DOHA, Qatar, April 8, 2024 /PRNewswire/ — QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2024.
Net profit for the three months ended 31 March 2024 reached QAR 4.1 billion (USD1.1 billion), an increase of 7% compared to same period last year. Operating Income increased by 11% to reach QAR10.4 billion (USD2.8 billion) which reflects the Group’s ability to maintain growth across a range of revenue sources.
Total Assets as at 31 March 2024 reached QAR1,237 billion (USD340 billion), an increase of 5% from 31 March 2023, mainly driven by good growth in loans and advances by 7% to reach QAR867 billion (USD238 billion). Diversified customer deposits generation helped to increase customer deposits by 6% to reach QAR880 billion (USD242 billion) from 31 March 2023. QNB’s loans to deposits ratio stood at 98.6% as at 31 March 2024.
QNB Group’s efficiency (cost to income) ratio reached 21.7% 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% as at 31 March 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%, which reflects the prudent approach adopted by the Group towards non-performing loans.
Total Equity increased to QAR105 billion (USD29 billion), up by 3% from March 2023. Earnings per share reached QAR0.42 (USD0.12).
QNB Group’s Capital Adequacy Ratio (CAR) as at 31 March 2024 amounted to 19.1%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 31 March 2024 amounted to 162% and 104% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Group statistics
QNB Group supported by 30,000 staff operating from 900 locations and over 5,000 ATMs.
Photo – https://mma.prnewswire.com/media/2381516/QNB_Group.jpg
Logo – https://mma.prnewswire.com/media/1917328/4636355/QNB_Group_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/financial-results-for-the-three-months-ended-31-march-2024-302110535.html
