QIB Press
Digital Desk
May 26, 2013 | 8 Minutes
Qatar Islamic Bank (QIB) – the leading Islamic bank in Qatar – has received an ‘A’ rating (indicating a ‘stable outlook’) for its long-term Issuer Default Rating (IDR) from internationally-renowned ratings agency Fitch and a Viability Rating (VR) of ‘bbb’.
This reflects a healthy capitalisation, steady core earnings, and a solid stock of liquid assets, its leading Islamic franchise and the Bank’s management, in what remain uncertain economic conditions worldwide. Fitch’s view reflects QIB’s firm position in the banking sector.
The Bank’s VR reflects its steady earnings, strong asset quality ratios, and solid stock of liquid assets. QIB’s core earnings showed solid growth over the last 12 months, with total income for the first quarter of this year standing at QAR 724 million, representing a growth of 12% compared to the first quarter of 2012. Total assets of the Bank increased by 16.6% compared to end of first quarter of 2012 and now stand at QAR 68.8 billion. Financing activities continued to be the major growth driver and have now reached QAR 37.8 billion, representing 18.6% growth over Q1 2012.