proposed a dividend distribution to shareholders of QAR 0.625 per share i.e. 62.5% of the nominal share value, subject to approval of Qatar Central Bank and QIB’s General Assembly. Total Assets of the Bank now stands at QAR 184 Billion, with Financing assets at QAR 119.3 Billion and In- vestment Securities at QAR 45.8 Bil- lion as of 31 December 2022. Cus- tomer Deposits were QAR 122.4 Bil- lion as at 31 December 2022 with Financing to Deposit ratio of 95.1% as at 31 December 2022 compared to QCB maximum requirement of 100%, reflecting the Bank’s strong liquidity position. Total Income for the year ended 31 December 2022 reached QAR 9 Bil- lion registering a growth of 10.3% compared to QAR 8.1 Billion for the year ended 31 December 2021. In- come from financing and investing activities registered a healthy growth of 11.5% to reach QAR 8 Billion compared to QAR 7.1 Billion for the year ended 31 December 2021. In- come from financing activities has grown by 8.4% to reach QAR 6.5 Billion compared to QAR 6 Billion for the year ended 31 December 2021. Income from investing activi- ties registered a strong growth 28.2% to reach QAR 1.5 Billion compared to QAR 1.1 Billion for the year ended 31 December 2021. Also, Net fee and commission income has regis- tered a growth of 11.6% to reach QAR 810 Million compared to 726 Million for the year ended 31 De- cember 2021, reflecting positively on the Bank’s core operating and bank- ing services activities. Total general and administrative ex- penses of the Bank were QAR 1.1 Billion for the year ended 31 Decem- ber 2022 and were maintained at the same levels of last year. Bank’s drive to improve the efficiency supported by strict cost management measures helped in bringing down the cost-to- income ratio from 18.1% in 2021 to 17.4% for 2022, which is the lowest in the Qatari Banking sector. QIB was able to manage the ratio of non-performing financing assets to total financing assets around 1.5%, lower than the 1.8% as at 31 Decem- ber 2021 and one of the lowest in the industry, reflecting the quality of the Bank’s financing assets portfolio and its effective risk management frame- work. The Bank continued to create precautionary impairment charge on financing assets for QAR 1.2 Billion in the year ended 31 December 2022, due to the long term impact of the pandemic and continuing infla- tionary conditions on business seg- ments and geographies. QIB continues to pursue the conservative impairment policy maintaining a healthy 95.4% coverage ratio for non-performing financing assets as of 31 December 2022. Total Shareholders’ Equity of the the BANKING EXECUTIVE 26 ISSUE 169 JANUARY 2023