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.
- Why Kuwait budget spending is up 8% year-on-year in April-Jan
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall
- Al Baraka Banking Group net income up by 15%
- 'With a 15% Increase Over Q4 2009, Al Rajhi Bank Achieves Net Profit of SR 1,684 Million in Q1 2010
- Saudi British Bank reports 11.7 percent rise in profits
- Barwa net profits up by almost 25% in nine months of 2010
- Al Rajhi Bank achieves SR 3.5 billion in profits during 1st half of this year