DOHA, Qatar--(BUSINESS WIRE)--QNB Group, the largest bank in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2016.
For the nine months ended 30 September 2016, Net Profit reached QAR9.7 billion (USD 2.7 billion), up by 11% compared to last year. Total assets reached QAR713 billion (USD196 billion), up by 37% from September 2015, the highest ever achieved by the Group.
QNB Group completed the acquisition of 99.88% stake in Finansbank A.Ş. – Turkey, during the year.
The growth in assets was driven by loans and advances which grew by 38% to reach QAR507 billion (USD139 billion). At the same time QNB Group increased its customer funding by 31% to QAR501 billion (USD138 billion). This led to the Group’s loans to deposit ratio reaching 101.3%.
QNB Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 30%, which is considered one of the best ratios among large financial institutions in the region.
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8%, a level considered one of the lowest amongst large banks in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk. The Group’s conservative policy in regard to provisioning, improved the coverage ratio to reach 130% in 30 September 2016.
Total Equity increased by 26% from September 2015 to reach QAR76 billion (USD21 billion) as at 30 September 2016. Earnings per Share reached QAR11.5 (USD3.2), compared to QAR10.4 in September 2015.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 14.3% as at 30 September 2016, higher than the regulatory minimum requirements of Qatar Central Bank and the Basel Committee.
After completing the acquisition of Finansbank, QNB Group solidified its position as the largest financial institution in the MEA region. This is a result of QNB Group’s strong financial position, high quality of its assets and its largest position in the financial services sector.
Based on the Group’s continuous strong performance and its expanding international presence, QNB maintained its position as the most valuable bank brand in the MEA region. This continues to recognise QNB’s position as the largest financial institution across the MEA region and the value inherent in the QNB brand.
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group staff exceeds 27,300 serving more than 20 million customers through 1,200 locations and 4,300 ATMs.
*Source: ME NewsWire
