United Kingdom  | عربي

QNB Group Financial Highlights

• Net Profit up by 32.8% to QR4.2 billion

• Total Assets up by QR41.5 billion (27.1%) since September 2009 to QR194.7 billion

• Total Loans and advances and financing activities up by QR30.3 billion (32.3%) since September 2009 to QR124.1 billion

• Total Customer Deposits and unrestricted investment accounts up by QR40.4 billion (37.3%) since September 2009 to QR148.7 billion

• Earnings per share increased to QR10.6 compared to QR8.0 in September 2009

• Total Equity attributable to the Bank shareholders increased to QR22.6 billion

  
H.E. Yousef Hussein Kamal, Chairman of the Board of Directors of Qatar National Bank (QNB), announced that, once again, QNB was able to deliver a strong growth across the range of its activities both domestically and internationally which positively contributed to its profitability that reached QR4.2 billion, clearly demonstrating QNB’s ability to record exceptional growth for the benefits of shareholders. H.E. added: “These outstanding financial results demonstrate once again QNB’s leading position amongst the leading financial institutions in the Middle East and North Africa Region and its ability to deliver a strong and balanced growth across its range of activities.
 
For the nine months ended 30 September 2010, net profit reached QR4.2 billion, up 32.8% on the net profit delivered in September 2009. Total assets grew since September 2009 to QR194.7 billion, representing an increase of QR41.5 billion, or 27.1%. Loans and advances and financing activities grew to QR124.1 billion, representing an increase of QR30.3 billion, or 32.3%. Customer deposits and unrestricted investment accounts also increased by QR40.4 billion (37.3%) during the period to reach QR148.7 billion.
 
Net operating income increased by QR1.3 billion (31.0%) to reach QR5.5 billion. This was mainly due to the increase in net interest income and income from financing activities by QR1.3 billion (48.6%) to reach QR4.0 billion. Net fees and commission income grew by QR156.1 million (22.5%) to QR848.6 million. Net gains from foreign currency transactions increased by QR38.6 million (17.1%) to reach QR264.2 million.
 
Total equity attributable to the Bank shareholders grew since September 2009 to QR22.6 billion, representing an increase of QR3.8 billion, or 20.4%. Also earnings per share increased to QR10.6 in September 2010 from QR8.0 in September 2009.
 
QNB Al Islami also succeeded in achieving excellent results during the first nine months of 2010, with net profit increasing by 151% to reach QR704.0 million. Financing activities increased by 180% since September 2009 to reach QR23.9billion. QNB Al Islami total assets increased by 61% to reach QR29.5 billion.
 
Mr. Ali Shareef Al Emadi, QNB’s Group Chief Executive Officer, said: “These excellent results for the first nine months of 2010 clearly reflect the successful implementation of QNB’s strategic objectives across the range of business activities, including the international expansion plans. It is also a reflection of the effective risk management framework that was vital in avoiding the negative consequences of the international financial crisis, with the ratio of QNB’s non-performing loans at 0.8%, being one of the lowest in the region. Mr. Al Emadi added: “QNB is keen on enhancing its service quality and on providing customers with distinctive and innovative products that cater to their growing needs and expectations."
 
In regard of QNB’s international expansion plans, efforts are underway to increase the number of foreign branches in Oman and Sudan in order to enhance the ability to meet an increased level of activities, both conventional and Islamic. A similar process is also occurring in Syria whereby efforts are also underway in Syria to establish additional branches in various provinces across the country to increase the network to 15 branches by year-end 2010. Other significant developments include the listing of QNB – Syria in the parallel market of the Damascus Stock Market. Also, QNB’s Group stake in QNB – Syria is being increased to 55% from 49% along with an increase of its share capital to $300 million from $100 million currently. This is a clear reflection of our confidence towards the promising outlook of the Syrian banking sector and the increasing opportunities available to QNB – Syria.
 
Also in regard of the international expansion, a branch was recently established in Nouakchott, the capital of Mauritania thereby becoming the fist bank and Qatar and the region to establish a presence in the country. With the addition of Mauritania, QNB’s Group presence in North Africa through own branches and representative offices and through its subsidiaries and associate companies to five countries that includes Tunisia, Sudan, Libya and Algeria
 
Also, regulatory approvals were granted to establish a branch in the Lebanese capital Beirut. This will further enhance QNB’s presences in the Arab Levant region given its presence in Syria through QNB – Syria and in Jordan and Palestine through the 34% stake in The Housing Bank for Trade and Finance. In the first half of 2011, once the branch in Beirut is established QNB’s international reach will increase to 24 countries in Asia, Europe and in the Middle East and North Africa Region.
 
Further, a Letter of Intent was recently signed with Bank Kesawan in Indonesia, whereby upon the exercise of a planned rights issue, could result in QNB Group becoming the controlling shareholder of Bank Kesawan. This Letter of Intent with Bank Kesawan is in line with QNB’s Group international expansion plan that represents an integral part of the Bank’s strategic objectives.
 
Mr. Al Emadi added that despite the international expansion plan, Qatar remains the most important market for QNB which continues to play a leading role in the financing of various projects of the private and public sectors across the range of economic activities.
 
The Bank places the upmost importance to further enhancing the range of product and services offered that caters to customers’ expectation, the most recent of which was the launch, for the first time in Qatar of “eazypay”, that allows the transfer of funds through mobile phones. The Bank also expanded its network with the opening of a new branch dedicated to QNB First customers, along with a new branch for QNB Al Islami. Also, with the addition of a new branch in Khraityat, the domestic network increased to 43 locations that includes 12 branches and offices for QNB Al Islami and three mobile branches.
 
 
A recognition of QNB’s leading market position and its ability to deliver sustained growth in all activities is the affirmation by rating agency Fitch of QNB's credit ratings in July 2010, with a long-term rating of A+ and short-term rating of F1, with a Stable Outlook. QNB’s ratings from the leading international ratings agencies including Standard & Poor’s, Capital Intelligence, and Moody's are the highest and on par with a small group of leading financial institutions in the region.
 
Further evidence of QNB’s leading position in the banking sector, the Bank was selected once again in 2010 as the Best Bank in Qatar from Euromoney and The Banker. These Awards for Excellence is among the most respected global awards for excellence that takes into account business volume, innovation, leadership, credit ratings, quality of assets, efficiency ratios and key performance indicators among factors considered for the award.
 
The Bank continues a leading role in support of the community, extending generous contribution to cultural, social and sports activities, the most significant being the recent signing of a contract with the Qatar 2022 Bid Committee whereby QNB is named the Official Bank of the Qatar 2022 bid to host the FIFA World cup.

Follow Us