Qatar Islamic Bank (QIB) has posted net profit attributable to the shareholders of QAR625.2m ($171m) for the first quarter of 2018, an increase of 12.6% compared with the year-ago period.

For the three months’ period ended 31 March 2018, total assets totalled QAR151.8bn, an increase of 6% year-on-year.

Assets growth was driven by a continued growth in the financing and investing activities, the bank said in its earnings statement.

During the quarter, the lender’s financing activities reached QAR104.6bn, up 5.2% compared to March 2017.

The bank’s customer deposits at the end of March 2018 stood at QAR102.3bn.

Total Income for the period ended 31 March 2018 was QAR1.64bn, an increase of 9.3% compared to QAR1.49bn in the corresponding period of 2017.

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By GlobalData

The bank revealed that income from financing and investing activities during the quarter grew by 8.6% year-on-year to reach QAR1.44bn.

Total shareholders’ Equity of the bank reached QAR13.7bn at the end of March this year.

Total capital adequacy of the bank under Basel III guidelines as of March 2018 was 17.4%, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.