(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2024.
Net profit for the three months ended 31 March 2024 reached QR4.1bn ($1.1bn), an increase of 7 percent compared to same period last year.
Operating Income increased by 11 percent to reach QR10.4bn ($2.8bn) which reflects the Group's ability to maintain growth across a range of revenue sources.
Total Assets as at 31 March 2024 reached QR1,237bn ($340bn), an increase of 5 percent from 31 March 2023, mainly driven by good growth in loans and advances by 7 percent to reach QR867bn ($238bn). Diversified customer deposits generation helped to increase customer deposits by 6 percent to reach QR880bn ($242bn) from 31 March 2023. QNB's loans to deposits ratio stood at 98.6 percent as at 31 March 2024.
QNB Group's efficiency (cost to income) ratio reached 21.7 percent which is considered one of the best ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans stood at 2.9 percent as at 31 March 2024, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group's loan book and the effective management of credit risk.
Further, loan loss coverage ratio stood at 98 percent, which reflects the prudent approach adopted by the Group towards non-performing loans.
Total Equity increased to QR105bn ($29bn), up by 3 percent from March 2023. Earnings per share reached QAR0.42 (USD0.12).
QNB Group's Capital Adequacy Ratio (CAR) as at 31 March 2024 amounted to 19.1 percent. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 31 March 2024 amounted to 162 percent and 104 percent respectively.
These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. QNB Group supported by 30,000 staff operating from 900 locations and over 5,000 ATMs.
MENAFN09042024000063011010ID1108074493
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.