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Tribune News Network
Doha
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, on Sunday announced that it registered a net profit of QR9.5 billion ($2.6 billion) in the first nine months of 2020, a decrease of 15 percent from the same period last year.
QNB Group’s total assets reached QR986 billion ($271 billion), an increase of 8 percent from September 30, 2019.
Due to the current global economic headwinds, the QNB Group set aside additional loan loss provisions amounting to QR1.9 billion ($520 million) to protect the Group from any adverse shocks in the loan book. This affected the overall profitability of the Group.
Loans and advances grew by 10 percent to reach QR717 billion ($197 billion). Strong customer deposits generation helped to increase customer deposits by 8 percent to reach QR715 billion ($196 billion) from September 30, 2019.
Operating income increased by 1 percent to reach QR19.2 billion ($5.3 billion). This reflects QNB Group’s success in maintaining sustainable growth across a number of revenue segments, despite fee-related concessions offered to customers located in QNB Group’s key markets affected by the COVID-19 pandemic.
The Group’s drive for operational efficiency is yielding cost-savings and improved revenue has helped QNB Group to materially improve efficiency (cost to income) ratio from 25.7 percent to 24.2 percent, considered one of the best ratios among large financial institutions in the MEA region.
NPL ratio amounted to 2 percent as on September 30, 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. QNB Group achieved a coverage ratio of 104 percent, which reflects the conservative approach adopted by the Group towards non-performing loans.
During September, QNB Group successfully completed the issuance of $600 million first-ever green bonds issued from Qatar and the largest green bond issuance by a financial institution in the MENA region.
Total equity reached QR94 billion ($26 billion), up by 1 percent from September 2019. Earnings per share stood at QR0.95 ($0.26).
QNB Group reported robust levels of capital, liquidity and funding measured in terms of CAR achieved at 18.1 percent, LCR at 173 percent and NSFR at 104 percent. All of the required ratios were higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group serves a customer base of approximately 20 million customers supported by 29,000 staff resources operating from 1,100 locations and more than 4,300 ATMs.
Doha
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, on Sunday announced that it registered a net profit of QR9.5 billion ($2.6 billion) in the first nine months of 2020, a decrease of 15 percent from the same period last year.
QNB Group’s total assets reached QR986 billion ($271 billion), an increase of 8 percent from September 30, 2019.
Due to the current global economic headwinds, the QNB Group set aside additional loan loss provisions amounting to QR1.9 billion ($520 million) to protect the Group from any adverse shocks in the loan book. This affected the overall profitability of the Group.
Loans and advances grew by 10 percent to reach QR717 billion ($197 billion). Strong customer deposits generation helped to increase customer deposits by 8 percent to reach QR715 billion ($196 billion) from September 30, 2019.
Operating income increased by 1 percent to reach QR19.2 billion ($5.3 billion). This reflects QNB Group’s success in maintaining sustainable growth across a number of revenue segments, despite fee-related concessions offered to customers located in QNB Group’s key markets affected by the COVID-19 pandemic.
The Group’s drive for operational efficiency is yielding cost-savings and improved revenue has helped QNB Group to materially improve efficiency (cost to income) ratio from 25.7 percent to 24.2 percent, considered one of the best ratios among large financial institutions in the MEA region.
NPL ratio amounted to 2 percent as on September 30, 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. QNB Group achieved a coverage ratio of 104 percent, which reflects the conservative approach adopted by the Group towards non-performing loans.
During September, QNB Group successfully completed the issuance of $600 million first-ever green bonds issued from Qatar and the largest green bond issuance by a financial institution in the MENA region.
Total equity reached QR94 billion ($26 billion), up by 1 percent from September 2019. Earnings per share stood at QR0.95 ($0.26).
QNB Group reported robust levels of capital, liquidity and funding measured in terms of CAR achieved at 18.1 percent, LCR at 173 percent and NSFR at 104 percent. All of the required ratios were higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group serves a customer base of approximately 20 million customers supported by 29,000 staff resources operating from 1,100 locations and more than 4,300 ATMs.
