QNB Nine-Month Net Profit Rises By 7% To QR12.7Bn
Date
10/9/2024 2:58:05 PM
(MENAFN- The Peninsula)
The Peninsula
Doha, Qatar: QNB Group, the largest financial institution in the Middle East and Africa (MEA) region announced its results for the nine months period ended 30 September 2024.
The net profit for the nine months ended 30 September 2024 reached QR12.7bn ($3.5bn), an increase of 7% compared to same period last year. Operating Income increased by 5% to reach QR30.5bn ($8.4bn) which reflects the Group's ability to maintain successful growth across a range of revenue sources.
Total assets as at 30 September 2024 reached QR1,279bn ($351bn), an increase of 8% from 30 September 2023, mainly driven by growth in loans and advances by 11% to reach QR905bn ($249bn). Customer deposits increased by 11% to reach QR909bn ($250bn) from 30 September 2023, due to successful deposit mobilization. QNB's loans to deposits ratio stood at 99.5% as at 30 September 2024.
QNB Group's efficiency (cost to income) ratio stood at 22.4%, 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 3% as at 30 September 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. In addition, loan loss coverage ratio stood at 100%, which reflects the prudent approach adopted by the Group towards non-performing loans.
QNB Group's Capital Adequacy Ratio (CAR) as at 30 September 2024 amounted to 19.5%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 September 2024 amounted to 154% and 104% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.
Total Equity increased to QR113bn ($31bn), up by 4% from September 2023. Earnings per share reached QR1.28 ($0.35).
QNB Group's presence spans more than 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 31,000 staff.
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