Business Wire

QNB Group: Financial Results for the Nine Months Ended 30 September 2018

Del

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2018.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181010005562/en/

QNB Group HQ Building in Doha (Photo: AETOSWire)

QNB Group HQ Building in Doha (Photo: AETOSWire)

For the nine months ended 30 September 2018, Net Profit reached QAR10.8 billion (USD3.0 billion), up by 6% compared to same period last year, despite the impact of the Turkish Lira devaluation.

Total assets increased to QAR853 billion (USD234 billion), up by 8% from September 2017. The key driver of total assets growth was from loans and advances which grew by 4% to reach QAR604 billion (USD166 billion). This was mainly funded by customer deposits which increased by 7% to reach QAR615 billion (USD169 billion) from September 2017. The growth of the Group assets and liabilities has been partly affected by the devaluation in the Turkish Lira. Despite the devaluation impact, QNB’s strong asset liability management capabilities helped QNB Group to improve its loans to deposits ratio to 98.3% as of 30 September 2018.

The Group’s drive for operational efficiency is yielding cost-savings in addition to sustainable revenue generating sources, enabling the Group to improve the efficiency ratio (cost to income ratio) to 26%, from 29% last year, which is considered one of the best ratios among large financial institutions in the MEA region.

Robust credit quality is underpinned by non-performing loans ratio of 1.8% as of 30 September 2018, a level considered one of the lowest amongst financial institutions in the MEA region. The Group’s conservative policy in regard to provisioning resulted in the coverage ratio at 106% as of 30 September 2018.

Capital Adequacy Ratio (CAR) as of 30 September 2018 amounted to 15.6%, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. Currency headwinds in our core markets had limited impact on the CAR.

QNB's successful funding from the international markets during the year includes, amongst others, (1) capital market issuances of USD560 million (AUD700 million) with a 5- and 10-year maturity in Australia and (2) USD720 million bonds with a 30-year maturity in Taiwan. This reflects the Group’s success in diversifying funding sources by entering new debt markets, sourcing sustainable long-term funding, extending the maturity profile of funding sources and the trust of international investors in the strong financial position of QNB Group and its strategy.

During the year, Fitch Ratings and Moody’s have revised the Outlook to Stable due to successful management of the impact from the blockade. Also QNB remains the highest-rated bank in Qatar and one of the highest-rated banks in the world from the major rating agencies of Moody’s, Standard & Poor’s and Fitch Ratings.

QNB Group serves a customer base of more than 23 million customers with more than 29,000 staff resources operating from more than 1,200 locations and 4,300 ATMs.

*Source: AETOSWire

Contact information

QNB Group
Maha Mubarak Ali, +97444975704
PR@qnb.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

PMI Launches Search for Next President and CEO22.10.2018 14:00Pressemelding

Project Management Institute (PMI), the world’s leading professional membership organization for project managers, announced today that it has retained Heidrick & Struggles to help the organization find its next President and Chief Executive Officer (CEO). The dynamic leader shall oversee the implementation of a new strategic plan and guide the organization toward a future designed to help thousands of project professionals around the world accelerate their careers and make ideas a reality. Heidrick & Struggles is a premier provider of executive search, leadership assessment and development, organization and team effectiveness, and culture shaping services globally. PMI will conduct a comprehensive global review of both internal and external candidates for this key position. The selected candidate will embody PMI’s core values and possess the skillsets necessary to advance the organization’s key goals. PMI’s next President and CEO will help it execute a bold new multi-year initiative d

E2open to Acquire INTTRA, Adding the World’s Leading Ocean Shipping Network and Software Provider, Creating an Integrated Global Supply Chain and Logistics Operating Network22.10.2018 13:43Pressemelding

