Business Wire

QNB Group: Financial Results for the Three Months Ended 31 March 2016

Del

QNB Group, a leading bank in the Middle East and Africa, announced its results for the three months ended 31 March 2016.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160406005757/en/

QNB Group HQ Building in Doha (Photo: ME NewsWire)

QNB Group HQ Building in Doha (Photo: ME NewsWire)

For the first three months of 2016, Net Profit was QAR2.9 billion (USD787 million), up by 7.1% compared to last year.

The Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 22.7%, which is considered one of the best ratios among financial institutions in the region.

Total assets increased by 9.7% from March 2015 to reach QAR550 billion (USD151.1 billion), the highest ever achieved by the Group. This was driven by a growth rate of 16.4% in loans and advances to reach QAR402 billion (USD110.4 billion).

The growth of the Group assets and liabilities has been affected by the sharp devaluation in the Egyptian Pound currency, in which total assets and customer deposits were negatively impacted by QAR7 billion (USD1.8 billion) and QAR5 billion (USD1.4 billion) respectively.

The Group was able to maintain the ratio of non-performing loans to gross loans at 1.4%, 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 120% on 31 March 2016.

At the same time QNB Group increased customer funding by 10.1% to QAR403 billion (USD110.7 billion). This led to the Group’s loan to deposit ratio reaching 99.7%.

Total Equity increased by 11.1% from March 2015 to reach QAR60 billion (USD16.6 billion) as of 31 March 2016. Earnings per Share reached QAR3.4 (USD0.9), compared to QAR3.2 in March 2015.

Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.8% as of 31 March 2016, 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 strategic plans.

QNB Group has maintained its position as one of the strongest rated financial institutions in the region. This is a result of QNB Group’s strong financial position, high quality of its assets and its leading position in the financial sector.

Based on the Group’s continuous strong performance and its expanding international presence, QNB maintained its position as the most valuable bank brand in the Middle East and Africa. This continues to recognise QNB’s position as the leading financial institution across the Middle East and Africa and the value inherent in the QNB brand.

QNB Group is present, through its subsidiaries and associate companies, in more than 27 countries and 3 continents providing a comprehensive range of products and services. The total number of staff is more than 15,300 operating from over 640 locations and with an ATM network of more than 1,400 machines.

*Source: ME NewsWire

Contact information

QNB Group
Maha Mubarak Ali, +974-449-75704
PR@qnb.com.qa

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

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

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

WilsonHCG Unveils Fourth Annual Fortune 500 Top 100 Employment Brands Report17.1.2018 14:00Pressemelding

WilsonHCG, global leader and premium provider of innovative talent solutions, has revealed its 2018 Fortune 500 Top 100 Employment Brands report – the company’s fourth annual objective research, evaluation and ranking of how well Fortune 500 organizations brand themselves as an “employer of choice”. New to the 2018 report, WilsonHCG also analyzed the top 25 Global Fortune 500 employment brands. Based on six key employment branding categories and tens of thousands of data points, Johnson & Johnson earned the top overall ranking for the second year in a row (third consecutive top-10 performance). Intel earned the No. 2 overall spot, with three companies – IBM, Procter & Gamble and Lockheed Martin – tying for third overall. Rounding out the top 10 are General Motors, JPMorgan Chase, Dow, Cummins, and ADP (each tied for No. 6 overall). “We’re in the midst of the most competitive hiring environment of our time, as today’s talent has full transparency into what they're worth – and what compe

Mavenir Announces Virtualized Media Breakout Controller, Bringing 5G Edge Architectures to Legacy Networks17.1.2018 14:00Pressemelding

Mavenir, focused on transforming mobile network economics for Communications Service Providers, today announced its virtualized Media Breakout Controller (vMBC), a single white box routing platform that enables carriers to host virtual Routing, Firewall, and User plane data offload. Today’s networks, whether 3G, 4G or 5G, are under pressure to provide increased bandwidth in support of LTE and its frequency combinations, and reduce latency for network interaction, resulting in a continual need to increase capacity for traffic transported through the core of the network. Multi-Access Edge Computing standardization (MEC) is trying to resolve some of these issues by placing compute functionality at the edge but it is still mostly controlled from the core, based on conventional centralized architectures. The ability to scale network functionality using virtual elements and COTS HW platforms allows network functionality to be deployed at any location. Mavenir’s innovative solution offers the

