QNB Group: Financial Results For The Three Months Ended 31 March 2022
DOHA, Qatar, April 11, 2022 /PRNewswire/ -- QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2022.
Net Profit for the three months ended 31 March 2022 reached QAR3.6 billion (USD1.0 billion), an increase of 9% compared the same period last year. Operating Income up by 16% to reach QAR7.7 billion (USD2.1 billion) which reflects the Group's success in maintaining growth across a range of revenue sources.
Total Assets as at 31 March 2022 reached QAR1,108 billion (USD304 billion), an increase of 6% from 31 March 2021, mainly driven by growth in Loans and advances by 6% to reach QAR763 billion (USD210 billion). Diversified customer deposits generation helped to increase customer deposits by 5% to reach QAR788 billion (USD216 billion) from 31 March 2021.
Furthermore, Group's drive for operational efficiency continues to yield cost-savings and enhanced revenue sources that has enabled QNB Group to improve its efficiency (cost to income) ratio for the three months period ended 31 March 2022 to 20.8% from 23.4% at 31 March 2021, which is considered one of the best ratios among large financial institutions in the MEA region.
QNB Group's strong asset liability management helped in maintaining loans to deposits ratio at 96.8% as at 31 March 2022.
The ratio of non-performing loans to gross loans stood at 2.3% as at 31 March 2022, 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. Also during the period, QNB Group set aside QAR1.9 billion (USD0.5 billion) as a precaution for potential loan losses. This helped the Group to increase its coverage ratio to 123%, which reflects the prudent approach adopted by the Group towards non-performing loans.
Total Equity increased to QAR98 billion (USD27 billion), up by 5% from March 2021. Earnings per share reached QAR0.36 (USD0.10).
QNB Group reported a strong capital adequacy ratio of 18.9% as at 31 March 2022, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Group statistics
QNB Group supported by 27,000 staff resources operating from approximately 1,000 locations and 4,600 ATMs.
Contact: Hissa Alsowaidi, [email protected]
Photo: https://mma.prnewswire.com/media/1794416/QNB_Group_Headquarters.jpg
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