Qatar Islamic Bank “Al Masraf” announced the results for the three-month period ending on March 31, 2023, as it achieved a net profit of 905 million Qatari riyals for the first quarter of 2023, an increase of 5.9% compared to the first quarter of 2022.
The total assets of the bank amounted to 178 billion Qatari riyals. The total financing assets amounted to 118 billion Qatari riyals. Customer deposits amounted to 118 billion Qatari riyals.
The total income for the three-month period ending on March 31, 2023 amounted to QR 2,507 million. compared to 2,117 million QR. 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 QR. At the end of the first quarter of 2023, compared to 1,857 million QR. for the same period in 2022.
Total operating expenses amounted to QR 285 million for the three-month period ended March 31, 2023. Through effective cost containment, the Bank managed to maintain the cost-to-income ratio at 18.8% for the three-month period ended March 31, 2023, which remains 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 provisions by building a precautionary provision for impairment on financing assets amounting to 317 million Qatari riyals for the period ending on March 31, 2023, while maintaining a good percentage to cover non-performing financing assets at 95.5% as of March 31, 2023 compared to 95%. At the end of March 2022.
The total shareholders’ equity amounted to 22.7 billion QR. The total capital adequacy ratio reached 19.6% as at the end of March 2023 in accordance with the requirements of Basel III, higher than the minimum supervisory ratio specified by the Qatar Central Bank and the decisions of the Basel Committee.
