QNB nine-month net profit jumps 8% to QR11.9bn

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has reported net profit of QR11.9bn in the first nine months of this year, an increase of 8% compared to same period of 2022.
The bank's operating income increased by 13% year-on-year to QR29bn, underpinning the group’s continued successful efforts in maintaining growth across a range of revenue lines.
Total assets reached QR1.19tn, an increase of 4% on an annualised basis, mainly driven by a robust 7% jump in loans and advances to QR815bn.
Strong inflow of customer deposits helped the bank increase deposit base by 4% to QR822bn at the end of end of nine months ended September 30, 2022.
QNB Group’s operational efficiency continues to provide cost-savings and diversified revenue lines have supported the efficiency ratio (cost-to-income) to remain strong at 20%, which is considered one of the best ratios among the large financial institutions in the MEA region.
The lender's loans-to-deposits ratio remained strong at 99.2% at the end of September 30, 2023, which is well within the regulatory limits.
The ratio of non-performing loans (NPLs) to gross loans stood at 3% in January-September 2023, reflecting the high quality of the group’s loan book and the effective management of credit risk.
During the year, QNB set aside QR6.1bn as provision towards potential loan losses and NPL coverage ratio remained strong at 100%, reflecting the prudent approach adopted by the group towards NPLs.
Total equity increased to QR109bn, up 2% from September 2022. Earnings-per-share increased by 8% to QR1.19.
QNB Group’s capital adequacy ratio (CAR) stood at 19%, while liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) were at 166% and 102% respectively.
These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and the Basel Committee, the bank said.
QNB Group is supported by 30,000 staff operating from more than 900 locations and over 4,800 ATMs.