Doha-Mubasher: Fitch Ratings upgraded the long-term issuer default rating (IDR) of Qatar Islamic Bank (QIB) from ‘A’ to ‘A+’, according to a statement yesterday. It also revised the bank’s outlook to stable.

The global rating agency upgraded the long-term unsecured trust certificates rating of QIB's Sukuk Funding from ‘A’ to ‘A+’, while the bank’s trust certificate issuance programme was revised to ‘A+’ from ‘A’.

Bassel Gamal, QIB Group CEO, said in a statement that the upgraded ratings reflect QIB's strong financial position, which has been improving in line with our long term objectives.

The Bank managed to strengthen the key performance indicators in 2014 through proactive financial and risk management. QIB maintained the lowest rate of non-performing financing assets to total financing assets at 1%, reflecting the quality of our financing assets portfolio, CEO added.

The bank’s profit reached QAR 1.6 billion in 2014, growing by 20% compared to 2013.