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QNB Group announces financial results for 2024, marking 8 percent rise
(MENAFN) QNB Group, one of the largest financial institutions in the Middle East and Africa (MEA), recently announced its financial results for the year ending December 31, 2024, which were approved by its Board of Directors. The group reported a net profit of QR16.7 billion (USD4.6 billion), marking an 8 percent increase compared to the previous year. The bank's operating income rose by 6 percent to QR41.3 billion (USD11.4 billion), driven by diversified revenue sources and effective growth strategies.
As a result of its strong performance, QNB Group’s Board of Directors recommended a cash dividend of QR0.37 per share for the second half of 2024, which represents 37 percent of the nominal share value. This, combined with the previously distributed first-half dividend, brings the total dividend for the year to QR0.70 per share, or 70 percent of the nominal value. The dividend proposal is subject to approval by the General Assembly and the Qatar Central Bank.
The group also showed strong growth in assets, with total assets increasing by 5 percent to reach QR1,298 billion (USD357 billion) as of December 31, 2024. This growth was largely driven by a 7 percent rise in loans and advances, which reached QR911 billion (USD250 billion), alongside a 3 percent increase in customer deposits, amounting to QR887 billion (USD244 billion).
QNB Group’s operational efficiency is noteworthy, with a cost-to-income ratio of just 22.3 percent, which is one of the best among large financial institutions in the MEA region. This reflects the group’s ability to manage costs effectively while continuing to achieve solid financial growth across various sectors.
As a result of its strong performance, QNB Group’s Board of Directors recommended a cash dividend of QR0.37 per share for the second half of 2024, which represents 37 percent of the nominal share value. This, combined with the previously distributed first-half dividend, brings the total dividend for the year to QR0.70 per share, or 70 percent of the nominal value. The dividend proposal is subject to approval by the General Assembly and the Qatar Central Bank.
The group also showed strong growth in assets, with total assets increasing by 5 percent to reach QR1,298 billion (USD357 billion) as of December 31, 2024. This growth was largely driven by a 7 percent rise in loans and advances, which reached QR911 billion (USD250 billion), alongside a 3 percent increase in customer deposits, amounting to QR887 billion (USD244 billion).
QNB Group’s operational efficiency is noteworthy, with a cost-to-income ratio of just 22.3 percent, which is one of the best among large financial institutions in the MEA region. This reflects the group’s ability to manage costs effectively while continuing to achieve solid financial growth across various sectors.
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