QNB wealth management, consumer banking units top assets, profit growth

QNB’s asset and wealth management division witnessed an 85% growth in assets to QR41.86bn, while the consumer banking unit saw a nine-fold jump in profit to QR87.3mn.By Santhosh V Perumal/Business ReporterQNB’s asset and wealth management as well as consumer banking divisions witnessed faster expansion in assets, higher than the group’s consolidated assets growth in 2013; while in profitability, consumer banking outpaced other departments.Qatar’s largest bank’s asset and wealth management division witnessed an 85% growth in assets to QR41.86bn and consumer banking by 22% to QR17.09bn as against total assets growth of 21%, according to its financial statement filed with the Qatar Exchange.Its international banking unit saw a 10% growth in assets to QR141.84bn and corporate banking by 9% to QR318.12bn.The asset and wealth management division contributes more than 9% of the bank’s total assets, followed by consumer banking (4%), international banking (32%) and corporate banking (72%).In terms of profitability, consumer banking witnessed nine-fold jump to QR87.3mn, corporate banking and asset and wealth management by 5% each to QR6.53bn and QR434.52mn and international banking by 2% to QR1.78bn.The bank had reported 14% growth in consolidated net profits to QR9.48bn in 2013.QNB’s corporate banking division contributed 69% to the bank’s total profits, followed by international banking (19%), asset and wealth management (5%) and consumer banking (1%).Total revenue from asset and wealth management arm grew 22% to QR775.66mn, international banking by 13% to QR2.62bn, consumer banking by 12% to QR643.27mn and corporate banking by 4% to QR8.18bn. The bank’s consolidated total revenue had risen 28% to QR14.72bn.The share of the bank’s corporate banking business in total segment revenue was 56%, followed by international banking (18%), asset and wealth management (5%) and consumer banking (4%).In the case of net interest earnings, consumer banking division witnessed more than 10% expansion to QR432.38mn, international banking by about 10% to QR1.95bn and corporate banking by 7% to QR7.03bn; while that of asset and wealth management unit was almost flat at QR408.3mn. The bank’s consolidated net interest income grew 26% to QR11.56bn in 2013.The corporate banking division contributed 61% to the bank’s total net interest income, followed by international banking (17%), consumer banking and asset and wealth management (4% each). In the case of net fee and commission earnings, international banking business reported a 60% surge to QR318.31mn and asset and wealth management by 30% to QR258.84mn, while corporate banking saw a plunge of 12% to QR654.51mn and consumer banking by less than 1% to QR138.48mn. The bank’s consolidated net fee and commission income rose 48% to QR1.93bn.The corporate banking unit’s net fee and commission earnings constituted 34% of the bank’s total, followed by international banking (17%), asset and wealth management (13%) and consumer banking (7%).In terms of loans, the asset and wealth management division reported 92% surge to QR15.35bn, followed by international banking by 29% to QR38.18bn, consumer banking by 12% to QR7.65bn and corporate banking by 11% to QR227.67bn. The bank’s consolidated loan portfolio expanded by 24% to QR310.71bn in 2013.Corporate banking business had a 73% share in QNB’s total loans and advances, followed by international banking (12%), asset and wealth management (5%) and consumer banking (2%).In terms of deposits, asset and wealth management witnessed a 92% jump to QR40.81bn, consumer banking by 19% to QR16.52bn, corporate banking by 3% to QR155.73bn and international banking by 3% to QR86.61bn. QNB’s consolidated customer deposits grew 24% to QR335.54bn.Corporate banking unit contributed 46% to the bank’s total deposits, followed by international banking (26%), asset and wealth management (12%) and consumer banking (5%).