QNB Group posts $2.7B profit

Published October 11th, 2016 - 04:27 GMT
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services.  (File photo)
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. (File photo)

QNB Group, the largest bank in the Middle East and Africa (MEA) region, posted a net profit of QR9.7 billion ($2.7 billion) for the first nine months of 2016, up 11 per cent compared to the same period last year.

Total assets reached QR713 billion ($196 billion), up 37 per cent from September 2015, the highest ever achieved by the group.

QNB Group completed the acquisition of 99.88 per cent stake in Finansbank A.Ş. – Turkey, during the year.

The growth in assets was driven by loans and advances which grew by 38 per cent to reach QR507 billion ($139 billion). At the same time QNB Group increased its customer funding by 31 per cent to QR501 billion ($138 billion). This led to the group’s loans to deposit ratio reaching 101.3 per cent.

QNB Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 30 per cent, which is considered one of the best ratios among large financial institutions in the region, the bank said.

The group was able to maintain the ratio of non-performing loans to gross loans at 1.8 per cent, a level considered one of the lowest amongst large banks in the MEA region, reflecting the high quality of the group’s loan book and the effective management of credit risk.

Total Equity increased by 26 per cent from September 2015 to reach QR76 billion ($21 billion) as at September 30, 2016. Earnings per share reached QR11.5 ($3.2), compared to QR10.4 in September 2015.

QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group staff exceeds 27,300 serving more than 20 million customers through 1,200 locations and 4,300 ATMs. 

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