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QNB Group posts net profit of QAR 6.2 billion for first nine months of 2012.

QNB Group has announced its financial results for the nine months ended 30 September 2012, recording a net profit of QAR 6.2 billion, up by 15 per cent compared to the same period last year.

Total assets increased by 25.3 per cent since 30 September 2011 to reach QAR 351.0 billion, the highest ever achieved by the Group. This was the result of a strong growth rate of 41.9 per cent in loans and advances to reach QAR 238.6 billion. Meanwhile, customer deposits recorded solid growth of 37.4 per cent to QAR 268.5 billion.

The bank was able to maintain the ratio of non-performing loans to total loans at 1.2 per cent, a level considered to be the lowest amongst banks in the Middle East and North Africa. Provisions were conservatively managed, as the coverage ratio reached 116 per cent.

The efficiency ratio (cost to income ratio) stood at 16.6 per cent, compared to 15.3 per cent in September 2011, one of the best ratios among financial institutions in the Middle East and North Africa.

Total shareholders' equity increased by 13.1 per cent since 30 September 2011 to reach QAR 46.2 billion. QNB Group maintains a strong capital adequacy ratio higher than the regulatory requirements of Qatar Central Bank and Basel Committee.

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 114 from 189 in 2011.

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Article Type:Financial report
Date:Oct 7, 2012
Words:274
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