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qnb continues its streak impressive 7 profit surge in q1 2024 56

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QNB Continues Its Streak: Impressive 7% Profit Surge in Q1 2024

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Michael Chen

April 8, 2024 - 14:55 pm

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QNB Reports a Solid 7% Profit Growth in the First Quarter of 2024

DOHA, Qatar, April 8, 2024 – QNB, the premier banking institution in the Middle East and Africa (MEA) region, has revealed its financial outcomes for the first quarter ending on March 31, 2024. The results showcase a robust performance, with net profit reaching an impressive QAR 4.1 billion (USD 1.1 billion). This marks a commendable 7% escalation compared to the same timeframe in the preceding year. Key to this achievement is the substantial 11% uptick in operating income, which soared to QAR 10.4 billion (USD 2.8 billion), signaling the bank's capacity for sustained growth across multiple revenue channels.

Strengthened Financial Foundations

QNB has reported that as of March 31, 2024, the total assets have climbed by 5% to a monumental QAR 1,237 billion (USD 340 billion). This growth, primarily stemming from a 7% increase in loans and advances now amounting to QAR 867 billion (USD 238 billion), underpins the bank's strong financial position. Moreover, a strategic focus on diverse customer deposit generation has boosted customer deposits by 6%, achieving a new high of QAR 880 billion (USD 242 billion) compared to the previous year.

The favorable loans to deposits ratio standing at 98.6% as at the end of the first quarter further accentuates the financial institution's liquidity and stable funding profile. Amidst an array of large financial entities in the MEA region, QNB's efficient operations are reflected in its cost to income ratio of 21.7%, positioning it among the most efficient.

Sustaining High-Quality Loan Portfolio and Managing Risks

In testament to the Group's prudence in credit risk management, the proportion of non-performing loans to gross loans remains one of the lowest in the MEA region at a mere 2.9%. An equally impressive loan loss coverage ratio of 98% underscores the prudent measures embraced by QNB for managing non-performing loans and mitigating potential financial adversities.

The bank also witnessed an upward movement in Total Equity, which increased by 3% to QAR 105 billion (USD 29 billion), compared to March 2023, solidifying the group's capital structure. Correspondingly, Earnings per Share (EPS) saw a positive outcome, reaching QAR 0.42 (USD 0.12).

Upholding Robust Regulatory Capital and Liquidity Ratios

QNB's Capital Adequacy Ratio (CAR) was reported at an impressive 19.1%, which sits well above regulatory requirements. The Group's liquidity position was also robust, with the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) recorded at 162% and 104%, respectively. These ratios not only reflect QNB's compliance with regulatory benchmarks set by the Qatar Central Bank and the Basel Committee but also illustrate the institution’s superior liquidity and long-term stability.

QNB Group: A Global Banking Powerhouse

The extensive presence of QNB Group is supported by a global workforce of 30,000 employees stationed across 900 locations with access to over 5,000 ATMs. These stats demonstrate the Group's significant scale and its commitment to providing accessible financial services to its vast customer base.

QNB Headquarters

For a visual representation of the institution that these financial figures pertain to, the QNB Headquarters can be seen through the provided image link: QNB Headquarters Image.

Moreover, the QNB Group's brand, which embraces its legacy and trust, is encapsulated in its logo, which can be viewed at: QNB Group Logo.

Expanding Horizons

As they look forward to the remainder of 2024, QNB Group continues to steer towards amplifying their geographical footprint and consolidating their market leadership status. The continual advancements in their financial services, coupled with a keen focus on operational efficiency, sets them apart as a leader in the financial sector.

This year's financial performance is not an isolated event but a continuation of QNB Group’s growth trajectory. As the institution works on expanding their suite of services and fortifying client relationships, they are also proactively managing risk and optimizing their asset portfolio. This balanced approach ensures that QNB not only maintains its growth momentum but also delivers value to its shareholders and customers alike.

A Future Guided by Innovation and Customer-Centric Approach

Looking ahead, the Group is poised to further its mission by integrating cutting-edge technologies into its services, therefore, enriching the customer experience and enhancing operational effectiveness. The progressive digital transformation is likely to open new avenues for revenue, while also reinforcing the bank’s commitment to excellence and innovation.

QNB’s emphasis on a customer-centric approach is expected to drive ongoing success. By understanding and adapting to customer needs, the Group is able to innovate and offer tailored financial products. This, in turn, has a positive impact on customer satisfaction and loyalty, contributing to the bank’s expansive customer base and ensuring a secure position within the competitive marketplace.

Building on a Legacy of Success

For years, the QNB Group has been known as a beacon of financial stability and growth in the MEA region. Their forward-looking strategies and robust financial planning have made them an archetype for success in the banking industry. By continuously enhancing their service offerings and adhering to international standards, the bank reassures its investors and customers of its sturdy foundation.

As QNB capitalizes on growth opportunities both within the region and beyond, their focus remains on delivering commendable financial results. Their strategy of diversification, expanding into new markets, and developing innovative banking solutions, ensures that they are well-positioned to navigate the dynamic financial landscape.

Conclusion: Sustained Excellence Amidst Global Challenges

The Group's performance in the first quarter of 2024 firmly establishes QNB's leadership in the MEA region. Amidst global economic challenges, the bank’s continued profitability, asset quality, and exceptional ratios reflect not only the resilience of their business model but also the efficacy of their strategic initiatives.

QNB's first-quarter results serve as definitive proof of their competitive prowess and their unwavering commitment to maintain a high caliber of financial services. With their vigilant approach to business expansion, risk management, and customer service excellence, QNB Group is on course to achieving yet another landmark year in its illustrious history.

In conclusion, the QNB Group's robust first-quarter earnings for 2024 stand as a testament to the bank's enduring success and strategic agility. Through continued dedication to optimizing their diverse portfolio and enhancing customer services, QNB is not only sustaining its leading position but is also shaping the future of banking in the MEA region and beyond.


This article is based upon press releases distributed by QNB Group and includes direct references to data and images shared therein. For more information and visual references to the financial institution discussed, visit the QNB Group's media links:

QNB Headquarters Image: https://mma.prnewswire.com/media/2381516/QNB_Group.jpg

QNB Group Logo: https://mma.prnewswire.com/media/1917328/4636355/QNB_Group_Logo.jpg