DOHA, Qatar--()--QNB Group, one of the largest and one of the most highly regarded financial institutions in the Middle East and North Africa region, has announced its financial results for the three months ended 31 March 2012. The group recorded a net profit of QR2.0 billion, up by 17.4% compared to the same period last year.
Total assets increased by 28.2% since 31 March 2011 to reach QR311.1 billion, the highest ever achieved by the Group. This was the result of a strong growth rate of 43.0% in loans and advances to reach QR201.2 billion. Meanwhile, customer deposits recorded solid growth of 21.4% to QR218.4 billion.
The Bank was able to maintain the ratio of non-performing loans to total loans at 1.1%, a level considered to be the lowest amongst banks in the Middle East and North Africa. Provisions were conservatively managed, as the coverage ratio reached 127%.
The efficiency ratio (cost to income ratio) improved to 16.0%, compared to 16.2% in March 2011, one of the best ratios among financial institutions in the Middle East and North Africa.
Total shareholders’ equity increased by 71.3% since 31 March 2011 to reach QR42.0 billion. QNB Group maintains a strong capital adequacy ratio higher than the regulatory requirements of Qatar Central Bank and Basel Committee. The Group is keen to maintain a strong capitalisation in order to support future strategic plans.
Based on the Group’s strong capitalization and high credit ratings, QNB was named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012.
QNB Group launched its debut bond issue under its Euro Medium Term Note Program in the international capital markets which amounted to US$1.0 billion with a 5-year maturity at a coupon rate of 3.375%. This highly successful issue received an overwhelming interest from regional and international investors.
Based on the Group’s continuous strong performance and the expanding international presence, the bank is currently ranked as the most valuable banking brand in the MENA region, with a world ranking of 114 from 189 in 2011.
QNB Group, which operates in 24 countries around the world through its network, subsidiaries and associate companies, employs about 7,000 staff operating from 335 branches and offices that are supported by an ATM network that exceeds 650 machines.
*Source: ME NewsWire
The press release can be viewed online: http://www.me-newswire.net/news/5225/en
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