Qatar National Bank Group has announced its financial results for the three months ended 31 March 2012. The group recorded a net profit of QR 2 billion, up by 17.4 per cent compared to the same period last year.
Total assets increased by 28.2 per cent since March 31, 2011 to reach QR 311.1 billion, the highest ever achieved by the Group.
This was the result of a strong growth rate of 43 per cent in loans and advances to reach QR 201.2 billion. Meanwhile, customer deposits recorded solid growth of 21.4 per cent to QR 218.4 billion.
The bank was able to maintain the ratio of non-performing loans to total loans at 1.1 per cent, a level considered to be the lowest amongst banks in the Middle East and North Africa. Provisions were conservatively managed, as the coverage ratio reached 127 per cent.
The efficiency ratio (cost to income ratio) improved to 16 per cent, compared to 16.2 per cent in March 2011, one of the best ratios among financial institutions in the Middle East and North Africa.
Total shareholders’ equity increased by 71.3 per cent since 31 March 2011 to reach QR 42 billion. QNB Group maintains a strong capital adequacy ratio higher than the regulatory requirements of Qatar Central Bank and Basel Committee.
Based on the Group’s strong capitalization and high credit ratings, QNB was named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012. QNB Group launched its debut bond issue under its Euro Medium Term Note Programme in the international capital markets which amounted to $1 billion with a 5-year maturity at a coupon rate of 3.375 per cent. This highly successful issue received an overwhelming interest from regional and international investors.
Based on the Group’s continuous strong performance and the expanding international presence, the bank is currently ranked as the most valuable banking brand in the MENA region, with a world ranking of 114 from 189 in 2011.
QNB Group which operates in 24 countries around the world through its network, subsidiaries and associate companies employs about 7,000 staff operating from 335 branches and offices that are supported by an ATM network that exceeds 650 machines, Oman Observer reported.