Latest news with #ShariahBanking
Zawya
17-07-2025
- Business
- Zawya
Qatar Islamic Bank reports $598mln net profit in H1; declares 40% interim dividend
Qatar Islamic Bank's total assets amounted to QR212.1bn, representing a growth of 10.3% against June 30, 2024. Qatar Islamic Bank (QIB), the country's leading Shariah-principled lender, has reported 5.3% year-on-year increase in net profit to QR2.18bn in the first half (H1) of 2025 and declared 40% interim dividend. Basic earnings per share for the six months ended June 30, 2025 stood at QR0.92 compared to QR0.87 a year-ago period. Total assets amounted to QR212.1bn, representing a growth of 10.3% against June 30, 2024. Financing and investing were the primary drivers for the asset growth. Financing assets reached QR130.8bn, having grown by 3.1% year-on-year. Investment securities reached QR60.1bn in H1-2025, a growth of 21.9% on annualised basis. Customer deposits stood at QR135bn, registering a growth of 10% year-on-year. Finance-to-deposit ratio was 96.8% at the end of June 2025, which is one of the lowest among its peer banks in Qatar reflecting the lender's strong and stable liquidity position. Total income was up 0.6% year-on-year to QR5.64bn in January-June 2025. Net income from financing and investing stood at QR5.13bn for the six months ended June 30, 2025. Total operating expenses amounted to QR537.7mn in H1-2025. Efficient cost containment enabled the bank to bring down the cost to income ratio to 16.4%, which continues to be the lowest in the Qatari banking sector. QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.75%, one of the lowest in the industry, reflecting the quality of the bank's financing assets portfolio and its effective risk management framework. QIB continues to pursue the conservative impairment policy by building precautionary impairment charge for financing assets, other assets and other provisions and maintain a healthy coverage ratio for non-performing financing assets to 95.1% at the end of H1-2025. Total shareholders' equity stood at QR28.1bn representing a growth of 9.2% on an annualised basis. Total Capital adequacy, as per the new guidelines of the Qatar Central Bank (QCB) was 22%, higher than the minimum regulatory requirements prescribed by the QCB and Basel Committee. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
08-07-2025
- Business
- Zawya
Gatehouse Bank achieves fifth consecutive year of profitability
The Bank's 12-month rolling net promoter score reached 71+, the highest in its history. Gatehouse Bank surpassed the milestone of 50,000 trees planted through its Woodland Saver Accounts. 2024 marked the five-year anniversary of the UN Principles for Responsible Banking, of which Gatehouse Bank was a founding signatory. The Bank has refined its ESG strategy across four key pillars. London – Gatehouse Bank, a Shariah-compliant ethical bank, majority owned by Kuwait shareholders, has published its annual results for the year ending 31 December 2024. The Bank reported a post-tax profit for 2024 amounting to £3.8 million (up 20% from £3.2 million in 2023), marking its fifth year of profitability. In line with its business strategy for the year, the Bank managed growth across its core markets, with total home finance originations amounting to £148 million. 2024 Key Highlights Home Finance The Bank completed a forward flow arrangement to originate £650 million of home financing to a third party, in addition to originating for the Bank's balance sheet. The Bank reintroduced its range of Home Purchase Plans* offering finance up to 95% of the property value, to support those taking their first step on the property ladder. For Buy-to-Let customers, the Bank reintroduced 'top slicing', allowing landlords to use their personal income to top up the shortfall if their tenant's rent does not achieve the required threshold. Gatehouse Bank continued to support customers financing a more energy efficient property through its green home finance products. These offer a reduced rental rate** for customers acquiring or refinancing a property with an energy efficiency rating of A or B. In addition, the Bank also offsets the carbon emissions generated by the average UK property for the product's initial fixed term. The Bank enhanced the customer journey for home finance customers by investing in technology, contributing to a milestone all-bank net promoter score of +71. In 2024, Gatehouse Bank extended its online Decision in Principle (DIP) facility to also include overseas customers, with 8,700 