Egypt's Suez Canal Authority seeks African market expansion with Namibia port deal    Egypt to launch unified digital business platform to streamline procedures, cut timelines: El-Khatib    TMG expands Celia development with new commercial and entertainment hub    Egypt explores opportunities to expand sustainable environmental investment in natural reserves    Egypt reviews development projects with IsDB delegation    UK offers tax breaks to lure Egyptian firms to London bourse – ambassador    Egypt advances strategy to reduce public, external debt    Gaza death toll climbs as winter cold intensifies humanitarian emergency    Egypt, China discuss sustainable Gaza ceasefire and Sudan truce    GENNVAX launches largest regional vaccine manufacturing facility with $150m investment    Health Minister Discusses radiology upgrade with Curagita, ACH    Central Bank of Egypt, Medical Emergencies, Genetic and Rare Diseases Fund renew deal for 3 years    Egypt, Saudi FMs discuss Gaza, Sudan and preparations for Supreme Coordination Council    Egypt's SPNEX Satellite successfully enters orbit    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



QNB Nine Months Net Profit Hits QR7.1 Bln
Amwal Al Ghad Published in Amwal Al Ghad on 09 - 10 - 2013

QNB Group, the World's Strongest Bank and the leading bank in the Middle East and North Africa, announced its results today for the nine months ended 30 September 2013. These results include the financial results of NSGB in Egypt, in which the Group concluded the acquisition of a controlling stake amounting to 97.12% in March 2013.
For the nine months of 2013 Net Profit was QR7.1 billion (USD2.0 billion), up by 14.1% compared to the same period last year.
The Group's prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 20.4%, which is considered one of the best ratios among financial institutions in the region.
Total assets increased by 24.5% from September 2012 to reach QR437 billion (USD120.0 billion), the highest ever achieved by the Group. This was the result of a strong growth rate of 27.4% in loans and advances to reach QR304 billion (USD83.5 billion).
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.6%, a level considered one of the lowest amongst banks in the Middle East and Africa, reflecting the high quality of the Group's loan book and the effective management of credit risk. The Group's conservative policy in regard to provisioning continued with the coverage ratio reaching 119% in September 2013.
At the same time QNB Group increased customer funding by 23.3% to QR331 billion (USD91.0 billion). This led to the Group's loan to deposit ratio to reach 92%.
In order to diversify its source of funds, in April QNB Group announced the successful completion of a bond issuance under its Euro Medium Term Note (EMTN) program in the international capital markets. Under this program a USD1.0 billion tranche was issued on 22 April 2013 with a 7 year maturity and an attractive coupon rate of 2.875%. The Reg S issue generated strong interest from investors around the world.
Total Equity increased by 10.5% from September 2012 to reach QR51 billion (USD14.0 billion) as at 30 September 2013. Earnings per Share reached QR10.2 (USD2.8), compared to QR8.9 in September 2012.
The capital adequacy ratio stood at 14.6% as at 30 September 2013, higher than the regulatory requirements of Qatar Central Bank and the Basel Committee. The Group is keen to maintain a strong capitalisation in order to support future strategic plans.
As a result of the Group's high credit ratings and outstanding asset quality, it was selected as one of the world's 50 safest financial institutions by Global Finance.
QNB Group tops the list in the Bloomberg Markets magazine's annual ranking of the World's Strongest Banks. 2012 was the first time that QNB was included in the list of eligible banks (78 banks were eligible globally) as a result of achieving more than USD100 billion of assets.
QNB Group opened a representative office in China and established a fully owned subsidiary in India under the name of "QNB (India) Private Limited".
Based on the Group's continuous strong performance and the expanding international presence, the bank is currently ranked as the most valuable brand in the MENA region, with a world ranking of 120 (Brand Value: USD1.31 billion).
With the addition of NSGB, the new subsidiary in India and the new office in China, QNB Group's presence through its subsidiaries and associate companies increased to 26 countries providing a comprehensive range of advanced products and services. The total number of staff is almost 13,500 operating from over 570 locations and with an ATM network of more than 1,200 machines.
Source: Press Release

Clic here to read the story from its source.