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ASSETS AT RECORD $130bn

QNB... highest ever assets of $130 billion

QNB’s nine-month net profit hits $2.2bn

DOHA, October 12, 2014

Qatar National Bank (QNB), the largest lender in the Gulf region, has announced net profit of QR8.0 billion ($2.2 billion) for the nine months of 2014, up by 12.6 per cent compared to last year.

QNB also maintained an efficiency ratio (cost to income ratio) of 20.9 per cent, which is considered one of the best ratios among financial institutions in the region.

Total assets increased by 8.8 per cent from September 2013 to reach QR475 billion ($130.6 billion), the highest ever achieved by the Group. This was the result of a strong growth rate of 8.1 per cent in loans and advances to reach QR329 billion ($90.3 billion).

The QNB Group was able to maintain the ratio of non-performing loans to gross loans at 1.6 per cent, a level considered one of the lowest amongst banks in the Middle East and Africa, a statement said.

The Group increased customer funding by 6.4 per cent to QR352 billion ($96.7 billion), leading to the Group’s loan to deposit ratio reaching 93 per cent.

Total equity increased by 10 per cent from September 2013 to reach QR56 billion ($15.4 billion) as at September 30. Earnings per Share reached QR11.4 ($3.1), compared to QR10.2 in September 2013.

The Group started implementing updated QCB and Basel III requirements for the calculation of the Capital Adequacy Ratio (CAR) from early 2014. The ratio stood at 15.0 per cent as at 30 September 2014, higher than the regulatory minimum requirements of the Qatar Central Bank. The Group is keen to maintain a strong capitalisation in order to support future strategic plans.

As a result of the Group’s high credit ratings and outstanding asset quality, it was selected as one of the world’s 50 safest financial institutions by Global Finance.

Based on the Group’s continuous strong performance and the expanding international presence, the Group improved its ranking as the most valuable brand in the Mena region, with a world ranking of 101 (Brand Value: $1.81 billion) from 120 in 2012 (Brand Value: $1.31 billion), according to the statement.

In September 2014 QNB acquired a 23.5 per cent stake (both ordinary and QNB convertible preference shares) in Ecobank Transnational Incorporated (Ecobank), the leading pan-African bank.

With a network of 1,241 branches, 2,500 ATMs and 16,245 POS terminals servicing over 10.8 million customers and 20,114 employees as at 30 June 2014, Ecobank is a strategic partner for QNB and the acquisition of this stake is a fundamental step towards QNB’s strategy of being a MEA Icon by 2017.

QNB Group results for the nine months ended 30 September 2014 do not include any share of profit from Ecobank, the statement said. – TradeArabia News Service




Tags: Qatar National Bank | QNB | Net Profit | Ecobank |

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