DIPs successfully competed online, more than double compared to the previous year. Savings In line with business strategy and the Bank's targets for the year, total retail deposits reduced by 2.1% in 2024 to £1.289 billion. Gatehouse Bank's range of fixed-term deposit and cash ISA Woodland Saver accounts remained popular with customers. For every account opened or renewed, Gatehouse partners with Forest Carbon, a leader in developing woodland creation, to plant a tree on behalf of the customer across nine woodland projects certified by the government's Woodland Carbon Code. In December 2024, the Bank surpassed the milestone of 50,000 trees planted. Build to Rent The Bank's Build to Rent activity is consolidated under one roof by subsidiary, Gatehouse Build to Rent Group, trading as Gatehouse Living Group. The Group is a vertically integrated, residential investment and management platform, comprising of Gatehouse Investment Management and the UK's largest manager of single family rental homes, Ascend. Gatehouse Living Group continued its expansion of new home developments, with properties under management now in excess of 11,500 in the UK. Performance of the Build to Rent portfolios remained favourable in 2024, with strong year-on-year rental growth and high occupancy. In 2024, Gatehouse Living Group sold an 800-home single-family housing fund on behalf of investors and launched a new strategic venture with a UK-based private equity business, acquiring over 1,000 homes from leading housebuilders. ESG Gatehouse Bank refined its ESG strategy across four pillars: biodiversity and deforestation, financial education and inclusion, climate change and community health and wellbeing. 2024 marked the five-year anniversary of the UN Principles for Responsible Banking, of which Gatehouse Bank is a founding signatory and the first Shariah-compliant bank in the UK to sign up. Gatehouse Bank has now been certified as operationally carbon neutral for four consecutive years. Colleagues across the Bank raised over £21,000 for its 2024 charity partner, the Bone Cancer Research Trust. The funds raised will help the charity continue its vital work of supporting those affected by primary bone cancer. Having continued to provide opportunities for colleagues to take two paid days of volunteering leave per year, the Bank saw its highest uptake on this policy, with 132 colleagues supporting over 40 organisations. Overall, 78% of Gatehouse Bank colleagues took part in fundraising or volunteering in 2024, marking a 38% increase compared to 2023. During the year, the Bank launched a Community Sports Fund and has partnered with five local sports teams. Through this initiative, the teams received new sports kits. Fahed Boodai, Chairman of Gatehouse Bank, added: 'I remain incredibly proud of Gatehouse Bank's progress in 2024, which marked the milestone of five consecutive years of profitability. 'We continue to have a strong track record in the retail savings, home finance and institutional Build to Rent markets, and I am confident that the Bank is well primed to deliver robust growth while upholding an excellent experience for our customers in the year ahead.' Charles Haresnape, CEO of Gatehouse Bank, commented: 'Thanks to the hard work of colleagues across Gatehouse Bank, we continue to challenge in our chosen specialisms while ensuring we put the needs of customers at the heart of everything we do. This was reflected in reaching a 12-month rolling net promoter score of 71+, a new milestone within the Bank's history. 'At Gatehouse Bank, we have appetite for further growth in 2025 and see demand from our specialist markets to achieve this. We aim to uphold an excellent customer experience for new and existing customers, while continuing to help more savers, homeowners and landlords achieve their financial goals.' To read the full 2024 Annual Report, please click here. *A Home Purchase Plan is a Shariah-compliant alternative to a mortgage. **As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the share the customer owns of the property. For more information contact: H/Advisors Dubai | E: GatehouseBank@ Ashleigh Clark | E: Melissa Economou | E: About Gatehouse Bank: Gatehouse Bank is a Shariah compliant ethical bank, headquartered in London and with offices in Birmingham, Milton Keynes and Wilmslow. Majority owned by Kuwait shareholders, Gatehouse Bank offers a range of ethical savings products for UK customers, as well as residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all. @gatehousebank
