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
Skrive dig op her og du vil løbende modtage pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
NY-MADISON-REALTY17.11.2017 17:22 | pressemeddelelse
Madison Realty Capital Provides $64.0 Million Construction Financing for 200 Kent Avenue Development in Williamsburg, Brooklyn
NCARDIA17.11.2017 13:33 | pressemeddelelse
Ncardia Announces Completion of €10.5M Investment Round
VOCALINK17.11.2017 10:37 | pressemeddelelse
Double Win for Vocalink at the 2017 Payments Awards
ENVION-AG17.11.2017 10:02 | pressemeddelelse
Envion AG: Start-up from the Heart of Berlin Has Pioneered Decentralized Mobile Mining by Combining Blockchain with Regenerative Energy
CHUGAI-PHARMACEUTICAL17.11.2017 00:32 | pressemeddelelse
Chugai's HEMLIBRA® Receives the World's First Regulatory Approval from FDA for Hemophilia A with Inhibitors
PACIFIC-DRILLING-S.A.16.11.2017 23:10 | pressemeddelelse
Pacific Drilling Receives Approval of First Day Motions
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum