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QNB Group's Financial Performance in 2024

QNB Group, one of the leading financial institutions in the Middle East and Africa (MEA), recently announced its robust financial results for the year ending December 31, 2024. The Board of Directors convened to review and approve the figures, highlighting a noteworthy increase in profitability and overall growth.

The net profit for 2024 reached an impressive 16.7 billion QAR (4.6 billion USD), reflecting an 8% increase compared to the previous year. This growth was fueled by a 6% rise in operational income, which reached 41.3 billion QAR (11.4 billion USD). The bank's success has been attributed to strategic diversification across various revenue streams, enabling sustained financial performance amid an evolving economic landscape.

As of December 31, 2024, the total assets of QNB Group hit 1,298 billion QAR (357 billion USD), marking a 5% increase from the prior year. This achievement is largely due to a 7% growth in loans and advances, now standing at 911 billion QAR (250 billion USD). In addition, client deposits also saw an upward trend, growing by 3% to 887 billion QAR (244 billion USD), fuelled by innovative deposit-generation strategies.

In light of these strong results, the Board has proposed a cash dividend distribution of 37% of the nominal value per share (0.37 QAR per share) for the second half of the fiscal year. This brings the total dividend for 2024 to 70% of the nominal value (0.70 QAR per share), pending approval from the Qatar Central Bank and the General Assembly.

Another point of note was the cost-to-income ratio, a critical efficiency measure, which stood at 22.3%, positioning QNB Group as one of the top performers among its regional competitors. Furthermore, the institution maintained a commendable non-performing loans ratio of only 2.8%, along with a 100% loan loss coverage ratio, demonstrating the high quality of its loan portfolio and effective credit risk management.

The provision for loan losses decreased by 6% compared to the previous year, totaling 8.1 billion QAR (2.2 billion USD), which signifies the bank's proactive approach to managing potential credit risks.

QNB Group's equity reached 114 billion QAR (31 billion USD), representing a 3% increase year-over-year, with earnings per share determined at 1.69 QAR (0.46 USD). The capital adequacy ratio (CAR) as of December 31, 2024, was reported at an impressive 19.2%, which comfortably exceeds the minimum regulatory requirements. Additionally, the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) were recorded at 179% and 101%, respectively, further showcasing the financial stability of the Group against regulatory norms.

With a global footprint spanning 28 countries across three continents, QNB operates approximately 900 locations, with over 31,000 employees actively contributing to its success. The continued growth and solid performance of QNB Group reflect its commitment to excellence within the banking sector, cementing its role as a leader in the financial landscape of the Middle East and Africa.

In summary, QNB Group's financial results for 2024 illustrate a commitment to growth, robustness, and effective management, ensuring it remains a cornerstone of financial excellence in the region.