Qatar Islamic Bank Announces 9M 2021 Results: Net Profit to Shareholders Up 13.9% YoY

Qatar Islamic Bank (QIB) announced its results for the nine months ended 30 September 2021 (9M 2021), with net profit attributable to shareholders having reached QAR 2.5 billion, which is a growth of 13.9% year-on-year (YoY).

Why it Matters?

Following an upgrade to QIB’s stand-alone credit profile earlier in 2021, Standard & Poor’s (S&P) affirmed its credit rating at A- in October 2021. In May 2021, Moody’s Investors Service affirmed QIB’s long-term deposit rating at A1.

Details

For 9M 2021, QIB’s total income was QAR 6.1 billion versus QAR 6.0 billion for the same period in 2020, implying a growth of 2.7%. Also, for 9M 2021, total operating expenses dropped to QAR 797 million...