QNB reports 7 percent surge to USD2.2B in first 6 months of 2024

2024-07-09 05:25:23

(MENAFN) QNB, the largest financial institution in the Middle East and Africa (MEA) region, has reported its financial results for the six-month period ending 30 June 2024, showcasing robust performance and strategic initiatives.

During this period, QNB achieved a net profit of QR8.2 billion (USD2.2 billion), marking a 7 percent increase compared to the same period last year. Operating income also saw a notable rise, reaching QR20.1 billion (USD5.5 billion), reflecting the group's strong growth across various revenue streams.

As of 30 June 2024, QNB's total assets reached QR1,261 billion (USD346 billion), showing a 5 percent increase from the previous year. This growth was primarily driven by a 7 percent increase in loans and advances, totaling QR879 billion (USD242 billion). Customer deposits also grew by 6 percent, reaching QR891 billion (USD245 billion). The loans to deposits ratio stood at 98.7 percent, indicating robust liquidity management.

QNB's efficiency ratio, a measure of cost to income, remained strong at 22.4 percent, positioning it favorably among other large financial institutions in the MEA region.

The quality of QNB's loan portfolio remained high, with the non-performing loans to gross loans ratio standing at 3 percent as of 30 June 2024, one of the lowest in the MEA region. Additionally, the loan loss coverage ratio reached 100 percent, underscoring the group's prudent approach to managing credit risk.

In a historic move, the Board of Directors authorized an interim cash dividend distribution equivalent to 33 percent of the nominal share value (QR0.33 per share), subject to approval by the Qatar Central Bank. This initiative, the first of its kind in QNB's 60-year history, aims to reward long-term shareholders for their continued support.

Overall, QNB's strong financial performance, prudent risk management practices, and strategic dividend policy reinforce its position as a leading financial institution in the MEA region, committed to delivering value to its stakeholders amidst evolving market conditions.

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