QNB Group: Financial Results for the Three Months Ended 31 March 2017
QNB Group , the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2017.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170411005955/en/
For the three months ended 31 March 2017, Net Profit reached QAR3.2 billion (USD0.9 billion), up by 12% compared to previous year, delivering a consistently high profitability.
Total assets increased by 35% from March 2016 to reach QAR743 billion (USD204 billion). This was driven by a growth rate of 33% in loans and advances to reach QAR536 billion (USD147 billion). QNB Group was successful in attracting new customer deposits to comply with the cap on loans to deposit ratio of 100% set by QCB, which is effective from the end of 2017. These deposit mobilisation efforts resulted in increased customer funding by 34% to reach QAR541 billion (USD149 billion) from March 2016. This led to the Group’s loan to deposit ratio reaching 99%.
The Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 28.9%, which is considered one of the best ratios among financial institutions in the region.
QNB Group was able to maintain the ratio of non-performing loans to gross loans at 1.8% and coverage ratio at 114% as at 31 March 2017, a level considered one of the best amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk.
Total Equity increased by 17% from March 2016 to reach QAR71 billion (USD20 billion) as at 31 March 2017. Earnings per Share reached QAR3.5 (USD 1.0), compared to QAR3.1 (USD 0.9) in March 2016.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.7% as at 31 March 2017, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. The Group is keen to maintain a strong capitalisation in order to support future strategic plans.
In March 2017, QNB launched its operations in the Saudi capital, Riyadh. This branch is a significant milestone in QNB Group’s strategy of international expansion.
Based on the Group’s continuous stellar performance and its diversified international presence, QNB is now the most valuable banking brand in the MEA region, with the value of its brand increased to USD3.8 billion to rise to the 60th place globally, in addition to attaining the highest rating of AA+ in brand strength.
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries and 3 continents providing a comprehensive range of products and services. The total number of staff for the Group is more than 28,000 operating from 1,250 locations and 4,300 ATMs serving more than 21 million customers.
*Source: ME NewsWire
Maha Mubarak Ali, +974-4-497-5704
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Ved at skrive dig op her, vil du modtage pressemeddelelser på mail når de udsendes. Indtast din mail og følg instruktionerne. Det er ligeså let at melde sig fra igen.
Flere pressemeddelelser fra Business Wire
ASTRAZENECA17.10.2017 00:02 | pressemeddelelse
AstraZeneca and Chi-Med’s Savolitinib Shows Encouraging Clinical Activity in 2nd-Line EGFR Mutation-positive Lung Cancer with MET-amplification
FL-MLB16.10.2017 23:36 | pressemeddelelse
Orlando Melbourne Int’l (MLB) Lands Largest FAA Grant in Its History
IDEMIA16.10.2017 16:36 | pressemeddelelse
Colombia Selects IDEMIA to Upgrade Its Identification and Civil Registry Platform
NY-MUREX16.10.2017 16:02 | pressemeddelelse
ATB Financial Goes-Live on Murex’s SaaS Solution
PRINT24.COM16.10.2017 16:01 | pressemeddelelse
Leave a review on print24.com and win a VW up!
BENTLEY-SYSTEMS16.10.2017 15:54 | pressemeddelelse
Bentley Systems Announces Winners of 2017 Be Inspired Awards
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum