QNB Group: The Financial Results for the Year Ended 31 December 2016
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2016.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170115005062/en/
QNB Head office (Photo: ME NewsWire)
For the twelve months ended 31 December 2016, Net Profit reached QAR12.4 billion (USD 3.4 billion), up by 10% from last year. Total assets reached QAR720 billion (USD198 billion), up by 34% from December 2015, the best absolute results in QNB Group’s history.
The Board of Directors have recommended to the General Assembly, the distribution of a cash dividend of 35% of the nominal share value (QAR 3.5 per share) and a bonus share of 10% of the share capital (1 share for every 10 shares). The financial results for 2016 along with the profit distribution are subject to Qatar Central Bank (QCB) approval.
The growth in assets was driven by loans and advances which grew by 34% to reach QAR520 billion (USD143 billion). At the same time QNB Group increased its customer funding by 28% to QAR507 billion (USD139 billion). This led to the Group’s loans to deposit ratio reaching 103%.
QNB Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 30.4%, which is considered one of the best ratios among large 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 banks 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, improved the coverage ratio to reach 114% as of 31 December 2016.
Total Equity increased by 14% from December 2015 to reach QAR71 billion (USD19 billion) as at 31 December 2016. Earnings per Share reached QAR14.4 (USD4.0), compared to QAR13.4 (USD3.7) in December 2015.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 16.0% as at 31 December 2016, higher than the regulatory minimum requirements of Qatar Central Bank and the Basel Committee.
During 2016, QNB acquired 99.88% stake in Finansbank A.Ş (now rebranded as QNB Finansbank), which enabled QNB affirm its position as the largest financial institution in MEA region.
Based on the Group’s continuous stellar performance and its diversified international presence, QNB maintained its position as the most valuable bank brand in the MEA region. This continues to recognise QNB’s position as the largest financial institution across the MEA region and the value inherent in the QNB brand.
2016 was another year of outstanding performance, the best absolute results in QNB Group’s history. This strong growth has helped QNB realise its vision of 2017 MEA Icon. Building on QNB’s continued success, QNB Group has embarked on the aspiration of becoming “a leading bank in the Middle East, Africa and Southeast Asia (MEASEA) by 2020”.
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group staff exceeds 28,000 serving more than 20 million customers through 1,200 locations and 4,300 ATMs.
*Source: ME NewsWire
Maha Mubarak Ali, +974-449-75704
Om Business Wire
(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
Summer Business with Yourtyres.co.uk: New Shop Feature and High-Performance Tyre Models16.3.2018 14:11 | Pressemelding
Each year, summer trade means great challenges for car garages and tyre dealers. As a result and at just the right time, Yourtyres.co.uk, the online trade customer shop by Europe’s leading online tyre dealer Delticom, is introducing a new feature intended to make the daily work of the shop’s customers easier: An advice mode is available from now on at Yourtyres.co.uk. When changing from the purchasing to the sales view, the individual end customer prices are displayed instead of the actual purchase prices. In order to use this feature, users of Yourtyres.co.uk simply have to insert their individual markups for the different item groups. From the markup and the purchase price, the online shop automatically calculates the personal end customer price. The usual purchasing view is also still available. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180316005448/en/ An advice mode immediately helps trade customers use the full pot
Available Now: The Smartphone Made for the Way We Communicate Today, the Galaxy S9 and S9+16.3.2018 12:00 | Pressemelding
Samsung Electronics America, Inc. announced that the new, award-winning Galaxy S9 and Galaxy S9+, which have been recognized by smartphone reviewers worldwide for their best-in-class display, design and camera, are now available for purchase at U.S. wireless network providers and retail stores. The phones come in three colors: Midnight Black, Coral Blue, and the new Lilac Purple. The Galaxy S9 has a suggested retail price of $719.99, while the Galaxy S9+ is available for $839.99. Both unlocked and carrier versions of the Galaxy S9 and Galaxy S9+ are also available for purchase on Samsung.com. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180316005175/en/ Designed for the way we communicate today, Samsung's new Galaxy S9 and Galaxy S9+ are available in the U.S. at wireless network providers, retailers and on Samsung.com. (Photo: Business Wire) “The Galaxy S9 and S9+ are designed for the visual and social generation—the consum
