QNB registers nine-month net profit of QR10.3 billion

QNB group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months period ended 30 September 2021.

Net Profit for the nine months period ended September 30, 2021, reached QR10.3 billion (USD2.8 billion), an increase of 8 compared to the same period last year. Operating Income grew by 8 to reach QR20.7 billion (USD5.7 billion) as a result of QNB Group’s ability to generate sustainable growth across a number of revenue segments.

Total Assets reached QR1,084 billion (USD298 billion), an increase of 10 from 30 September 2020, mainly driven by strong growth in Loans and advances by 7 to reach QR766 billion (USD210 billion). Diversified mobilization of customer deposits contributed to the increase in customer deposits by 10 to reach QR784 billion (USD215 billion) from 30 September 2020. In addition, the Group’s drive for operational efficiency is continuing to yield cost-savings and combined with the improved revenue has contributed to a material improvement in the efficiency (cost to income) ratio from 24.2 to 22.5 , 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 amounted to 2.3 as at 30 September 2021, 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. Also during the period, QNB Group continued to set aside QR4.5 billion (USD1.2 billion) in respect of loan loss provisions which resulted in increased coverage ratio of 112 , reflecting the prudent approach adopted by the Group towards non-performing loans.

Total Equity increased to QR101 billion (USD28 billion), up by 8 from September 2020. Earnings per share increased to QR1.03 (USD 0.28). QNB Group reported a robust capital adequacy ratio of 18.6 , which is higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. QNB Group is supported by more than 28,000 staff resources operating from more than 1,000 locations .