QNB Group: Financial Results for the Six Months Ended 30 June 2017
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six months ended 30 June 2017, which is the highest in the history of QNB Group.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170711005906/en/
QNB Head office (Photo: Business Wire)
For the first six months of 2017, Net Profit reached QAR6.7 billion (USD1.8 billion), up by 7% compared to last year, demonstrating QNB Group’s success in resilience and maintaining strong growth while controlling costs.
Total assets reached QAR768 billion (USD211 billion), up by 11% from June 2016, the highest ever achieved by the Group. This was driven by a growth rate of 11% in loans and advances to reach QAR552 billion (USD152 billion). QNB Group was successful in attracting new customer deposits. These deposit mobilisation efforts resulted in increased customer funding by 15% to reach QAR562 billion (USD154 billion) from June 2016. This led to the Group’s loan to deposit ratio reaching 98.3%, compared with 101.7% in June 2016. This clearly demonstrates the success of QNB’s strategy to diversify its funding sources.
The Group’s prudent cost control policy and strong revenue generating capability helped to improve the efficiency ratio (cost to income ratio) to 29.3% as at 30 June 2017, from 30.4% in June 2016, which is considered one of the best ratios among financial institutions in the region.
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8%, a level considered one of the lowest amongst financial institutional in the MEA region, 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 110% in 30 June 2017.
QNB Group benefits from a highly diversified international and local funding base spread across MEA, Europe and Asia. QNB has successfully diversified its wholesale funding pools in terms of currencies, tenors and product mix and follows a very conservative approach to manage its liquidity needs.
Based on this, the Group decreased its Loans to Deposit ratio to 98.3%, from 101.7% in June 2016 and improved liquid assets which comprise of cash and cash equivalents to QAR65 billion (USD18 billion) or 8% of total assets.
Total Equity increased by 1% from June 2016 to reach QAR 74 billion (USD20 billion) as at 30 June 2017. Earnings per Share reached QAR 7.0 (USD 1.91), compared to QAR 6.7(USD 1.85) in June 2016.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.6% as at 30 June 2017, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. The Group is keen to maintain a strong capitalisation in order to support future growth targets.
Based on the Group’s continuous strong performance and its diversified international presence, QNB is now the most valuable banking brand in the MEA region, with the value of its brand increased to USD3.8 billion to rise to the 60th place globally, in addition to attaining the highest rating of AA+ in brand strength. The total number of staff for the Group is more than 27,900 operating from 1,250 locations and 4,300 ATMs serving more than 21 million customers.
*Source: ME NewsWire
Maha Mubarak Ali, +97444975704
Om Business Wire
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
Madison Realty Capital Provides $64.0 Million Construction Financing for 200 Kent Avenue Development in Williamsburg, Brooklyn17.11.2017 16:20 | Pressemelding
Madison Realty Capital (MRC) announced the closing of a $64.0 million construction loan for 200 Kent Avenue, a 117,326 square foot mixed-use development located in Williamsburg, Brooklyn. The retail portion of the property, which will include over 600 feet of frontage, will be anchored by a popular national grocery chain. Overall, the project will offer 50,101 square feet of retail space, 22,055 square feet of office and restaurant space, and 45,170 square feet of parking. “We continue to establish MRC as the one-stop shop for financing transitional real estate, including ground-up development deals like 200 Kent Avenue,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “In this case, we’re working with a repeat MRC borrower who understands our ability to execute efficiently, given our firm’s up-to-the minute knowledge of local market conditions and non-bureaucratic approach to
Ncardia Announces Completion of €10.5M Investment Round17.11.2017 12:31 | Pressemelding
