Qatar National Bank (QNB) took home two awards during the “Euromoney Awards of Excellence 2014” held in Dubai.
QNB acting Group chief executive officer Ali Ahmed al-Kuwari said the bank took home the “Best Bank in the Middle East” and “Best Bank in Qatar” awards bestowed by international finance magazine Euromoney.
The Best Bank in the Middle East award, al-Kuwari said “is of special significance” and reflects the continuing progress of the QNB Group across the Mena region.
Al-Kuwari noted that the “Best Bank in Qatar Award” marks the eleventh time that QNB received the distinction from Euromoney.
“This is a notable milestone for the QNB Group and continues the impressive momentum delivered over recent years. Our rapid and sustained domestic and international growth is underpinned by robust financial performance and we are now operating across 26 countries and three continents,” al-Kuwari said.
Euromoney editor Clive Horwood said the regional strength of QNB “can no longer be ignored.”
“It is by a distance the biggest house in the region on every metric: $2.6bn net profit in 2013, up 14% year on year; $125.9bn in assets at the end of the first quarter of 2014, $87.1bn of loans and $94.9bn in deposits, each of them up over 20% year on year and achieved with an NPL (non-performing loans) of just 1.6%,” Horwood explained.
The QNB Group recorded a net profit of QR2.4bn or $ 668mn in the first three months of 2014. This represented an increase of 13.7% compared to the same period in 2013, which demonstrates QNB’s ability to generate “strong revenue growth” across a diverse range of business income streams.
The bank’s total assets increased by 20.6% to reach QR458bn or $125.9bn — “the highest ever achieved by the Group.”
“Our focus remains to deliver enhanced shareholder returns through the delivery of sound and progressive strategic planning. This will both continue to drive our approach and develop our international footprint,” al-Kuwari said.
Euromoney is one of “the most well-respected” industry experts on capital markets, investment, foreign exchange, and treasury with a deeper focus on a number of key regional markets. The publication continues to report on and champion market growth as well as analysis on international cross border capital markets.
