Doha, Qatar: QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced yesterday QR7.6bn ($2.1bn) net profit for the six months ended June 30, 2023 an increase of 8 percent compared to same period last year.
Operating Income increased by 14 percent to reach QR18.5bn ($5.1bn) underpins Group’s continued successful efforts in maintaining growth across a range of revenue lines.
Total Assets as at June 30, 2023 reached QR1,202bn ($330bn), an increase of 7 percent from June 30, 2022 mainly driven by good growth in loans and advances by 7 percent to reach QR819bn ($225bn). Strong inflow of customer deposits helped to increase deposit base by 5 percent to reach QR836bn ($230bn) from June 30, 2022. QNB Group’s loans to deposits ratio remained strong at 97.9 percent as at June 30, 2023 well within the regulatory limits.
Also, QNB Group’s efficiency ratio (cost to income) remained strong at 20.4 percent which is considered one of the best ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans stood at 2.9 percent as at 30 June 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Also, during the year, QNB Group set aside QR4.7bn ($1.3bn) as provision for potential loan losses and NPL coverage ratio remained strong at 99 percent, reflecting a prudent approach adopted by the Group towards non-performing loans.
Total Equity increased to QR104bn ($29bn), up by 1 percent from June 2022. Earnings per share increased by 9 percent to reach QR0.76 ($0.21).
QNB Group’s Capital Adequacy Ratio (CAR) as at June 30, 2023 amounted to 19 percent. Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at June 30, 2023 amounted to 146 percent and 106 percent respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group supported by 29,000 staff operating from more than 900 locations and over 4,900 ATMs.