E2open, the one place in the cloud to run your supply chain, today announced the acquisition of INTTRA, the leading ocean shipping network, software and information provider. The combination of INTTRA’s ocean carrier and shipper network with E2open’s industry leading business network will create a unified global logistics and supply chain network. E2open and INTTRA will join efforts to strengthen the connections and streamline the information flow between manufacturers, suppliers, shipping service providers, ocean carriers and all the participants in global trade. E2open is the largest cloud-based provider of networked supply chain solutions, featuring a complete portfolio of applications that enable the world’s most complex supply chains to better plan, collaborate, and execute their end-to-end operations. More than 70,000 partner companies and 200,000 users, many of the biggest brands and manufacturers across a range of industries, use the E2open network and platform to orchestrate t

Patient-Data Platform Raremark Raises £3m to Enable Precision Medicine in Rare Disease22.10.2018 12:00Pressemelding

Raremark, the leading patient-data platform in rare disease, has raised £3m in funding from investors, led by AlbionVC and Ananda Ventures, with participation from Oltre Venture and from existing major investor the Cass Entrepreneurship Fund. The funding will be used to develop Raremark’s patient-engagement and data-analysis technology, helping biopharmaceutical companies to identify, engage and learn from patients, accelerating the development of new treatments. Raremark’s platform is the foundation for building research networks of rare disease patients and their families. Raremark provides biopharmaceutical companies with access to anonymized and aggregated patient data, helping to reduce the time and cost of clinical development. The Raremark platform engages and retains patients, leveraging machine-learning technologies in novel ways. The approach is designed to raise health literacy and informed participation in medical research, to improve the quality of existing therapies and t

Celltrion Healthcare Hosts Forum with Patient Advocacy Groups to Provide Information on the Use of Biosimilars in Oncology22.10.2018 11:50Pressemelding

To coincide with the ESMO 2018 Congress in Munich, Germany, Celltrion Healthcare invited perspective from experts including a physician and pharmacist to provide information to patient advocacy groups on the history of biosimilars, how they are tested and approved, their cost saving benefit and the wealth of clinical evidence already available on their use in order to improve understanding of biosimilars. The introduction of biosimilars in the treatment of cancer has the potential to reduce pressure on healthcare budgets and increase access to other innovative treatments or more potent regimens. This is achieved by offering more cost-effective alternatives to the reference medicinal products and by increasing competition in the market. Breast cancer is the most common cancer in women worldwide and accounts for a quarter of all cancer diagnoses in women.1 For the benefits of biosimilar use to be realised in oncology, and in the treatment of breast cancer, barriers to their uptake need t

Sony Corporation Selects ANAQUA for IP Management22.10.2018 11:00Pressemelding

Anaqua, Inc., the leading provider of innovation and intellectual property (IP) management solutions, today announced that multinational technology company Sony Corporation has entered into a multi-year agreement to use the ANAQUA software to manage its patent and trademark portfolios. Sony is one of the world’s largest technology and entertainment companies, with products spanning consumer electronics, smart phones, game and network services, financial services, and professional products. “We are excited to welcome one of the world’s largest companies and IP leaders to Anaqua’s growing client community,” said Bob Romeo, CEO of Anaqua. “Sony’s decision to strategically partner with Anaqua for their IP Management system reinforces our continued investment in the APAC market.” ABOUT ANAQUA The most innovative companies in the world innovate with Anaqua. Its simplified software platform combines insight from big data analytics with critical tools, best practice workflows and advanced serv

Dentsu Aegis Network Announces the Acquisition of Namics AG22.10.2018 11:00Pressemelding

Dentsu Aegis Network today announces that it has signed a definitive agreement to acquire Namics AG, a leading full-service digital agency in Switzerland and Germany. Following the acquisition, which is subject to approval from the German competition authority, the company will become ‘Namics - A Merkle Company’. Namics’ digital experience, creative and service design expertise complements Merkle’s already significant customer experience (CX) and marketing technology practice in the region. An important step in Merkle’s strategy to increase its global footprint, it provides further scale and depth to Merkle’s people-based marketing capabilities, in particular in the areas of business transformation strategy, digital consulting and technology implementation across Adobe Experience Cloud, Sitecore, Salesforce and SAP and other leading technology partners. All Namics‘ 550 digital specialists based in Frankfurt, Hamburg, Munich, St. Gallen, Zurich and Belgrade will join Merkle, bringing it