QNB Group, which is the largest financial institution in the Middle East and Africa (MEA) region, posted a net profit of QR7.6bn in the first half (H1) of this year.
This represents an 8% compared to same period last year.
QNB Group’s six months financial results were announced here Monday.
Operating Income increased by 14% to reach QR18.5bn, which underpins Group’s “continued successful efforts in maintaining growth” across a range of revenue lines.
Total assets (as on June 30 this year) reached QR1,202bn, an increase of 7%, on June 30 2022, mainly driven by good growth in loans and advances (by 7%) to reach QR819bn, QNB said.
Strong inflow of customer deposits helped to increase QNB Group’s deposit base by 5% to reach QR836bn (from June 30 2022).
QNB Group’s loans to deposits ratio remained “strong” at 97.9% (as on June 30 this year), well within the regulatory limits.
Also QNB Group’s efficiency ratio (cost to income) remained strong at 20.4% 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 on June 30, 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 QR4.7bn as provision for potential loan losses and NPL coverage ratio remained strong at 99%, reflecting a prudent approach adopted by the Group towards non-performing loans.
QNB Group’s total equity increased to QR104bn, up 1% on June 2022. Earnings per share increased by 9% to reach QAR0.76 (USD0.21).
QNB Group’s Capital Adequacy Ratio (CAR) as on June 30 amounted to 19%.
Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as on June 30 this year amounted to 146% and 106% respectively.
“These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee,” QNB Group said.
QNB Group is supported by 29,000 staff operating from more than 900 locations and over 4,900 ATMs.
QNB head office in Doha.
