Qatar Islamic Bank (QIB) posted a net profit of QR4,605mn, up 7% on QR4,305mn registered in 2023.Basic earnings per share for 2024 was QR1.86 compared to QR1.73 in 2023.QIB Board of Directors proposed additional cash dividend of 55% of the paid up share capital, i.e. QR0.55 per share taking the total cash dividend during the year to 80% of the paid up share capital, (QR0.80 per share) subject to the approval of Qatar Central Bank and QIB’s General Assembly.QIB’s total assets stood at QR200.8bn in 2024, representing a growth of 6.1% compared to QR189.2bn in 2023. Financing and investing activities were the primary drivers for the asset growth. Financing activities have now reached QR125.3bn having grown by 2.4% compared to December 2023 and investment securities reached QR53bn as on December 31, 2024.Customer deposits stood at QR125bn (as on December 31, 2024), up 3.4% on December 2023 with financing to deposit ratio of 94.5% (as on December 31, 2024), compared to QCB’s maximum requirement of 100%, reflecting the bank’s strong liquidity position.Total income for 2024 registered a strong growth of 9.4% to reach QR11.7bn compared to QR10.7bn in 2023.Net income from financing and investing activities registered a robust growth of 10% to reach QR10.7bn in 2024 compared to QR9.7bn in 2023.QIB’s drive to improve the efficiency supported by strict cost management measures helped in bringing down the cost-to-income ratio by 10 bps from 17.1% in 2023 to 17.0% for 2024, which is “the lowest” in the Qatari banking sector.QIB was able to manage the ratio of non-performing financing assets to total financing assets around 1.86% (as on December 31, 2024) - one of the lowest in the industry, reflecting the quality of the bank’s financing assets portfolio and its effective risk management framework.QIB continued to create precautionary impairment charge on financing assets for QR865.3mn in 2024 and maintaining a healthy coverage ratio for non-performing financing assets at 95% as of (as on December 31, 2024).Total shareholders’ equity of the bank reached QR27.2bn in 2024, an increase of 7% compared to QR25.4bn in 2023.As on December 31, 2024, the bank’s total capital adequacy under Basel III guidelines was 20.9%, well above the regulatory minimum requirements prescribed by Qatar Central Bank and Basel Committee.Commenting on QIB 2024 financial results, bank chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani stated: “As we close the year 2024, I am proud to reflect on QIB’s remarkable journey and the significant milestones we have achieved. Our financial performance this year is a testament to the bank’s solid strategy, innovative initiatives, and unwavering commitment to delivering exceptional value to our customers, shareholders, and the broader community.“Beyond financial success, 2024 was marked by groundbreaking advancements in digital banking, steadfast dedication to environmental, social, and governance (ESG) principles, and robust partnerships within the corporate sector.”“At QIB, we prioritise our customers by placing their needs at the forefront of our operations. The past year, we strengthened our core businesses and expanded revenue streams with innovative products and services. Our focus on technology adoption, cost optimization, and customer-centricity has positioned us as one of the world’s most efficient banks.“We delivered strong ROA and ROE ratios, providing high returns to our shareholders and reinforcing our confidence in achieving future objectives.A balanced and diversified balance sheet remains a cornerstone of our strategy, enabling us to cater to all segments of the Qatari economy while upholding stringent risk management practices, including ESG integration.“With one of the lowest non-performing financing assets ratios in Qatar and the region and a sharp increase in digital adoption, including 99% self-service transactions and significant contributions from digital sales, we are setting benchmarks in operational excellence.”Sheikh Jassim noted: “These accomplishments reflect our unwavering focus on delivering sustainable growth, pioneering innovation, and fostering inclusivity and community development. As we look forward to 2025, we remain committed to building on this success, setting new benchmarks in Islamic banking, and continuing to serve as a trusted partner for our customers and the Qatari community.”In July 2024, Fitch affirmed QIB credit rating at ‘A’ with a stable outlook.In June 2024 Moody’s affirmed the long-term deposit ratings at ‘A1’ with a stable outlook.In April 2024, Capital Intelligence (CI) affirmed the bank’s long-term rating to ‘AA-’ with a stable outlook.In 2024, QIB received numerous prestigious awards for its innovation and excellence in the financial sector, further aligning with Qatar National Vision 2030 and Qatar Central Bank’s strategic plans for the financial sector.