QNB has posted a net profit of QR3.9bn in the first quarter (Q1) of the year, an increase of 7% compared to the same period last year.
Operating income increased by 20% to reach QR9.3bn, which “reflects QNB Group’s continued success efforts in maintaining growth across a range of revenue sources amidst turbulence in global markets.”
Total assets (as at March 31 this year) reached QR1,178bn, an increase of 6% on the same period last year, mainly driven by “good growth” in QNB Group’s loans and advances by 6% to reach QR810bn.
New customer deposits helped to increase customer deposits by 5% to reach QR828bn. The loans to deposits ratio reached 97.9% as at March 31 this year.
QNB Group’s efficiency (cost to income) ratio reached 21.7%, which is considered one of the “best” ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans stood at 2.9% as at 31 March 2023, one of the lowest amongst financial institutions in the MEA region.
Also during the quarter, QNB Group set aside QR2.5bn as provision for potential loan losses, which resulted in augmenting its NPL coverage ratio to 104%.
Total equity increased to QR103bn, up 5% on March 2022. Earnings per share reached QR0.39.
QNB Group’s Capital Adequacy Ratio (CAR) as at March 31 amounted to 19.3%.
Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at March 31 this year amounted to 118% and 106% respectively.
These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee, QNB said Monday.
QNB Group, which is the largest financial institution in the Middle East and Africa (MEA) region is supported by 29,000 staff operating from more than 900 locations and 4,800 ATMs.