Greece’s Largest Lender Piraeus Bank to Fully Eliminate ELA in 201817.1.2018 13:42Pressemelding

Greece’s Piraeus Bank ends 2017 with NPL stock below EU20b vs EU20.1b target, according to a Bloomberg report. For 2018, the Bank projects a credit growth rate of 1% for the Greek banking sector, with the granting of new loans mainly to corporates and SMEs. This will be the first loan growth since the onset of the crisis. Loan growth is expected to come mainly from corporate and SME lending. In 2017 Piraeus, which holds a dominant position in the SMEs market (80% of the SMEs market having a banking relationship with Piraeus Bank), generated close to €2.8bn new loans, ahead of its budget, targeting to be close to €5bn by 2020. Loans to deposit ratio converging towards 100%, signaling the readiness of the Bank to satisfy stronger loan demand coming. The Bank has reduced its ELA reliance significantly to €5.5bn level at the end of 2017 from €12bn at the beginning of the year, currently below €4.5bn. “We have delivered a significant reduction in euro-system funding. This is strongly in lin

SailPoint Closes out an Award-Winning Year in 201717.1.2018 13:00Pressemelding

SailPoint Technologies Holdings, Inc. (NYSE: SAIL), the leader in enterprise identity management, closed out an award-winning year in 2017, receiving industry recognition spanning technology innovation, business performance and company culture. “Last year was a phenomenal one for SailPoint on many fronts. Our goal as a company has always been to focus on delivering innovative solutions to address our customers’ identity needs, so to see that innovation highlighted by industry analysts is great validation for us,” said Mark McClain, CEO and Co-founder of SailPoint. “Likewise, our people are invaluable to us as they truly drive our company’s innovation and exemplify our core values daily, so to have them provide such positive feedback is an incredible recognition for all of us as team.” Key award wins and industry accolades achieved to close out 2017 include: SailPoint was named one of the fastest growing technology companies on Deloitte’s 2017 Technology Fast 500™ for the fifth consecut

YuppTV White Labelled OTT Platform Equips Aastha Group’s TV Channels Foray in Digital World17.1.2018 12:30Pressemelding

Global leader for South-Asian content, YuppTV powers Aastha Group’s TV Channels (Aastha, Aastha Bhajan, Vedic & Arihant) voyage into the world of OTT. Aastha, the pioneer spiritual and cultural brand will be utilising YuppTV’s white-labelled video platform to be present across the digital world of web, mobile, and connected TVs. Aastha mobile app was launched today by Param Pujya Swami Ramdev Ji Maharaj and Shraddhey Shree Acharya Bal Krishan Ji. On this occasion, Swami Ji stated that it's the beginning of a new era in the journey of Aastha the leading Indian Channel on spirituality and natural wellness through Yoga and Ayurveda. “Aastha” App would bring people across the world closer to Indian spirituality and meditation. Now, one can watch their favourite programs of previous nine days on “Aastha” Mobile App. anytime anywhere, as per their convenience. Extending the words of Swami Ramdev Ji, Shraddhey Balkrishan Ji said that the “Aastha” Mobile app would play a huge role in connectin

Nasdaq Will Use Rimini Street for Support of Some of Its Internal Corporate Systems17.1.2018 12:00Pressemelding

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced that Nasdaq will use Rimini Street for support of its human resource management system. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180117005048/en/ Nasdaq will use Rimini Street for Support of Some of its Internal Corporate Systems (Photo: Business Wire) As with all Rimini Street clients, Nasdaq has an assigned dedicated Primary Support Engineer (PSE) as its main point of contact for all support cases. Rimini Street PSE’s have an average of 15 years’ experience in their respective applications, and all clients receive industry-leading 24x7x365 service level commitments. “We are pleased to welcome Nasdaq to the fast-growing Rimini Street family of clients,” said Seth A. Ravin, Rimini Street CEO. “We have been disrupting the ent

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom