Business Wire

QNB Group: Financial Results for the Three Months Ended 31 March 2018

Del

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2018.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180410005994/en/

QNB Group Head office in Doha - Qatar (Photo: AETOSWire)

QNB Group Head office in Doha - Qatar (Photo: AETOSWire)

For the three months ended 31 March 2018, Net Profit reached QAR3.4 billion (USD0.9 billion), up by 7% compared to previous year. Total assets increased by 12% from March 2017 to reach QAR834 billion (USD229 billion), the highest ever achieved by the Group.

Key driver of growth in total assets was from loans and advances which grew by 12% to reach QAR598 billion (USD164 billion). Also QNB Group was successful in attracting funding, which resulted in increased customer funding by 12% to reach QAR604 billion (USD166 billion). This enabled the Group to maintain its loans to deposits ratio at 99%.

The Group’s prudent cost control policy and strong revenue generating capability helped to improve the efficiency ratio (cost to income ratio) to 27.8%, which is considered one of the best ratios among financial institutions in the region.

The stock of non-performing loans ratio of 1.8% as at 31 March 2018 has been witnessed on a consistent basis, year on year, 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 maintained at 110% as at 31 March 2018.

Total Equity increased by 2% from March 2017 to reach QAR73 billion (USD20 billion) as at 31 March 2018. Earnings per Share reached QAR3.6 (USD1.0), compared to QAR3.3 (USD0.9) in March 2017.

Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 16.0% as at 31 March 2018, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

As part of QNB Group’s continued drive to enhance its status as a global financial institution, the Board of Directors have recommended to the Extraordinary General Assembly Meeting of shareholders (to be held on 17 April 2018), to approve the increase of non-Qatari ownership limit from 25% to 49% as well as increasing single ownership limit to be increased from 2% to 5%, in accordance with the applicable laws and regulations.

QNB’s successful funding from the international markets during the first three months of 2018 which mainly included capital market issuances of AUD700 million with a 5 and 10-year maturity in Australia, USD720 million Formosa bonds in Taiwan, private placements totalling USD2.5 billion with two – three year maturity and a three year senior unsecured syndicated term loan facility of USD3.5 billion in February 2018.

QNB Group serves a customer base of more than 22 million customers with more than 28,000 staff resources operating from 1,200 locations and a network comprising more than 4,300 ATMs.

*Source: AETOSWire

Contact information

QNB Group
Maha Mubarak Ali, +97444975704
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

(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

Jetex Now the Exclusive Dealer in the Middle East for Hi-Tech New HondaJet10.12.2018 09:52Pressemelding

Jetex is bringing the next-generation in advanced private jets to the Middle East after striking an agreement with Honda Aircraft Company to become the exclusive authorized dealer for the region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005273/en/ Adel Mardini of Jetex signs with Simon Roads of Honda Aircraft Company (Photo: AETOSWire) The deal means Jetex is now the manufacturer’s sole representative for the new HondaJet offering sales and support across the Gulf and Middle East region. “With Honda’s brand strength and recognition in the Middle East, we have received tremendous interest in the HondaJet Elite. We are proud to appoint Jetex as HondaJet Middle East to provide our customers with a committed sales team in the region for the world’s most advanced very light jet,” said Honda Aircraft President and CEO Michimasa Fujino. “We are proud to be chosen by Honda Aircraft Company and excited to be awarded the r

China Shanghu Builds Itself into an International Health Demonstration Zone10.12.2018 09:16Pressemelding

On October 25, 2018, the 13th Meeting of the Conference of the Contracting Parties to the Ramsar Convention on Wetlands declared that Changshu was put on the list of the first “International Wetland Cities” in the world, in recognition of its success in the protection of wetland ecology. The award is arguably the most influential on a global scale—supreme and unchallenged. It was against this backdrop that the project of Changshu Shanghu International Health Demonstration Zone was commenced. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005254/en/ 2025 Shanghu International Health Demonstration Zone (Photo: Business Wire) Covering an area of about 40 million square meters, Changshu Shanghu, a national wetland park, is slap bang in the middle of the city, including 800-hectare ecological lake, four parks and ten places of interest. In compliance with the strategy for Healthy China 2030, the characteristic “Modern Healt

