QNB currently operates in some 26 countries across three continents following a prudent strategy of international expansion. PICTURE: Nasar TK
QNB has “consolidated” both its position as the leading financial institution in the Mena (Middle East and North Africa) region and its “leading credit rating performance” following Fitch Ratings upgrading the group’s Long Term Rating to ‘AA-‘ from ‘A+ ’.
The Fitch move follows its recent report on the “positive outlook” of Qatar and in particular, the “healthy condition” of the country’s banking Sector.
It concluded that local banks were highly capitalised and that asset quality was solid. The commitment from the government to the sector was a key underlying factor in the reflected cumulative upgrade of bank ratings supported by sovereign wealth funds and the on-going strong revenues from hydrocarbon production.
Within the comprehensive Fitch Report, QNB was singled out as “the flagship bank” in the sector with its “impressive” market performance and strong public and private sector business relationships.
At the heart of the strong QNB credit ratings is a robust and growing financial performance. Profits for the financial year 2014 were QR10.5bn (up 10.3% on 2013) and total assets increased to a record high of QR486bn (up 9.7% on 2013).
In addition, QNB confirmed its position as “one of the top 50 world’s safest banks” in ‘The Global Finance Annual Survey 2014’.
QNB’s strong financial performance is complemented by an expanding international presence.
QNB currently operates in some 26 countries across three continents. Following a prudent strategy of international expansion the group has capitalised on. Its brand equity was recently recognised by Brand Finance as “the biggest banking brand by value in the Middle East and Africa”.
Brand Value stood at $2.6bn placing QNB as the ‘79th largest banking brand’ within the top 500 global bank brands in 2015, up from 101st in 2014.
Growth in the international network has provided commercial investment opportunities both into the respective markets by QNB and through revenue streams back into the Qatar domestic market.
This flow of trade is particularly relevant as QNB further grows its position in the South East Asia and Africa markets.
This is exemplified by QNB’s vision to become a ‘Middle East and Africa icon’ by 2017. In line with this vision, QNB Group has acquired a 20% stake in Ecobank Transnational, a leading pan-African bank with a presence in some 36 countries across the African continent, since September 2014.
This strategic partnership is another fundamental step in QNB’s international expansion plans and provides a commercial platform for the business to further develop its core strengths and product offerings to a growing base of customers and clients both within Qatar and abroad.
