Qatar National Bank profit jumps 14.1%

Sunday, Oct 13, 2013

Dubai: Qatar National Bank (QNB) Group reported a 7.1 billion Qatari riyal (Dh7.16 billion) net profit for the nine months ending September 20, 2013.

According to a QNB press release, the results represent a 14.1 per cent increasae over the same period in 2012 and include NSGB Egypt, in which QNB Group maintains a controlling 97.12 per cent stake.

The release said that QNB Group has an efficieny rate (cost to income ratio) of 20.4 per cent. Its total assets increased by 24.5 per cent from September 2012 to reach $12 billion (Dh44.1 billion).

Loans and advances increased by 27.4 per cent to $83.5 billion.

Since September 2012, total equity has increased by 10.5 per cent to $14 billion and earnings per share represent QR10.2 compared to QR8.9 in September last year.

QNB has maintaiend a ratio of non-performing loans to gross loans at 1.6 per cent. Its conservative policy in regard to provisioning continued with the coverage ratio reaching 119 per cent in September 2013.

Customer funding increased by 23.3 per cent to $91 billion leading to the its loan-to-deposit ratio reaching 92 per cent.

QNB, one of the region’s top performing banks, maintains a presence through subsidiaries and associate companies in 26 countries.

Staff Report