QIB’s board of directors has authorised distribution of interim cash dividend to shareholders of QR0.25 per share
This represents a growth of 5.6% over the same period in 2023.
Basic earnings per share for the period stood at QR0.87 compared to QR0.83 for the six month-period that ended on June 30, 2023.
QIB’s board of directors has authorised the distribution of interim cash dividend to shareholders of QR0.25 per share, which is 25% of the nominal share value payable to eligible shareholders (as at the close of trading on July 25).
Total assets of the bank (as on June 30) stood at QR192.3bn, representing a growth of 1.7% compared to QR189.2bn (as on December 31, 2023) and up by 4.9% compared to June 30, 2023. Financing and investing activities were the primary drivers for the asset growth.
Financing assets (as on June 30) reached QR126.9bn, having grown by 3.7% compared to December 2023 and up by 6.1% compared to June 2023.
Investment Securities reached QR49.3bn (as on June 30), up by 2.7% against December 2023 and a growth of 3.1% compared to June 2023. Customer deposits stood at QR122.7bn (as on June 30) registering a growth of 1.6% compared to December 2023 and up by 5% compared to June 2023.
Finance to deposit ratio of the bank was 103% (as on June 30), which is one of the lowest among its peer banks in Qatar reflecting the QIB’s strong and stable liquidity position.
Total income for the six months’ period ended on June 30 was QR5,662mn compared to QR5,038mn for the same period in 2023, registering a strong growth of 12.4%.
Net income from financing and investing activities registered a robust growth of 13.5% to reach QR5,179mn for the six-months period that ended on June 30 compared to QR4,563mn for the same period in 2023.
Total operating expenses was QR571mn. Efficient cost containment enabled the bank to bring down the cost to income ratio to 17.7% maintaining the same level for same period of last year, which continues to be the lowest in the Qatari banking sector.
QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.7%, one of the lowest in the industry, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework.
QIB continues to pursue the conservative impairment policy by building precautionary impairment charge on financing assets for QR565mn for the six-month period that ended on June 30 and maintaining a healthy coverage ratio for non-performing financing assets at 95% (as on June 30).
Total shareholders’ equity of the bank (as on June 30) stood at QR25.7bn, representing a growth of 1.3% compared to QR25.4bn (as on December 31, 2023 and up by 9.2% compared to June 30, 2023.
Total capital adequacy of the bank as per the new guidelines of the Qatar Central Bank is 20.7% as at 30 June 2024, higher than the minimum regulatory requirements prescribed by the QCB as well as the Basel Committee.
In April this year, Fitch Ratings upgraded QIB’s credit rating to ‘A’ with a stable outlook, which was reaffirmed in July 2024.
In June, Moody’s Investors Service affirmed the long-term deposit ratings at ‘A1’ with a stable outlook.
In April, Capital Intelligence Ratings (CI) has affirmed the bank’s Long-term rating to ‘AA-’ with a stable outlook.
In the first half of 2024, QIB received numerous local, regional, and global awards, underscoring its innovation and excellence in the financial sector, in line with the Qatar National Vision 2030 and the QCB’s Third Financial Sector Strategic Plan.
