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QNB net profit up 4% to QR11.2 bn in 9 months

QNB net profit up 4% to QR11.2 bn in 9 months

Tribune news network
doha
Qatar National Bank (QNB) Group has reported a net profit of QR11.2 billion for the nine months ended September 30, 2019, an increase of 4 percent compared to the same period last year.
Total assets reached QR912 billion, an increase of 7 percent compared to the same period in 2018, the highest ever achieved by the Group.
Loans and advances grew by 8 percent to reach QR653 billion, which contributed to the growth in total assets. This was mainly funded by customer deposits which increased by 7 percent to reach QR663 billion from September 2018.
QNB’s strong asset liability management capabilities helped the Group to improve its loans to deposits ratio to 98.6 percent as at September 30, 2019.
Non-performing loans (NPL’s) accounted for 1.9 percent, a level considered one of the lowest amongst financial institutions in the Middle East and Africa (MEA) region, reflecting the high quality of the group’s loan book and the effective management of credit risk.
The Group achieved a coverage ratio of 104 percent due to its conservative approach to loan loss provisioning.
QNB Group Capital Adequacy Ratio (CAR) as at September 30, 2019, amounted to 18.2 percent, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
During September 2019, QNB Group obtained the regulatory approvals from Hong Kong Monetary Authority (HKMA) to open a branch in Hong Kong, one of the world’s global financial hubs. The branch will provide a full range of banking products and services to individuals and corporate entities.
QNB’s expansion in Hong Kong is another fundamental step in the Group’s international expansion plans to support its growth strategy and market leadership in MEASEA, as well as establish a foothold in highly competitive markets.

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