DOHA, Qatar, Oct. 9, 2019 /PRNewswire/ -- QNB Group, one of
the leading banks in the Middle
East, Africa and
Southeast Asia (MEASEA) region,
announced its results for the 3rd quarter ended
30 September 2019.
For the nine months ended 30 September
2019, Net Profit topped QAR11.2
billion (USD3.1 billion), an
increase of 4% compared to same period last year. Total Assets
reached QAR912 billion (USD250 billion), an increase of 7% from
30 September 2018, the highest ever
achieved by the Group.
Loans and advances grew by 8% to reach QAR653 billion (USD179
billion), which contributed to the growth in Total Assets.
This was mainly funded by customer deposits which increased by 7%
to reach QAR663 billion (USD182 billion) from September 2018. QNB's strong asset liability
management capabilities helped QNB Group to improve its loans to
deposits ratio to 98.6% as at 30 September
2019.
NPL's accounted for 1.9% as at 30
September 2019, a level considered one of the lowest amongst
financial institutions in the MEA region, reflecting the high
quality of the Group's loan book and the effective management of
credit risk. At 30 September 2019,
the Group achieved a coverage ratio of 104% due to its conservative
approach to loan loss provisioning.
QNB Group Capital Adequacy Ratio (CAR) as at 30 September 2019 amounted to 18.2%, higher than
the regulatory minimum requirements of the Qatar Central Bank and
Basel Committee.
During September 2019, QNB Group
obtained the regulatory approvals from Hong Kong Monetary Authority
(HKMA) to open a branch in Hong
Kong, one of the world's global financial hubs. The branch
will provide a full range of banking products and services to
individuals and corporate entities.
QNB Group expansion in Hong
Kong is another fundamental step in QNB Group's
international expansion plans to support its growth strategy and
market leadership in MEASEA, as well as establish a foothold in
highly competitive markets.
QNB Group serves a customer base of more than 24 million
customers with more than 29,000 staff resources operating from more
than 1,100 locations and 4,300 ATMs.
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SOURCE QNB Group