(MENAFN - The Peninsula) The Peninsula
DOHA: QNB Group, the largest financial institution in the Middle East and Africa (MEA), was recognized, once again, as the most valuable banking brand in the MEA with a brand value worth $5.04bn, according to the annual report prepared by Brand Finance and published by The Banker magazine.
QNB's brand value grew to $5.04bn compared to $4.2bn in 2018, a 19 percent year-on-year increase, defending 61st place in the top 500 banking brands worldwide.
The Group's brand also continued to be market dominant in the MEA amid an average regional brand value increase of 9 percent.
The Group reaffirmed its AA+ brand strength rating with a positive outlook, making it the highest rated banking brand in Qatar.
QNB's Brand Strength Index (BSI) continues to increase to 79 out of 100, driven by its strong financial performance and growing international footprint.
The Group's brand continued to drive growth in Southeast Asia in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia (MEASEA) by 2020. P02
In addition to its brand engagement, the Group delivered a solid set at the year-end of 2018 with a net profit of QR13.8bn ($3.8bn), up by 5 percent compared to same period last year. Total assets increased by 6 percent to reach QR862bn ($237bn), the highest ever achieved by the Group and one of the best set of results in QNB Group's history.
Yousef Darwish, General Manager of QNB Group Communications, said: 'The strategic initiatives we have undertaken through 2018 have allowed us to strengthen our brand and maintain our ranking as the most valuable banking brand in the MEA. The QNB brand is on a continuous increase which provides a tangible indication of our growth and diversification, along with our keenness to secure a stronger share of the regional and global market.
'QNB enjoys an award- winning brand platform that reflects our values, commitment, and excellence to deliver outstanding banking services and products to customers thanks to our creative approach towards continuously building our brand image and values, Darwish added.
'This new achievement is a true testament to the Group's market leading capital ratios and strong growing international footprint, driven by a robust financial performance towards achieving our 2020 vision aimed at becoming a leading bank in the MEASEA region, Darwish concluded.
David Haigh, CEO of Brand Finance, commented:'The impressive growth reflected in QNB's brand value cements its status as the Middle East and Africa's most valuable banking brand. QNB is to be commended for servicing its customers in Qatar better, whilst also developing the brand's presence across international growth markets and maintaining several high-profile global sporting sponsorships.
Brand Finance, the world's leading independent branded business valuation and strategy consultancy, is the company behind the Brand Finance Banking 500, a league table of the world's biggest banks published every year in collaboration with The Banker, a Financial Times publication.
Each brand is rated on the basis of benchmarking study of the brand's strength, risk and future potential relative to its competitors and the a summary measures of the businesses' financial strength and delivery.
QNB Group's presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services.