CONQUEST Group Announced the Expansion of its Asset Management Business with the Appointment of Philippe Taillardat to the Role of Director16.3.2018 09:00 | Pressemelding
Philippe Taillardat brings to CONQUEST over 25 years of Asset Management and Investment Banking experience, primarily in principal investing, financial advisory, equity and debt financing across global infrastructure and sustainable energy sectors. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180316005030/en/ Philippe Taillardat (Photo: CONQUEST Group) Philippe was most recently Co-Head of Infrastructure Investments Europe at First State Investments, which he helped transform into one of the leading billion+ European infrastructure fund manager in core / core+ strategies. Earlier in his career, Philippe held various senior banker and investment roles at Amundi, Credit Agricole CIB, Credit Suisse, AXA and BNP Paribas. Frédéric Palanque, Managing Director of CONQUEST Group, said, "We are delighted to welcome such a recognized professional. CONQUEST is trusted for providing value-added advice in complex and highly confidential
AccelStor All-Flash Solutions Unlock Data Possibilities for AI and Cloud16.3.2018 09:00 | Pressemelding
AccelStor, an innovative all-flash array (AFA) provider for the big data era, is excited to announce its participation in the upcoming Cloud Expo Europe, taking place from March 21 to 22 at Booth C1850 in the ExCel London exhibition centre. Besides presenting latest all-flash storage solutions breaking through performance and availability barriers for artificial intelligence (AI), virtualization and private cloud, AccelStor will present a live demonstration of its new generation NeoSapphire high availability models, one of the highlights not to be missed this year. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180316005010/en/ AccelStor's new generation NeoSapphire High Availability all-flash array AccelStor NeoSapphire all-flash arrays are highly integrated with virtualization and private cloud platforms, supporting VMware vSphere and OpenStack Cinder. NeoSapphire’s “high availability” series features symmetric active-activ
Westinghouse Completes First Major Decommissioning Work at a Nordic Commercial Nuclear Reactor16.3.2018 08:45 | Pressemelding
Westinghouse Electric Company announced today that it has completed a major decommissioning project at the former Barsebäck nuclear power plant in Skåne, Sweden. Barsebäck Unit 2 ceased operation in 2005 and decommissioning work began in August 2016. Westinghouse’s scope of work included the underwater segmentation and packaging of the reactor vessel internals, as well as the upfront engineering studies and equipment manufacturing and qualification. “Westinghouse is proud to deliver this major decommissioning project on time and on budget,” said Yves Brachet, Westinghouse senior vice president, Global Decommissioning, Decontamination, Remediation and Waste Management. “Our global expertise in this area will help our customers in the Nordic region to safely manage a variety of end-of-life opportunities for commercial nuclear power plants.” Leadership at Barsebäck Kraft AB (BKAB) is equally satisfied with this successful initial step of the first dismantling of a commercial nuclear power
Lighting Manufacturer LTS Licht & Leuchten, Part of the Fargerhult Group, to Offer Selected Spot- & Downlights with Seoul Semiconductor’s SunLike Series Natural Spectrum LEDs16.3.2018 08:02 | Pressemelding
Seoul Semiconductor, a global innovator of LED products and technology, announced that its SunLike Series natural spectrum LEDs, which implement light closest to the spectrum of natural sunlight, has been adopted for selected luminaires of LTS Licht & Leuchten GmbH, a German manufacturer of high-quality luminaires for hospitality, retail, and office applications. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180316005206/en/ LTS Jett 100 spotlights equipped with SunLike LED technology (Photo: Business Wire) LTS has adopted SunLike natural spectrum LEDs for selected products, including the Jett 100 and CSA 60 spotlights. A series of spotlights with a discreet and individual appearance, and clear, straightforward design lines, Jett spotlights harmoniously blend in with any type of retail application. The high color rendering and superior luminous intensity of these spotlights enable lighting designers to achieve accentuated ar