QNB profits up by 35%
Qatar National Bank (QNB) announced that its net profit as of December 31, 2010 amounted to QR5.7 billion, say they increased by 35.8% on last year. Meanwhile, total assets reached QR223.4 billion, say an increase by 24.6% since December 2009.
Yousef Hussain Kamal, the Chairman of the Board of Directors of QNB Group, said net profit exceeded QR5.7 billion, representing an increase of 35.8% over 2009. This demonstrates QNB Group’s ability to achieve growth for the benefit of shareholders, with the return on average equity reaching 28.8% for 2010 compared to 25.4% for 2009.
The Board of Directors is recommending to the General Assembly the distribution of a cash dividend of 50% of the nominal share value (QR5.0 per share) and a bonus shares of 30% of share capital (3 shares for every 10 shares).
In regard to the main items of the balance sheet, total assets increased by 24.6% to reach QR223.4 billion. Loans and advances and financing activities reached QR131.7 billion, representing an increase by 21.1%, with the ratio of non-performing loans to total loans at 0.9% compared to 0.7% for 2009.