Mubasher: Qatar Islamic Bank (QIB) on Monday announced that Standard & Poor’s (S&P) has affirmed its credit rating at “A-/A-2” with a stable outlook.
The rating reflects the bank’s robust corporate banking franchise and favorable position as Qatar’s largest Islamic lender, according to a filing to the Qatar Stock Exchange (QSE).
“The bank continues to display robust assets quality indicators. QIB’s funding profile is now more balanced, as the bank has replaced GCC deposits with core domestic deposits,” the statement highlighted.
The bank’s stable funding ration recorded 111%, with adequate liquidity as 6% of the bank’s assets are in liquid forms and around 20% placed most in Qatari government sukuk.
“QIB is able to maintain a stable and healthy growth across all key performance indicators,” Bassel Gamal, CEO of QIB, commented.
The international credit rating agency's report reflected Qatari banks’ ability to absorb the initial shock of the GCC crisis, the statement added.
“The ratings affirm the Bank’s success in pursuing our long-term growth and performance objectives and speak to the vigour of Qatar’s economy and of the Islamic banking industry in the country,” Gamal noted.
By 09:52 am Qatar time, QIB’s stock declined 2.08% at QAR 153.80.
