QNB Group: The Financial Results for the Year Ended 31 December 2016
QNB Group , the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2016.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170115005062/en/
For the twelve months ended 31 December 2016, Net Profit reached QAR12.4 billion (USD 3.4 billion), up by 10% from last year. Total assets reached QAR720 billion (USD198 billion), up by 34% from December 2015, the best absolute results in QNB Group’s history.
The Board of Directors have recommended to the General Assembly, the distribution of a cash dividend of 35% of the nominal share value (QAR 3.5 per share) and a bonus share of 10% of the share capital (1 share for every 10 shares). The financial results for 2016 along with the profit distribution are subject to Qatar Central Bank (QCB) approval.
The growth in assets was driven by loans and advances which grew by 34% to reach QAR520 billion (USD143 billion). At the same time QNB Group increased its customer funding by 28% to QAR507 billion (USD139 billion). This led to the Group’s loans to deposit ratio reaching 103%.
QNB Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 30.4%, 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 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 114% as of 31 December 2016.
Total Equity increased by 14% from December 2015 to reach QAR71 billion (USD19 billion) as at 31 December 2016. Earnings per Share reached QAR14.4 (USD4.0), compared to QAR13.4 (USD3.7) in December 2015.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 16.0% as at 31 December 2016, higher than the regulatory minimum requirements of Qatar Central Bank and the Basel Committee.
During 2016, QNB acquired 99.88% stake in Finansbank A.Ş (now rebranded as QNB Finansbank), which enabled QNB affirm its position as the largest financial institution in MEA region.
Based on the Group’s continuous stellar performance and its diversified 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.
2016 was another year of outstanding performance, the best absolute results in QNB Group’s history. This strong growth has helped QNB realise its vision of 2017 MEA Icon. Building on QNB’s continued success, QNB Group has embarked on the aspiration of becoming “a leading bank in the Middle East, Africa and Southeast Asia (MEASEA) by 2020”.
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 28,000 serving more than 20 million customers through 1,200 locations and 4,300 ATMs.
*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
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
KSA-MOCI24.9.2017 21:04 | pressemeddelelse
Saudi Arabia Marks 87th National Day With Series of Concerts, Plays and Entertainment Events
PROSUME23.9.2017 10:02 | pressemeddelelse
How to Share New Energy Models Through Blockchain?
MA-ICP-GROUP22.9.2017 22:23 | pressemeddelelse
California Sports Surfaces Announces New Senior Leadership
CQN-SMITHS-DETECTION22.9.2017 18:04 | pressemeddelelse
CORRECTING and REPLACING Smiths Detection Wins Biggest Ever Single Order for Next-Generation Hold Baggage Scanner for Frankfurt Airport
MA-ICP-CONSTRUCTION22.9.2017 16:39 | pressemeddelelse
California Sports Surfaces’ Rebound Ace Portable Court to be Used at Inaugural Laver Cup
SMITHS-DETECTION22.9.2017 13:02 | pressemeddelelse
Smiths Detection is Supplying the Latest Technology for ECAC Standard 3 EDS Upgrade at Frankfurt Airport
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum