Tribune News Network
Doha
QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended March 31, 2024.
Net profit for the three months ended March 31, 2024 reached QR4.1 billion ($1.1 billion), an increase of 7 percent compared to same periodlast year.
Operating Income increased by 11 percent to reach QR10.4 billion ($2.8 billion) which reflects the Group’s ability to maintain growth across a range of revenue sources.
Total assets as at March 31, 2024 reached QR1,237 billion ($340 billion), an increase of 5 percent from March 31, 2023, mainly driven by good growth in loans and advances by 7 percent to reach QR867 billion ($238 billion).
Diversified customer deposits generation helped to increase customer deposits by 6 percent to reach QR880 billion ($242 billion) from March 31, 2023. QNB’s loans to deposits ratio stood at 98.6 percent as at March 31, 2024.
QNB Group’s efficiency (cost to income) ratio reached 21.7 percent 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 percent as at March 31, 2024, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Further, loan loss coverage ratio stood at 98 percent, which reflects the prudent approach adopted by the Group towards non-performing loans.
Total equity increased to QR105 billion ($29 billion), up by 3 percent from March 2023. Earnings per share reached QR0.42 ($0.12).
QNB Group’s Capital Adequacy Ratio (CAR) as at March 31, 2024 amounted to 19.1 percent. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at March 31, 2024 amounted to 162 percent and 104 percent respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group supported by 30,000 staff operating from 900 locations and over 5,000 ATMs.
