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QNB Group's net profit up 7.7 to 3.1 billion
(MENAFN- Arab News) QNB Group a major bank in the Middle East and Africa continued to record robust growth in profitability with net profit for 2015 amounting to QR11.3 billion ($3.1 billion) up by 7.7 percent compared to 2014 according to the financial results for the year ended Dec. 31 2015.
Based on the strong financial results for 2015 and consistent with QNB Group's aim of maximizing returns to shareholders its board of directors is recommending to the general assembly the distribution of a cash dividend of 35 percent of the nominal share value (QR3.5 per share) and a bonus share of 20 percent of the share capital (two shares for every 10 shares). The financial results for 2015 along with the profit distribution are subject to Qatar Central Bank (QCB) approval.
Total assets increased by 10.7 percent from December 2014 to reach QR539 billion ($147.9 billion) the highest ever achieved by the group. This was the result of a strong growth rate of 14.8 percent in loans and advances to reach QR388 billion ($106.7 billion).
The group was able to maintain the ratio of non-performing loans to gross loans at 1.4 percent a level considered one of the lowest among banks in the Middle East and Africa reflecting the high quality of the group's loan book and the effective management of credit risk.
The group's conservative policy regarding provisioning continued with the coverage ratio reaching 127 percent in December 2015.
At the same time QNB Group increased customer funding by 10.5 percent to QR395 billion ($108.6 billion). This led to the group's loan to deposit ratio reaching 98 percent.
Total equity increased by 7.1 percent from December 2014 to reach QR62 billion ($17 billion) as at Dec. 31 2015. Earnings per share reached QR16.1 ($ 4.4) compared to QR14.9 in December 2014.
Based on the strong financial results for 2015 and consistent with QNB Group's aim of maximizing returns to shareholders its board of directors is recommending to the general assembly the distribution of a cash dividend of 35 percent of the nominal share value (QR3.5 per share) and a bonus share of 20 percent of the share capital (two shares for every 10 shares). The financial results for 2015 along with the profit distribution are subject to Qatar Central Bank (QCB) approval.
Total assets increased by 10.7 percent from December 2014 to reach QR539 billion ($147.9 billion) the highest ever achieved by the group. This was the result of a strong growth rate of 14.8 percent in loans and advances to reach QR388 billion ($106.7 billion).
The group was able to maintain the ratio of non-performing loans to gross loans at 1.4 percent a level considered one of the lowest among banks in the Middle East and Africa reflecting the high quality of the group's loan book and the effective management of credit risk.
The group's conservative policy regarding provisioning continued with the coverage ratio reaching 127 percent in December 2015.
At the same time QNB Group increased customer funding by 10.5 percent to QR395 billion ($108.6 billion). This led to the group's loan to deposit ratio reaching 98 percent.
Total equity increased by 7.1 percent from December 2014 to reach QR62 billion ($17 billion) as at Dec. 31 2015. Earnings per share reached QR16.1 ($ 4.4) compared to QR14.9 in December 2014.
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