Total assets as on June 30 reached QR1.124tn, up 6% on June 30, 2021, mainly driven by good growth in loans and advances by 3% to reach QR766bn
QNB posted a net profit (before the impact of hyperinflation) of QR7.8bn for the six months that ended in June, the region’s top bank announced Thursday.
This represents an increase of 15% compared to the same period last year.
Net profit (after the impact of hyperinflation) for the six months until June reached QR7bn, an increase of 4% compared to same period last year.
Total assets as on June 30 reached QR1.124tn, up 6% on June 30, 2021, mainly driven by good growth in loans and advances by 3% to reach QR766bn.
Diversified customer deposits generation helped to increase customer deposits by 4% to reach QR795bn from June 30, 2021.
During the period, QNB Group’s Turkey operations was subjected to hyperinflationary accounting requirements as per International Financial Reporting Standards due to which a non-cash “net monetary loss” was reported in the Group’s income statement amounting to QR744mn.
“This accounting adjustment was neutral on the Group’s total equity,” QNB said.
Operating income increased by 20% to reach QR16.3bn, which reflects the Group’s success in maintaining growth across a range of revenue sources.
The drive for operational efficiency continues to yield cost-savings and enhanced revenue sources that enabled QNB Group to improve efficiency (cost to income) ratio to 20.2% from 22.9%, which is considered one of the “best ratios” among large financial institutions in the MEA region.
QNB’s strong asset and liability management capabilities resulted in the loans to deposits ratio reaching 96.4% as on June 30.
The ratio of non-performing loans to gross loans stood at 2.4% as on June 30, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk.
In addition, during the six-month period ended June 30, QNB Group set aside QR3.9bn as a precaution for potential loan losses.
This helped the Group to increase its coverage ratio to 123%, which reflects the prudent approach towards non-performing loans.
Total equity increased to QR103bn, up 5% on June 2021. Earnings per share reached QR0.71.
Capital Adequacy Ratio (CAR) as on June 30 amounted to 18.9%, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group is supported by nearly 27,000 staff operating from approximately 1,000 locations, and 4,700 ATMs.
This represents an increase of 15% compared to the same period last year.
Net profit (after the impact of hyperinflation) for the six months until June reached QR7bn, an increase of 4% compared to same period last year.
Total assets as on June 30 reached QR1.124tn, up 6% on June 30, 2021, mainly driven by good growth in loans and advances by 3% to reach QR766bn.
Diversified customer deposits generation helped to increase customer deposits by 4% to reach QR795bn from June 30, 2021.
During the period, QNB Group’s Turkey operations was subjected to hyperinflationary accounting requirements as per International Financial Reporting Standards due to which a non-cash “net monetary loss” was reported in the Group’s income statement amounting to QR744mn.
“This accounting adjustment was neutral on the Group’s total equity,” QNB said.
Operating income increased by 20% to reach QR16.3bn, which reflects the Group’s success in maintaining growth across a range of revenue sources.
The drive for operational efficiency continues to yield cost-savings and enhanced revenue sources that enabled QNB Group to improve efficiency (cost to income) ratio to 20.2% from 22.9%, which is considered one of the “best ratios” among large financial institutions in the MEA region.
QNB’s strong asset and liability management capabilities resulted in the loans to deposits ratio reaching 96.4% as on June 30.
The ratio of non-performing loans to gross loans stood at 2.4% as on June 30, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk.
In addition, during the six-month period ended June 30, QNB Group set aside QR3.9bn as a precaution for potential loan losses.
This helped the Group to increase its coverage ratio to 123%, which reflects the prudent approach towards non-performing loans.
Total equity increased to QR103bn, up 5% on June 2021. Earnings per share reached QR0.71.
Capital Adequacy Ratio (CAR) as on June 30 amounted to 18.9%, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group is supported by nearly 27,000 staff operating from approximately 1,000 locations, and 4,700 ATMs.