Qatar Islamic Bank (QIB) said Tuesday its net profit for the first quarter of 2023 jumped 5.8% year-on-year, driven by higher income from its financing and investing activities.
Net profits attributable to QIB shareholders rose to $248.7 million (QAR 905.3 million) for the three months ended March 31, compared to $234.9 million (QAR 855.1 million) a year earlier, according to its latest financial report.
Earnings per share (EPS) stood at $0.1 (QAR 0.38) for the quarter versus $0.09 (QAR 0.36) from the same period last year.
QIB's income from its financing and investing activities surged by a whopping 21.6% year-on-year to $620.4 million (QAR 2.3 billion).
Total income for the quarter also jumped 18.4% year-on-year to $688.6 million (QAR 2.5 billion), thanks to higher income generated from financing and investing activities, while total expenses for the same period edged down 0.75% to $104.5 million (QAR 380.5 million), bringing QIB’s cost-to-income ratio to 15.5%.
The bank's total assets depleted by 8% year-on-year compared to the same period last year and stood at $49 billion (QAR 178.2 billion) by the end of the quarter.
QIB is Qatar’s first and largest Islamic bank, accounting for about 42.3% of the Gulf country’s Islamic banking sector and 11% of its domestic banking sector, according to its website.
Sovereign wealth fund Qatar Investment Authority is QIB’s biggest shareholder, with a 17.2% stake, followed by Qatar’s former prime minister and billionaire Sheikh Hamad bin Jassim bin Jaber Al Thani with 4.57% shareholding through his investment firm AL-Mirqab Capital. Forbes estimates Al Thani's net worth to be $1.2 billion as of April 12, 2023.
The bank ranked among the Middle East’s top banks this year, landing 12th on Forbes Middle East’s 50 Most Valuable Banks 2023 list, in addition to ranking 25th on Forbes Middle East's Top 100 Listed Companies list last year.
$12 billion (QAR 43.5 billion). That’s the market capitalization of QIB as of April 12, 2023. Shares of the bank edged down 0.75% to $5 (QR 18.5) as of 12:00 pm GST Wednesday.
