Doha: QNB Group’s net profit for the nine months period ended September 30 2021 reached QR10.3bn ($2.8bn), an increase of 8 percent compared to the same period last year.
Operating Income grew by 8 percent to reach QR20.7bn ($5.7bn) as a result of QNB Group’s ability to generate sustainable growth across a number of revenue segments.
Total Assets reached QR1.084 trillion ($298bn), an increase of 10 percent from September 30, 2020, mainly driven by strong growth in loans and advances by 7 percent to reach QR766bn ($210bn).
Diversified mobilisation of customer deposits contributed to the increase in customer deposits by 10 percent to reach QR784bn ($215bn) from September 30, 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 percent to 22.5 percent, 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 percent as of September 30, 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 QR4.5bn ($1.2bn) in respect of loan loss provisions which resulted in an increased coverage ratio of 112 percent, reflecting the prudent approach adopted by the Group towards non-performing loans.
Total Equity increased to QR101bn ($28bn), up by 8 percent from September 2020. Earnings per share increased to QR1.03 ($ 0.28).
QNB Group reported a robust capital adequacy ratio of 18.6 percent, 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 and 4,600 ATMs.
