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QNB Group: Financial results for the three months ended March 31, 2022

Doha, Katar (ots/PRNewswire) QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, reported its results for the three months ended March 31, 2022.

Net income for the three months ended March 31, 2022 reached QAR3.6 billion (US$1.0 billion), an increase of 9% over the same period last year. Operating income increased 16% to QAR7.7 billion (US$2.1 billion), reflecting the group’s success in sustaining growth across a range of revenue streams.

Total assets as of March 31, 2022 were QAR1,108 billion (US$304 billion), up 6% from March 31, 2021, primarily due to credit and loan growth of 6% to US$763 billion. QAR ($210 billion). Diversified customer deposit generation helped customer deposits grow 5% to QAR788 billion (US$216 billion) as of March 31, 2021.

In addition, the Group’s pursuit of operational efficiencies continues to result in cost savings and improved revenue streams, which have enabled QNB Group to increase its efficiency (cost to revenue) ratio for the three-month period ended March 31, 2022 from 23.4% (March 31, 2022). 2021) to 20.8%, considered one of the best ratios among major financial institutions in the MEA region.

QNB Group’s strong asset-liability management helped maintain its loan-to-deposit ratio at 96.8% as of March 31, 2022.

The ratio of non-performing loans to gross loans was 2.3% as of March 31, 2022, one of the lowest among financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and effective management of credit risk reflects. Also, during the period, QNB Group set aside QAR1.9 billion (US$0.5 billion) as a precaution against potential credit losses. This helped the group increase its coverage ratio to 123%, reflecting the group’s cautious approach to managing non-performing loans.

Equity increased to QAR 98 billion (US$ 27 billion), up 5% from March 2021. Earnings per share reached QAR0.36 ($0.10).

QNB Group reported a strong capital adequacy ratio of 18.9% as of March 31, 2022, which was above the minimum regulatory requirements set by the Central Bank of Qatar and the Basel Committee.

group stats

QNB Group is supported by 27,000 employees working in approximately 1,000 locations and owns 4,600 ATMs.

Kontakt: Hissa Alsowaidi, hissa.alsowaidi@qnb.com

Photo: https://mma.prnewswire.com/media/1794416/QNB_Group_Headquarters.jpg

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