QIB records QAR1.8m in profit in H1 2022

The six-month period concluded on June 30, 2022, was the subject of a results announcement by Qatar Islamic Bank (QIB). For the six months that ended on June 30, 2022, the bank’s net profit, as measured by QAR, increased by 13.8% over the same period in 2021 to QAR 1,815 million.

The surge in investment operations has caused the bank’s total assets to rise by 4.8% since June 2021 and are now valued at QAR 193 billion. In comparison to June 2021, the Bank’s customer deposits are currently QAR 129 billion, up 3.2%.

When compared to QAR 4,112 Million for the same period in 2021, total income for the six-month period that concluded on June 30, 2022, increased by 4.2% to QAR 4,284 Million. When compared to QAR 3,543 Million for the same period in 2021, income from financing and investing activities increased by 6.1% to QAR 3,760 Million for the first half of 2022.

Total operating cost for H1 2022, came to QAR 540 million. Strong operating income generation and cost containment allowed the Bank to further increase its efficiencies and lower its cost-to-income ratio to 16.8% from 17.5% for the same period in 2021, the lowest in the Qatari banking industry.