QNB Group: Financial Results for the Nine Months Ended 30 September 2015
QNB Group , one of the World’s Strongest Banks and the leading bank in the Middle East and North Africa, announced its results for the nine months ended 30 September 2015.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151007005965/en/
For the nine months of 2015, Net Profit was QAR8.7 billion (USD2.4 billion), up by 9.0% compared to last year.
The Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 21.1%, which is considered one of the best ratios among financial institutions in the region.
Total assets increased by 9.6% from September 2014 to reach QAR521 billion (USD143.1 billion), the highest ever achieved by the Group. This was the result of a strong growth rate of 11.5% in loans and advances to reach QAR367 billion (USD100.7 billion).
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.5%, a level considered one of the lowest amongst banks in the Middle East and Africa, 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 continued with the coverage ratio reaching 127% in September 2015.
At the same time QNB Group increased customer funding by 8.9% to QAR381 billion (USD104.7 billion). This led to the Group’s loan to deposit ratio reaching 96%.
Total Equity increased by 6.8% from September 2014 to reach QAR60 billion (USD16.5 billion) as at 30 September 2015. Earnings per Share reached QAR12.5 (USD3.4), compared to QAR11.4 in September 2014.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 14.0% as at 30 September 2015, 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.
During March 2015, Fitch Ratings agency upgraded QNB Group to AA-/F1+ on the back of the strength of State of Qatar’s sovereign rating. QNB Group has maintained its credit rating from all other rating agencies and is considered one of the highest in the region. This is a result of QNB Group’s strong financial position, high quality of its assets and leading position in the financial sector.
As a result of the Group’s high credit ratings and outstanding asset quality, it was selected as one of the world’s 50 safest financial institutions by Global Finance.
Based on the Group’s continuous strong performance and its expanding international presence, QNB improved its ranking within the Brand Finance Global Top 500 Banking Survey 2015 and is now the biggest bank brand by value in The Middle East and Africa. The QNB Ranking moved significantly from 101st (Brand Value: USD1.8 billion in 2014) to 79th (Brand Value: USD2.6 billion in 2015) further recognising QNB’s improved standing and strong brand recognition.
QNB Group is present, through its subsidiaries and associate companies, in more than 27 countries and 3 continents providing a comprehensive range of products and services. The total number of staff is more than 15,000 operating from over 635 locations and with an ATM network of more than 1,350 machines.
*Source: ME NewsWire
Maha Mubarak Ali, +974-449-75704
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
MA-QUADIENT25.6.2018 16:32 | pressemeddelelse
Quadient Announces General Availability of Quadient Inspire R12
DEMENTIA-DISCOVERY-FUND25.6.2018 15:02 | pressemeddelelse
The Dementia Discovery Fund Raises $350 Million
INSTITUT-CURIE25.6.2018 14:24 | pressemeddelelse
Professor Thierry Philip Takes Office as OECI President
BOEHRINGER-INGELHEIM25.6.2018 14:09 | pressemeddelelse
Boehringer Ingelheim and Lilly announce positive top-line Phase III data results for empagliflozin as adjunct to insulin in type 1 diabetes
CA-GILEAD-SCIENCES25.6.2018 14:05 | pressemeddelelse
European Commission Grants Marketing Authorization for Gilead’s Biktarvy® (Bictegravir, Emtricitabine, Tenofovir Alafenamide) for the Treatment of HIV-1 Infection
ANT-FINANCIAL/25.6.2018 14:02 | pressemeddelelse
AlipayHK and GCash Launch Cross-Border Remittance Service Powered by Alipay’s Blockchain Technology
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum