QNB Group, the Largest Bank in the Middle East and Africa, Delivers Another Record Results for Q3 2017
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2017, which is the highest in the history of QNB Group.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171011006406/en/
QNB Group Head Office (Photo: AETOSWire)
For the nine months ended 30 September 2017, net profit increased to QAR10.3 billion (USD2.8 billion), up by 6% compared to last year, demonstrating QNB Group’s success in maintaining robust growth while controlling costs.
Total assets reached QAR792 billion (USD218 billion), up by 11% from September 2016, the highest ever achieved by the Group. This was driven by a growth rate of 14% in loans and advances to reach QAR579 billion (USD159 billion). Further, QNB Group’s deposit mobilisation efforts helped increase customer funding by 15% to reach QAR574 billion (USD158 billion) from September 2016. This led to the reduction in the Group’s loans to deposits ratio to 100.8%, compared with 101.3% in September 2016. This clearly demonstrates the success of QNB’s strategy to diversify its funding sources.
QNB Group’s efficiency ratio (cost to income ratio) dropped to 29%, from 30.1%, due to prudent cost controls and strong revenue generating capabilities.
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8% and coverage ratio reaching 111%, which effectively demonstrate high quality of Group’s loan book and robust management of credit risk.
In September 2017 QNB Group successfully completed the issuance of Formosa bonds under its Euro Medium Term Note (EMTN) programme and listed on the Taipei Stock Exchange. Under this programme, a US$ 630 million tranche was issued with a maturity of 30 years callable every 5 years. The issuance was part of QNB Group’s on-going strategy to ensure diversification of funding in terms of type, tenor and geography.
Also the above is an example of a highly diversified international and local funding base spread across various geographies in terms of currencies, tenors and product mix.
During July, QNB Group commenced its operations in the city of Mumbai, the economic capital of the Republic of India. This network expansion comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.
Total Equity increased by 2% from September 2016 to reach QAR77 billion (USD21 billion) as at 30 September 2017. Earnings per Share reached QAR10.7 (USD2.95) for the nine months ended 30 September 2017, compared to QAR10.3 (USD2.83) last year.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.4% as at 30 September 2017 (18.0% including profitability up to 30 September 2017), higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Also it should be noted that 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, making it the only Qatari banking brand among the world’s top 100.
The total number of staff for the Group is more than 27,800 operating from 1,230 locations and 4,200 ATMs serving more than 21 million customers.
*Distributed by: AETOSWire
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
Interactive Brokers Launches Bitcoin Futures Trading at the Start of Trading December 10th, 201711.12.2017 16:28 | Pressemelding
Interactive Brokers Group, Inc. (NASDAQ GS:IBKR), a global electronic brokerage firm, began offering clients the ability to trade bitcoin futures at the start of trading on the Cboe Futures Exchange (CFE) on Sunday night, December 10th, 2017. In addition to offering bitcoin futures from the CFE, under the ticker symbol GXBT, the company plans to offer bitcoin futures from the Chicago Mercantile Exchange (CME) at the scheduled start of trading December 18th using the symbol BRR. IBKR was there at the start of trading and its systems operated normally. “Interactive Brokers was on the buy side of the low print of 14,710,” said Thomas Peterffy, founder, Chairman and CEO of Interactive Brokers. “A Registered Investment Advisor on the Interactive Brokers platform purchased two March contracts in the first minute of trading.” As of 9:15am ET on Monday, the company said that
Boehringer Ingelheim Marks Great Progress in Immuno-oncology Research Partnerships in 201711.12.2017 13:00 | Pressemelding
2017 marks a year of significant advancement for Boehringer Ingelheim as it secured a range of external partnerships with the goal of transforming the lives of patients and winning the fight against cancer. External partnerships complement Boehringer Ingelheim’s two-pronged research strategy – investigating both cancer cell-directed therapies and immune cell-directed therapies. This multi-faceted approach offers the potential to bring innovative opportunities to the Boehringer Ingelheim oncology portfolio and novel therapies to patients. “Immuno-oncology is radically shifting the research and treatment landscape in oncology. We believe that the greatest success in difficult-to-treat cancers will be achieved with immuno-oncology and its combination with cancer cell directed therapy, which is why we are committing significant resources in both areas,” said Jonathon Sedgwick, Ph.D., Vice
Valence Advises SK Capital on Its Acquisition of ICL’s Fire Safety and Oil Additives Businesses11.12.2017 12:47 | Pressemelding
The Valence Group acted as lead financial advisor to SK Capital Partners on its announced acquisition of the Fire Safety and Oil Additives businesses of Israel Chemicals Ltd. (“ICL”) for approximately $1 billion. The transaction is expected to close during the first half of 2018. The Businesses, headquartered in St. Louis, Missouri, have global operations and are market leaders in each of their segments. The ICL Fire Safety business is a formulator and manufacturer of fire management chemicals. Its Phos-Chek fire retardants, Class A and B foams, and water enhancing gels are the world’s leading chemical solutions for managing wildland, military, industrial and municipal fires, and are used in partnership with fire management agencies across the globe. The ICL Oil Additives business provides high quality phosphorus pentasulfide used in the preparation of ZDDP-based lubricant additives, i
Smith & Nephew Announce European Launch of Handheld Imaging Technology Heralding a New Era of Evidence-Based Decision Making in Wound Care11.12.2017 10:18 | Pressemelding
Smith & Nephew (LSE: SN, NYSE: SNN), the global medical technology business, today announces the European launch of MolecuLight i:X TM, the easy to use, handheld imaging device that instantly measures wound surface area and visualises the presence and distribution of potentially harmful bacteria in wounds.2,3 This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171211005434/en/ Currently wound assessments are made with the naked eye which can lack the accuracy required to most effectively guide clinical decision making.4 Using fluorescence, MolecuLight i:X quickly, safely, and easily visualises potentially harmful bacteria1,2,3 in wounds which may otherwise lack signs or symptoms of infection. It enhances a clinician’s ability to choose the right therapy, at the right time for their patient1,
Dr Amal Al Qubaisi Wins Parliamentarian Excellence Award as Best President of Arab Parliament11.12.2017 09:41 | Pressemelding
The Arab Inter-Parliamentary Union (AIPU) has honored Her Excellency Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC) – the United Arab Emirates parliament, with the Parliamentarian Excellence Award in the Presidents of Arab Parliaments category. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171211005411/en/ Her Excellency Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC) – the UAE parliament (Photo: AETOSWire) The award honors Al Qubaisi as ‘first female leader of a parliament in the Arab world’, celebrating her achievements on a national, regional and global scale, as well as the accomplishments made by FNC under her leadership. It also acknowledges the pioneering parliamentarian initiatives, projects and programs she has spearheaded and her significant contr
Financial Market Regulator Grants EU Payment License to DIMOCO Payment Services11.12.2017 08:00 | Pressemelding
The Austrian Financial Market Authority (FMA) granted a license under the Payment Service Act to DIMOCO Payment Services . The awarded license allows DIMOCO Payment Services to contribute to the payment value chain, offering merchants a single technical interface and a unified clearing & settlement process for many payment methods, including credit cards, online bank transfers, SEPA and direct debit cards. “We differ from most PSPs in the global payments ecosystem with our personal touch,” said Boris Kersten, Managing Director of DIMOCO Payment Services. “We proactively and personally monitor the overall payment process. In addition to monitoring individual transactions, we make recommendations and take actions to decrease chargebacks and fraudulent transactions. This process is not simply left to algorithms, the human element is added to the mix resulting in the protec
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom