Qatar Islamic Bank “Al Masraf” announced the results for the six-month period ending on June 30, 2023, as it achieved net profits of 1,955 million riyals for the six-month period ending on June 30, 2023, an increase of 7.7% compared to the same period in 2022.
The bank’s total assets amounted to 183 billion riyals. Total financing assets amounted to 120 billion Qatari riyals. Customer deposits amounted to 117 billion riyals.
Total income for the six-month period ending on June 30, 2023 amounted to 5,226 million riyals, compared to 4,284 million riyals for the same period in 2022, recording a strong growth of 22%.
Revenues from financing and investment activities achieved a strong growth of 26.3% to reach 4,750 million riyals for the six-month period ending on June 30, 2023, compared to 3,760 million for the same period in 2022.
Total operating expenses amounted to 549 million riyals for the six-month period ending on June 30, 2023. The bank, through effective cost containment, was able to maintain the cost-to-income ratio at 17.7% for the six-month period ending on June 30, 2023, which remains one of the lowest ratios in the world. Qatari 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 599 million riyals for the period ending on June 30, 2023, while maintaining a good percentage to cover non-performing financing assets at 95.7% as of June 30, 2023.
The total shareholders’ equity amounted to 23.6 billion riyals as of June 30, 2023. The total capital adequacy ratio reached 19.3% as of June 30, 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.
