Jun 09 2009
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QNB named the "Best Bank in Qatar" at the Euromoney Awards for Excellence 2009
This award comes as further recognition of QNB 's leading role in the Qatari banking sector, where it has set the pace over the years in various segments of the local financial market. Listed on the Doha Securities Market (DSM) QNB 's capital currently accounts for nearly 40% of all banking sector assets.
The annual Euromoney Awards for Excellence are among the most sought after global awards for banks around the world. Selection is based on established performance criteria of past years, in combination with quantitative data collected over the assessment year.
The awards were presented at a dedicated ceremony in Doha which welcomed many regional and international banks and their senior representatives.
QNB 's strong financial results for the three months ended 31 March 2009 are evidence of the Bank's ability to deliver sustained growth. Net profit during the period was up by 10.2% to reach QR1,011 million, while total assets rose by QR10.6 billion (8.2%) since March 2008 to QR140.6 billion. Total loans and advances and financing activities increased by QR4.2 billion (5.4%) since March 2008 to reach QR81.6 billion. Total customer deposits and unrestricted investment accounts were also up by QR12.4 billion (15.6%) since March 2008 to reach QR91.9 billion.
These outstanding financial results at the end of the first quarter of 2009, coupled with sustained performance and growth in 2008 and in prior years were among the primary reasons for QNB 's selection as the Best Bank in Qatar. These figures reflect the Bank's success in effectively managing risk and maintaining balanced growth in all areas of its activities.
The Best Bank Award is given only to regulated financial institutions having both commercial and retail banking capabilities, with the shortlist for the award being judged on specific achievements between 1 April 2008 and 31 March 2009. The judges consider criteria such as the volume of business transacted, innovation and leadership, credit ratings, quality of assets and earnings, efficiency ratios and key performance indicators.
The Best Bank Award also takes into account the capabilities of the investment banking arms of the shortlisted banks, and how they complement the commercial banking activities of an institution. The Bank's investment banking arm QNB Capital, which was launched in 2008, therefore also contributed to achieving this recognition.
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Qatar National Bank (QNB) , established in 1964 as the country's first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.
QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.
QNB has the largest distribution network in Qatar, comprising 43 branches and offices (including 3 mobile branches), in addition to 11 Islamic branches and offices operated by QNB Al Islami, and more than 156 ATMs.
QNB was the first conventional bank in Qatar to offer Shari'a-compliant banking products and services through QNB Al Islami, established in 2005.
QNB 's international presence is rapidly expanding to include new locations around the world to supplement the long established branches in London and Paris. Currently QNB has presence in 23 countries including branches in Yemen, Oman Kuwait & Singapore as well as Representative Offices in Iran & Libya. An Islamic branch was recently inaugurated in Sudan, offering a full range of Islamic banking services and products.
QNB has also extended its regional reach by acquiring shares in various financial institutions including 33.5% stake in the Jordan-based The Housing Bank for Trade and Finance (HBTF), 23.8% of the shares of Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari Bank and a 20% stake in the Doha-based Al Jazeera Islamic Company. QNB also signed an agreement to establish QNB -Syria jointly with other Syrian private and public sectors institutions with a 49% stake for QNB .
The Bank recently established a new investment company " QNB Capital" providing an array of investment banking services to corporate, government and institutional clients within Qatar and globally. These include one of the best corporate finance teams in the GCC region offering extensive transaction experience, in depth advisory services - including mergers and acquisitions, equity, debt and project advisory - as well as first-class research capabilities.
QNB has the highest credit rating among regional banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards from leading international specialized financial publications for its innovative products, services and remarkable performance.
QNB has an active community support program and sponsors various social, educational, and sporting events
For further information, please contact
Public Relations Department
Tel: (974) 4252477
Fax (974) 4252589
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