KOKUYO's "360° Gliding Chair ing" Wins FRAME Awards ORGATEC 2018 in Two Categories10.12.2018 09:00Pressemelding

KOKUYO Co., Ltd. (TOKYO:7984), a leading provider of office design and furniture in Japan, won FRAME Awards for "360º Gliding Chair ing" in two categories at ORGATEC 2018, “Trade Fair Stand of the Year” and “Best Use of Light,” which is organized by the Dutch interior design magazine "FRAME." This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005248/en/ KOKUYO's "360° Gliding Chair ing" Wins FRAME Awards ORGATEC 2018 (Photo: Business Wire) ORGATEC 2018, the largest International Trade Fair for Furnishing and Management of Offices and Office Facilities was held from October 23 to 27 in Cologne, Germany. Internationally renowned creators and critics from Amsterdam, Berlin, and elsewhere in Europe were the judges of FRAME Awards critiquing global furniture manufacturer booths in four categories: Best Use of Colour, Best Use of Light, Best Use of Material, and Trade Fair Stand of the Year. Winners in these categories will be h

SIAE MICROELETTRONICA Outperforms Telefónica 10Gbps E-band Tests to Power 5G Backhauling10.12.2018 08:00Pressemelding

Telefónica a global leader mobile operator and SIAE MICROELETTRONICA a leader in wireless transport technology have put to the test the high capacity 10Gbps wireless links to enhance the backhauling network for the future advent of 5G. The millimetre-wave point-to-point radio operating at 80GHz E band carrier, offers the lowest transport latency and the highest wireless capacity of 10Gbps over a single channel, satisfying the strict 5G requirements. Telefónica successfully field tested SIAE MICROELETTRONICA millimetre-wave radio solution in two use cases: 10Gbps point-to-point links addressing urban applications and the multicarrier link aggregation addressing the sub-urban applications, pushing high capacity connectivity to longer distances. “SIAE MICROELETTRONICA and Telefónica have cooperated over multiple projects all aiming to satisfy the 5G backhaul requirements. From microwave SDN applications to the introduction of state of the art millimetre-wave radio, once again crossing tog

Fishawack Acquires Creative Consultancy Blue Latitude Health10.12.2018 07:00Pressemelding

The Fishawack Group of Companies, one of the world’s largest independent medical communications and medical marketing organizations, has acquired Blue Latitude Health, based in London, UK, and New York, USA. Blue Latitude Health is a creative consultancy combining the commercial focus of a consultancy with the creative vision of an agency. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181209005023/en/ Dominic Miller, Fred Bassett, Oliver Dennis (back row from left to right), Martin Brass, Gail Flockhart (front row from left to right). (Photo: Business Wire) “In 2016, we set out our vision to form a major new force in the global creative agency space that would make us as strong in the creative arena as we already are in medical communications,” explained Oliver Dennis , Chief Executive Officer of the Fishawack Group. “With three acquisitions in this space in the last 16 months, I think we’ve firmly announced our intention t

Gilead Sciences Names Daniel O’Day Chairman and Chief Executive Officer10.12.2018 06:00Pressemelding

Gilead Sciences, Inc. (Nasdaq: GILD) announced today that its Board of Directors has named Daniel O’Day Chairman of the Board and Chief Executive Officer, effective March 1, 2019. Mr. O’Day is currently the CEO of Roche Pharmaceuticals. He has held the position since 2012, and prior to that led Roche Diagnostics. His career spans three decades of diverse leadership roles across North America, Asia Pacific and Europe. The Board has also appointed Gregg Alton as interim Chief Executive Officer for the period of January 1, 2019 until Mr. O’Day’s start date of March 1, 2019. Mr. Alton has held a number of executive positions at Gilead over the past 20 years, with experience in legal, medical affairs, policy and commercial. He previously served as general counsel and in August of this year, was appointed Chief Patient Officer. “Following a comprehensive search, the Board became convinced that Dan is the right leader to bring Gilead into the future,” said John C. Martin, PhD, Chairman, Gilea