QNB has posted a half-yearly net profit of QR8.2bn, up 7% on the same period in 2023.
QNB, which is the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six-month period ended on June 30 Monday.
The Board of Directors of QNB authorised an interim cash dividend distribution of 33% of the nominal share value (QR0.33 per share), payable to eligible shareholders as at the close of trading on July 17.
The proposed interim cash dividend distribution is subject to approval by the Qatar Central Bank (QCB). The proposal is the first ever in QNB’s 60-year history and primarily aims to reward QNB’s long-term shareholders.
Operating income increased by 9% to reach QR20.1bn, which reflects the group’s ability to maintain growth across a range of revenue sources.
Total assets (as on June 30) reached QR1,261bn, an increase of 5% from June 30, 2023, mainly driven by good growth in loans and advances (by 7%) to reach QR879bn.
Diversified customer deposits generation helped to increase customer deposits by 6% to reach QR891bn from June 30, 2023. QNB’s loans to deposits ratio stood at 98.7% (as on June 30 this year).
QNB Group’s efficiency (cost to income) ratio stood at 22.4%, 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 3% (as on June 30), one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk.
In addition, loan loss coverage ratio reached 100%, which reflects the prudent approach adopted by the Group towards non-performing loans.
Capital Adequacy Ratio (CAR) as on June 30 amounted to 19.2%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as on June 30 amounted to 185% and 105% respectively.
These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements, QNB said.
Total equity increased to QR110bn, up 6% on June 2023. Earnings per share reached QR0.82.
QNB Group’s presence spans some 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 30,000 staff.
QNB Board of Directors has authorised an interim cash dividend distribution of 33% of the nominal share value (QR0.33 per share), payable to eligible shareholders as at the close of trading on July 17. The proposal, subject to approval by the QCB, is the first ever in QNB’s 60-year history and primarily aims to reward long-term shareholders.