Ncardia, an emerging drug discovery and development stem cell technology company whose mission is to deliver cardiac and neural solutions based on its best-in-class human induced pluripotent stem cell (iPSC)-derived technology, today announced the completion of a €10.5 million series B financing round. The round was led by Épimède, a Belgium venture capital firm. Ncardia is a privately-held company with operations in Europe and the US, that produces and commercializes high-quality, fully-functional human iPSC-derived cardiovascular and neuronal cell types. Using its cell products, Ncardia develops and commercializes assay services for drug safety and efficacy testing. Additionally the company has built up a strong portfolio of patents covering the use of stem cell models for these applications. Stefan Braam, CEO of Ncardia, commented: “At Ncardia, important progress h
Double Win for Vocalink at the 2017 Payments Awards17.11.2017 09:35 | Pressemelding
Vocalink, a Mastercard company, was last night awarded with two prestigious awards - The Overall Winner and the Payments Infrastructure of the Year Award, for its leading technology and expertise, and in recognition for a milestone year that saw Vocalink’s solutions transform the way people and businesses move money across the globe. 2017 saw Vocalink deliver ground-breaking immediate payments solutions both in the US and Thailand as well as enabling access to the UK payments industry through their payments gateway solution PayPort. The business also saw the launch of the new image based cheque clearing system, creating a robust and more efficient system in the UK. RTP ® in the US: This week, Vocalink announced the launch of RTP® (Real-Time Payments) in the US on behalf of The Clearing House; one of the most comprehensive real-tim
Envion AG: Start-up from the Heart of Berlin Has Pioneered Decentralized Mobile Mining by Combining Blockchain with Regenerative Energy17.11.2017 09:00 | Pressemelding
Envion AG has created a technology for the first truly mobile data-center that uses low-priced local energy to mine a broad spectrum of cryptocurrencies (Bitcoin, Ethereum, etc.). By harvesting locally available clean energy right at the source, envion can operate at lower costs than competitors and at the same time reduces the CO2 footprint of the blockchain industry. Envion aims at decentralizing the highly-concentrated mining market (China holds 80% in Bitcoin mining) and at bringing control of the market back to the users. That’s why envion gives 100% of its mining profits back to its community. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171117005011/en/ Envion - World's Most Profitable Standard of Self-Expanding Crypto Infrastructure (Photo: Business Wire) Current challenges in the energy
Chugai's HEMLIBRA® Receives the World's First Regulatory Approval from FDA for Hemophilia A with Inhibitors16.11.2017 23:30 | Pressemelding
Chugai Pharmaceutical Co., Ltd. (TOKYO:4519) announced today that the U.S. Food and Drug Administration (FDA) has approved the bispecific antibody emicizumab (US product name: HEMLIBRA®) for routine prophylaxis to prevent or reduce the frequency of bleeding episodes in adult and pediatric patients with hemophilia A (congenital factor VIII deficiency) with factor VIII inhibitors. This represents the first regulatory approval for HEMLIBRA® around the world. The US Biologics License Application (BLA) was submitted by Genentech, a member of Roche Group. “We are pleased that HEMLIBRA, a biopharmaceutical created by Chugai scientists based on their exceptional idea, has received its first regulatory approval,” said Chugai’s President & COO, Tatsuro Kosaka. “HEMLIBRA is a first in class biopharmaceutical which is an advancement on the current limited treatment options available for pat
Pacific Drilling Receives Approval of First Day Motions16.11.2017 22:08 | Pressemelding
Pacific Drilling S.A. (OTCPink: PACDQ) (“Pacific Drilling” or the “Company”) today announced that the United States Bankruptcy Court for the Southern District of New York has granted the relief requested by the Company in certain first day motions related to ordinary course business activities, subject to certain modifications at the request of the Court, the United States Trustee and stakeholders. The approved motions give us the authority to, among other things, continue to pay employee wages and benefits without interruption, to utilize our current cash management system, and to pay certain foreign and critical vendors for goods and services provided prior to the petition date. All vendors will be paid in full and in cash on normal payment terms for all goods and services provided on or after the petition date. Paul Reese, Chief Executive Officer of Pacific Drilling, said, “With the
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom