Doha: QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended March 31, 2023.
Net profit for the three months period reached QR3.9bn ($1.1bn), an increase of 7percent compared to same period last year. Operating Income increased by 20 percent to reach QR9.3bn ($2.6bn) reflects the Group’s continued success efforts in maintaining growth across a range of revenue sources amidst turbulence in global markets.
Total Assets as at March 31, 2023 reached QR1,178bn ($324bn), an increase of 6 percent from 31 March 2022, mainly driven by good growth in loans and advances by 6 percent to reach QR810 bn ($222bn). New customer deposits helped to increase customer deposits by 5 percent to reach QR828bn ($227bn) from 31 March 2022. The loans to deposits ratio reached 97.9 percent as at 31 March 2023.
QNB Group’s efficiency (cost to income) ratio reached 21.7 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 stood at 2.9 percent as at 31 March 2023, one of the lowest amongst financial institutions in the MEA region.
Also during the quarter, QNB Group set aside QR2.5bn ($0.7bn) as provision for potential loan losses which resulted in augmenting its NPL coverage ratio to 104%. Total Equity increased to QR103bn ($28bn), up by 5 percent from March 2022. Earnings per share reached QAR0.39 (USD0.11).
QNB Group’s Capital Adequacy Ratio (CAR) as at 31 March 2023 amounted to 19.3 percent. Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 31 March 2023 amounted to 118 percent and 106 percent respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group is supported by 29,000 staff operating from over 900 locations and 4,800 ATMs.
