QNB Group Reports Strong Financial Results for 2024 with Record Profits and Dividend Plans

QNB Group's 2024 Financial Performance



QNB Group, recognized as one of the leading financial institutions in the Middle East and Africa (MEA), has recently revealed its financial outcomes for the year ending December 31, 2024. During a Board of Directors meeting, the results were endorsed, showcasing a robust growth trajectory for the bank.

As per the financial report, QNB Group achieved a notable increase in net profits, which rose by 8% from the previous year, hitting QAR 16.7 billion (approximately USD 4.6 billion). This growth is attributed to expanded operational income, which also saw a 6% increment, amounting to QAR 41.3 billion (around USD 11.4 billion). Such numbers illustrate the successful diversification of the Group’s revenue streams and its effective strategies in the competitive banking sector.

In terms of asset growth, QNB’s total assets reached an astonishing QAR 1,298 billion (USD 357 billion) by the end of 2024, marking a 5% increase year-over-year. Catalyzing this growth were loans and advances that surged by 7%, reaching a total of QAR 911 billion (USD 250 billion). Customer deposits also reflected positive trends, attaining QAR 887 billion (USD 244 billion), largely driven by strategic diversification initiatives in generating deposits.

A highlight of QNB's financial health is its efficiency, demonstrated by a cost-to-income ratio of 22.3%, a competitive figure among prominent financial institutions across the MEA region. Notably, the bank carried a remarkably low non-performing loans ratio of just 2.8%, supported by a complete loan loss coverage, reflecting the prudence and proficiency in its credit risk management.

In alignment with its financial growth, QNB’s Board has proposed a cash dividend of 37% of the nominal share value (QAR 0.37 per share) for the latter half of 2024, culminating in an impressive total dividend for the year of 70% of the nominal share value (QAR 0.70 per share). This proposal awaits the endorsement of the Qatar Central Bank (QCB) and the General Assembly, hinting at the Group's commitment to returning value to its shareholders.

Furthermore, QNB Group reported a total equity of QAR 114 billion (USD 31 billion), a slight increment of 3% from the last year. The earnings per share also saw a rise, reaching QAR 1.69 (USD 0.46). Coupled with a satisfactory Capital Adequacy Ratio (CAR) of 19.2%, the Group's liquidity coverage ratio and net stable funding ratio reflect a strong capital position, surpassing the minimum requirements imposed by regulatory authorities and Basel III standards.

In terms of geographical reach, the QNB Group operates in 28 countries across three continents from approximately 900 locations with a network of over 5,000 ATMs, all supported by a dedicated team of more than 31,000 employees. This extensive presence reinforces QNB's status as a robust player in the global banking landscape.

In summary, QNB Group's 2024 financial results not only showcase resiliency and growth but also reflect the institution's dedication to maintaining high standards of service and delivering value to its shareholders. As they continue to navigate a competitive environment, QNB stands firm with a strategy focused on innovation and customer-centric solutions.

Topics Financial Services & Investing)

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