Doha – 2nd February 2015-QNB, “One of the World’s Strongest Banks”, has been confirmed as the most valuable banking brand in The Middle East and Africa according to The Annual Survey carried out by Brand Finance and published by The Banker Magazine, an affiliate to the international acclaimed Financial Times newspaper.
Highlighting the extent of its top performance in 2015, QNB witnessed the value of its brand increase to QAR 9.476 billion (US$2.603 billion). This represents a 44% increase on the 2014 levels and importantly saw QNB rise to 79th place globally in the rankings of the World’s Top 500 Banking Brands. This improvement of 22 places on the 2014 Rankings is testament to the combination of continuing robust financial performance and successful international expansion of a brand that now operates in more than 26 countries across 3 continents.
Commenting on the achievement, Yousef Darwish (General Manager, Group Communication) said:
“To be considered the most valuable banking brand in The Middle East and Africa is a significant geographical achievement. Over the course of the last 12 months, QNB has gained approximately QAR 2.9 billion (US$792 million) to our brand value and this is more than any other bank in the industry.
We have come a long way from our Brand Value of approximately QAR 2.5 billion (US$703 million) in 2010 but there is still a great deal of work to be done if we want to achieve our future vision of becoming a MEA Icon by 2017. The importance of our brand and how it is perceived by our diverse range of stakeholders is paramount across our domestic and international network of operations and this prestigious accolade from Brand Finance proves that we are making impressive progress”.
Commenting on the QNB performance in 2015, David High (Brand Finance Chief Executive) said:
“QNB’s vision to become an iconic brand across The Middle East and Africa is clearly bearing fruit. It is the most valuable bank brand in the region and is pulling ahead of the field, having added more brand value this year than any of its regional rivals. Now ranked 79th globally, the QNB brand is clearly gaining traction worldwide and in due course it could become an iconic bank brand not just in The Middle East and Africa but globally”
Stringent judging criteria is used by Brand Finance in the value assessment process of Banking Brands. The factors considered include: size of operations, geographical presence, global and regional reputation and brand classification.
The “AA” Brand Rating given to QNB by Brand Finance for 2015 was in recognition of the strong and robust Financial Performance of Qatar’s Biggest Bank in 2014. Net Profits for the year ending 31st December 2014 were US$ 2.9 billion (an increase of 10.3% on 2013 levels), Total Assets reached a record high of US$ 133.6 billion (up 9.7%) and Credit Ratings remained amongst the highest experienced across The MENA Region.
Of particular significance to brand value and reach in 2014 was QNB’s strategic stake of 19.4% taken in Ecobank Transnational Incorporated, a leading pan-African bank with a presence in 36 countries across the African continent. This strategic partnership is both another fundamental step in QNB’s international expansion plans and a significant contribution towards QNB’s vision to become a Middle East and Africa Icon by 2017.