Qatar Islamic Bank “Al Masraf” announced the results for the three-month period ending on March 31, 2023, as it achieved net profits of 905 million riyals for the first quarter of 2023, an increase of 5.9% compared to the first quarter of 2022.
The bank’s total assets amounted to 178 billion riyals. The total financing assets amounted to 118 billion riyals. Customer deposits amounted to 118 billion riyals.
The total income for the three-month period ending on March 31, 2023 amounted to 2,507 million riyals, compared to 2,117 million for the same period in 2022, recording a strong growth of 18.4%, as revenues from financing and investment activities achieved a strong growth of 21.6% to reach 2,259 million riyals. At the end of the first quarter of 2023, compared to 1,857 million riyals for the same period in 2022.
Total operating expenses amounted to 285 million riyals for the three-month period ending March 31, 2023. The bank, through effective cost containment, was able to maintain the cost-to-income ratio at 18.8% for the three-month period ending March 31, 2023, which is still the lowest in the banking sector.
The bank was also able to maintain the non-performing financing ratio out of the total financing at 1.6%, which is considered one of the lowest rates in the banking field, which reflects the quality of the bank’s financing portfolio and the effective risk management framework.
The bank continues to follow its conservative policy of creating impairment allowances by building a precautionary allowance for impairment on financing assets amounting to 317 million riyals for the period ending on March 31, 2023, while maintaining a good percentage to cover non-performing financing assets at 95.5% as on March 31, 2023 compared to 95% in March 2023. End of March 2022.
The total shareholders’ equity amounted to 22.7 billion riyals, and the total capital adequacy ratio reached 19.6% as of the end of March 2023 in accordance with the requirements of Basel 3, higher than the minimum supervisory ratio specified by the Qatar Central Bank and the decisions of the Basel Committee.
It should be noted that in April 2023, the global credit rating agency Fitch affirmed the bank’s credit rating at “A-” and raised the bank’s outlook from stable to positive. In November 2022, Moody’s Investors Service (Moody’s) affirmed the bank’s long-term deposit rating at “A1” with a stable outlook. In February 2023, Capital Intelligence (CI) upgraded the bank’s long-term rating (LTCR) to “AA-” with a stable outlook.
In the first quarter of 2023, the bank received 12 awards and honors from international financial magazines, in recognition of its results and dedication to innovation, developing digital services and improving customer service. These awards reflect the bank’s success in building and strengthening relationships with customers, as well as excellence in providing innovative products and services.
The bank won two awards for “Best Bank in Qatar” and “Best Islamic Financial Institution in Qatar” as part of the Global Finance Magazine Awards for Financial Institutions for the year 2023. The bank also won three awards from IFN Islamic Finance News magazine, namely “Best Islamic Bank in Qatar.” and “Most Innovative Bank in Qatar” and “Best Retail Bank in Qatar”. In addition, the bank won awards for “Most Innovative Bank in the Middle East”, “Best Product Launch in the Middle East” and “Best Islamic Bank in Qatar” from EMEA Finance magazine. In recognition of its excellence in digital banking services, The Asset magazine awarded the bank awards for “Best Digital Bank”, “Best Retail Mobile Banking Experience”, “Best Internet Banking Experience” and “Best Mobile Banking Application”. Within the Digital Awards Ceremony for the year 2023.
