Doha, April 17 (QNA) - Qatar Islamic Bank made a Net Profit of QR 955,144,000 in the Q1 of 2024, 5.5 percent up from QR 905,341,000 for the same period of the previous year.

The QIB's interim financial statement disclosed on the Qatar Stock Exchange website revealed that the Earnings per Share(EPS) amounted to QR 0.40 as of 31st March , 2024 versus QR 0.38 for the same period in 2023.

Total Assets of the Bank as at March 31, 2024 stands at QAR 192 billion representing a growth of 1.5 percent compared to QAR 189 billion as at Dec. 31, 2023 and up by 7.7 percent compared to March 31, 2023.

Financing and investing activities were the primary drivers for the asset growth. Financing assets as at March 31, 2024 reached QAR 124.7 billion, having grown by 1.9 percent compared to Dec. 2023 and up by 6 percent versus March 2023.

Investment Securities reached QAR 48.8 billion as at March 31, 2024 are up by 1.5 percent against December 2023 and a growth of 7.8 percent compared to March 2023. Customer Deposits stand at QAR 123 billion as at March 31, 2024 registering a growth of 1.8 percent compared to December 2023 and up by 4.4 percent compared to March 2023.

Financing to Deposit ratio was 97 percent as at March 31, 2024 versus QCB maximum requirement of 100 percent, reflecting the Banks strong liquidity position.

QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.7 percent, one of the lowest in the industry, reflecting the quality of the Banks financing assets portfolio and its effective risk management framework. (QNA)