QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has announced strong financial results for the first nine months of 2024, ending on September 30th. The group achieved a notable 7% increase in net profit, reaching QAR 12.7 billion (USD 3.5 billion), showcasing its continued growth trajectory. This impressive performance is attributed to the group’s ability to maintain successful growth across a diverse range of revenue sources.
Operating income saw a 5% increase, reaching QAR 30.5 billion (USD 8.4 billion), reflecting the strength and stability of QNB’s operations. This positive trend is further evidenced by the significant growth in total assets, which reached QAR 1,279 billion (USD 351 billion) by September 30th, marking an 8% increase from the previous year. This growth is primarily driven by a substantial 11% increase in loans and advances, reaching QAR 905 billion (USD 249 billion), demonstrating QNB’s commitment to supporting its customers’ financial needs.
The group’s success in attracting customer deposits is evident in the 11% increase in customer deposits, reaching QAR 909 billion (USD 250 billion) by September 30th. This impressive achievement is a testament to QNB’s effective deposit mobilization strategies and the trust that its customers place in the institution. QNB’s loans to deposits ratio stood at 99.5% as at 30 September 2024.
QNB Group’s commitment to efficient operations is reflected in its cost-to-income ratio, which stands at 22.4%. This ratio is considered one of the best amongst large financial institutions in the MEA region, demonstrating QNB’s ability to manage its expenses effectively while maintaining a high level of profitability. The group’s focus on responsible lending and risk management is evident in its non-performing loans to gross loans ratio, which stood at 3% as at September 30th. This ratio is significantly lower than the average for financial institutions in the MEA region, highlighting the high quality of QNB’s loan book and its robust credit risk management practices. The loan loss coverage ratio stood at 100%, reflecting the group’s prudent approach towards managing non-performing loans.
QNB Group’s financial strength is further demonstrated by its robust capital adequacy ratio (CAR), which stood at 19.5% as at September 30th. This ratio significantly exceeds the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements. The group’s strong liquidity position is evident in its liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), which reached 154% and 104% respectively, well above the regulatory requirements.
Total equity increased to QAR 113 billion (USD 31 billion), up by 4% from September 2023. Earnings per share reached QAR 1.28 (USD 0.35).
QNB Group’s footprint spans more than 28 countries across three continents, with a presence in approximately 900 locations, 5,000 ATMs, and a dedicated team of 31,000 staff members. This widespread presence reinforces QNB’s position as a regional leader in the financial services industry. The group’s commitment to innovation and growth ensures its continued success in delivering exceptional financial solutions to its customers in the MEA region and beyond.
