Doha, Qatar – Wednesday, July 4th 2012 [ME NewsWire]
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 six months ended 30 June 2012. The group recorded a net profit of QR4.1 billion, up by 17.1% compared to the same period last year.
Total assets increased by 25.5% since 30 June 2011 to reach QR330.8 billion, the highest ever achieved by the Group. This was the result of a strong growth rate of 55.9% in loans and advances to reach QR234.7 billion. Meanwhile, customer deposits recorded solid growth of 25.3% to QR245.9 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 123%.
The efficiency ratio (cost to income ratio) stood at 16.4%, compared to 15.8% in June 2011, one of the best ratios among financial institutions in the Middle East and North Africa.
Total shareholders’ equity increased by 13.0% since 30 June 2011 to reach QR44.1 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.
In line with QNB Group’s strategy for international expansion, the Bank has increased its stake in Mansour Bank in Iraq to 51%. As a result, QNB Group will effectively manage Mansour Bank and provide support to enhance its ability to offer a comprehensive range of products and services.
QNB Group which operates in 24 countries around the world through its network, subsidiaries and associate companies employs about 7,600 staff operating from 345 branches and offices that are supported by an ATM network that exceeds 670 machines.
Based on the Group’s continuous strong performance and the expanding international presence, the bank is currently ranked as the most valuable brand in the MENA region, with a world ranking of 114 from 189 in 2011.
QNB’s Public Relations Department Officer Publications
visit QNB’s website www.qnb.com.qa