Financial Results For The Nine Months Ended 30 September 2023

DOHA, Qatar, Oct. 10, 2023 /PRNewswire/ — QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2023.

Net profit for the nine months ended 30 September 2023 reached QAR11.9 billion (USD3.3 billion), an increase of 8% compared to same period last year. Operating Income increased by 13% to reach QAR29.0 billion (USD8.0 billion) underpins Group’s continued successful efforts in maintaining growth across a range of revenue lines.
Total Assets as at 30 September 2023 reached QAR1,186 billion (USD326 billion), an increase of 4% from 30 September 2022, mainly driven by good growth in loans and advances by 7% to reach QAR815 billion (USD224 billion). Strong inflow of customer deposits helped to increase deposit base by 4% to reach QAR822 billion (USD226 billion) from 30 September 2022.
QNB Group’s operational efficiency continues to provide cost-savings and diversified revenue lines have supported in the efficiency ratio (cost to income) to remain strong at 20.0% which is considered one of the best ratios among large financial institutions in the MEA region.
Also QNB Group’s loans to deposits ratio remained strong at 99.2% as at 30 September 2023, well within the regulatory limits.
The ratio of non-performing loans to gross loans stood at 3.0% as at 30 September 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Also during the year, QNB Group set aside QAR6.1 billion  (USD1.7 billion) as provision for potential loan losses and NPL coverage ratio remained strong at 100%, reflecting a prudent approach adopted by the Group towards non-performing loans.         
Total Equity increased to QAR109 billion (USD30 billion), up by 2% from September 2022. Earnings per share increased by 8% to reach QAR1.19 (USD0.33) per share.
QNB Group’s Capital Adequacy Ratio (CAR) as at 30 September 2023 amounted to 19.0%.  Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 September 2023 amounted to 166% and 102% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Group statistics
QNB Group supported by 30,000 staff operating from more than 900 locations and over 4,800 ATMs.
Photo – https://mma.prnewswire.com/media/2243563/QNB_Group_Head_Office.jpgLogo – https://mma.prnewswire.com/media/1917328/3977917/QNB_Group_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/financial-results-for-the-nine-months-ended-30-september-2023-301952696.html 

DOHA, Qatar, Oct. 10, 2023 /PRNewswire/ — QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2023.

Net profit for the nine months ended 30 September 2023 reached QAR11.9 billion (USD3.3 billion), an increase of 8% compared to same period last year. Operating Income increased by 13% to reach QAR29.0 billion (USD8.0 billion) underpins Group’s continued successful efforts in maintaining growth across a range of revenue lines.

Total Assets as at 30 September 2023 reached QAR1,186 billion (USD326 billion), an increase of 4% from 30 September 2022, mainly driven by good growth in loans and advances by 7% to reach QAR815 billion (USD224 billion). Strong inflow of customer deposits helped to increase deposit base by 4% to reach QAR822 billion (USD226 billion) from 30 September 2022.

QNB Group’s operational efficiency continues to provide cost-savings and diversified revenue lines have supported in the efficiency ratio (cost to income) to remain strong at 20.0% which is considered one of the best ratios among large financial institutions in the MEA region.

Also QNB Group’s loans to deposits ratio remained strong at 99.2% as at 30 September 2023, well within the regulatory limits.

The ratio of non-performing loans to gross loans stood at 3.0% as at 30 September 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Also during the year, QNB Group set aside QAR6.1 billion  (USD1.7 billion) as provision for potential loan losses and NPL coverage ratio remained strong at 100%, reflecting a prudent approach adopted by the Group towards non-performing loans.         

Total Equity increased to QAR109 billion (USD30 billion), up by 2% from September 2022. Earnings per share increased by 8% to reach QAR1.19 (USD0.33) per share.

QNB Group’s Capital Adequacy Ratio (CAR) as at 30 September 2023 amounted to 19.0%.  Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 September 2023 amounted to 166% and 102% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

Group statistics

QNB Group supported by 30,000 staff operating from more than 900 locations and over 4,800 ATMs.

Photo – https://mma.prnewswire.com/media/2243563/QNB_Group_Head_Office.jpg
Logo – https://mma.prnewswire.com/media/1917328/3977917/QNB_Group_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/financial-results-for-the-nine-months-ended-30-september-2023-301952696.html

 

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