16 January 2023

QIB Profits Grow by 12.7 Percent in 2022

Local
  • QATAR

Doha, January 16 (QNA) - Qatar Islamic Bank (QIB), a Qatari public shareholding company, achieved net profits, the value of which, at the end of the fiscal year ending on Dec. 31, amounted to QR 4 billion and 5 million, an increase of 12.7 percent, over its profits in 2021, estimated at QR 3 billion and 555 million.

The bank stated that the return on the basic share amounted to QR 1.62 for the past fiscal year, compared to QR 1.42 in 2021, and that the board of directors proposed distributing QR 0.625 per share, or 62.5 percent of the nominal value of the share, as cash dividends to shareholders, after being approved by Qatar Central Bank and the general assembly of the bank's shareholders.

The total assets for the aforementioned period amounted to QR 184 billion, while financing assets amounted to QR 119.3 billion, and financial investments amounted to QR 45.8 billion in 2022.

The Board of Directors of Qatar Islamic Bank commented on these results, saying: "The results of the bank for the year 2022 reaffirm its solid foundations, and reflect the strength and stability of the banking sector in the State of Qatar, and the strength of the national economy in general." Last November, the international rating agency Moody's confirmed the bank's long-term deposit rating at "A1" level, and in Sept. 2022 the credit rating agency Fitch affirmed the bank's rating at the "A-" level, and in March 2022 the rating international agency Capital Intelligence rates the bank's financial strength at "A+". (QNA)



Keywords

Economy, Qatar
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