{"id":30374,"date":"2024-10-08T13:34:00","date_gmt":"2024-10-08T13:34:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4525716_AE25716_0"},"modified":"2024-10-08T13:34:00","modified_gmt":"2024-10-08T13:34:00","slug":"qnb-group-financial-results-for-the-nine-months-ended-30-september-2024","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=30374","title":{"rendered":"QNB Group : Financial Results For The Nine Months Ended 30 September 2024"},"content":{"rendered":"<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1917328\/4956145\/QNB_Group_Logo.jpg?p=medium600\" border=\"0\" alt title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">DOHA, Qatar<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Oct. 8, 2024<\/span><\/span> \/PRNewswire\/ &#8212; QNB Group, the largest financial institution in the <span class=\"xn-location\">Middle East<\/span> and <span class=\"xn-location\">Africa<\/span> (MEA) region announced its results for the nine months period ended <span class=\"xn-chron\">30 September 2024<\/span>.<\/p>\n<div id=\"prni_dvprnejpg710cleft\" dir=\"ltr\"> <a href=\"https:\/\/mma.prnasia.com\/media2\/2525584\/QNB_Group_HO.jpg?p=medium600\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" id=\"prnejpg710cleft\" title=\"QNB Head Office\" src=\"https:\/\/mma.prnasia.com\/media2\/2525584\/QNB_Group_HO.jpg?p=medium600\" alt=\"QNB Head Office\" align=\"middle\"><\/a> <br \/><span>QNB Head Office<\/span> <\/div>\n<p>Net profit for the nine months ended 30 September&nbsp;2024 reached <span class=\"xn-money\">QAR12.7 billion<\/span> (<span class=\"xn-money\">USD3.5 billion<\/span>), an increase of 7% compared to same period last year. Operating Income increased by 5% to reach&nbsp;QAR30.5 billion (<span class=\"xn-money\">USD8.4 billion<\/span>) which reflects the Group&#8217;s ability to maintain successful growth across a range of revenue sources.<\/p>\n<p>Total Assets as at <span class=\"xn-chron\">30 September 2024<\/span> reached <span class=\"xn-money\">QAR1,279 billion<\/span> (<span class=\"xn-money\">USD351 billion<\/span>), an increase of 8% from <span class=\"xn-chron\">30 September 2023<\/span>, mainly driven by growth in loans and advances by 11% to reach <span class=\"xn-money\">QAR905 billion<\/span> (<span class=\"xn-money\">USD249 billion<\/span>). Customer deposits increased by 11% to reach <span class=\"xn-money\">QAR909 billion<\/span> (<span class=\"xn-money\">USD250 billion<\/span>) from <span class=\"xn-chron\">30 September 2023<\/span>, due to successful deposit mobilization. QNB&#8217;s loans to deposits ratio stood at 99.5% as at <span class=\"xn-chron\">30 September 2024<\/span>.<\/p>\n<p>QNB Group&#8217;s efficiency (cost to income) ratio stood at 22.4%, which is considered one of the best ratios among large financial institutions in the MEA region.<\/p>\n<p>The ratio of non-performing loans to gross loans stood at 3% as at <span class=\"xn-chron\">30 September 2024<\/span>, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group&#8217;s loan book and the effective management of credit risk.&nbsp;In addition, loan loss coverage ratio stood at 100%, which reflects the prudent approach adopted by the Group towards non-performing loans.&nbsp;&nbsp;<\/p>\n<p>QNB Group&#8217;s Capital Adequacy Ratio (CAR) as at <span class=\"xn-chron\">30 September 2024<\/span> amounted to 19.5%.&nbsp; Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at <span class=\"xn-chron\">30 September 2024<\/span> amounted to 154% and 104% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.<\/p>\n<p>Total Equity increased to <span class=\"xn-money\">QAR113 billion<\/span> (<span class=\"xn-money\">USD31 billion<\/span>), up by 4% from <span class=\"xn-chron\">September 2023<\/span>. Earnings per share reached <span class=\"xn-money\">QAR1.28<\/span> <span class=\"xn-money\">(USD0.35)<\/span>.<\/p>\n<p><b>Group statistics<\/b><\/p>\n<p>QNB Group&#8217;s presence spans more than 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 31,000 staff.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DOHA, Qatar, Oct. 8, 2024 \/PRNewswire\/ &#8212; QNB Group, the largest financial institution in the Middle East and Africa (MEA) region announced its results for the nine months period ended 30 September 2024. QNB Head Office Net profit for the nine months ended 30 September&nbsp;2024 reached QAR12.7 billion (USD3.5 billion), an increase of 7% compared [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":30375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-30374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>QNB Group : Financial Results For The Nine Months Ended 30 September 2024 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=30374\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"QNB Group : Financial Results For The Nine Months Ended 30 September 2024 - My Blog\" \/>\n<meta property=\"og:description\" content=\"DOHA, Qatar, Oct. 8, 2024 \/PRNewswire\/ &#8212; QNB Group, the largest financial institution in the Middle East and Africa (MEA) region announced its results for the nine months period ended 30 September 2024. 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