Qatar Islamic Bank Records 14% Profit Growth in First Quarter of 2022

Qatar Islamic Bank (QIB) has announced its financial results for the three months period ended 31 March 2022, recording a net profit attributable to the shareholders of QAR 855 million (USD 234.8 million), a 14% growth over the same period in 2021.

Why it Matters?

The bank saw growth in the net operating income after experiencing a reduction in the cost of funding as total income stood at QAR 2.1 billion (USD 581.4 million) with financing and investing activities income, registering a 5.6% growth to reach QAR 1.9 billion (USD 510 million) for the first quarter of 2022 (1Q 2022). During the same period, total operating expenses stood at about the same levels as the previous year at QAR 270 million (USD 74.2 million). The cost to income ratio dropped t...