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QNB's profit jumps 12.6% to QR8b in first 9 months.

The group's prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 20.9 per cent, which is considered one of the best ratios among financial institutions in the region.

Dubai: Qatar National Bank, one of the world's strongest banks and the leading bank in the Middle East and North Africa, on Sunday reported a net profit of QR8 billion up 12.6 per cent for the nine months of 2014 compared to last year.

This was driven by operating income, which increased to QR11.7 billion, up by 6.8 per cent compared to September 2013, demonstrating QNB Group's success in achieving strong growth across the range of revenue sources.

Net interest income increased by 6.4 per cent to reach QR9.1 billion, with net fee and commission income and net gain from foreign exchange reaching QR1.6 billion and QR0.6 billion, respectively.

The group's prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 20.9 per cent, which is considered one of the best ratios among financial institutions in the region.

Total assets increased by 8.8 per cent from September 2013 to reach QR475 billion, the highest ever achieved by the Group. This was the result of a strong growth rate of 8.1 per cent in loans and advances to reach QR329 billion.

The group was able to maintain the ratio of non-performing loans to gross loans at 1.6 per cent, 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 124 per cent in September 2014.

busines@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Oct 13, 2014
Words:329
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