#Middle East #Qatar #Doha #financial results #QNB Group

QNB Group's Financial Performance for 2024

QNB Group, one of the leading financial institutions in the Middle East and Africa (MEA) region, held a board meeting to disclose its exceptional financial results for the fiscal year ending December 31, 2024. The figures not only reflect resilience but also a strategic growth trajectory that promises a stable future for the institution.

Significant Achievements

The board reported a record net profit of 16.7 billion QAR (approximately 4.6 billion USD) for 2024, marking an 8% increase from the previous year. This robust growth underscores QNB's successful strategies in optimizing its diverse revenue streams, which resulted in an operational income rise to 41.3 billion QAR (roughly 11.4 billion USD), showing an increase of 6% over the last year.

Total assets reached an impressive 1.298 trillion QAR (about 357 billion USD), reflecting a 5% growth driven primarily by a 7% increase in loans and advances, which totaled 911 billion QAR (around 250 billion USD). Meanwhile, customer deposits increased by 3%, achieving a total of 887 billion QAR (approximately 244 billion USD), thanks to successful diversification strategies in deposit generation.

Among the key efficiency metrics, QNB Group's cost-to-income ratio stands at 22.3%, one of the best rates in the MEA region, indicating strong operational efficiency. Notably, the non-performing loans ratio (NPL) was recorded at 2.8%, complemented by a robust 100% coverage of credit losses. These results display the high quality of the group's credit portfolio and effective management of credit risks.

The provisions against credit losses saw a 6% decline, down to 8.1 billion QAR (around 2.2 billion USD) compared to the previous year. Moreover, the total equity demonstrated a steady growth of 3%, reaching 114 billion QAR (approximately 31 billion USD), and earnings per share hit 1.69 QAR (about 0.46 USD).

Regulatory Compliance and Financial Stability

As of December 31, 2024, QNB Group's capital adequacy ratio stood at 19.2%, well above the regulatory requirements set by the Qatar Central Bank (QCB) and Basel III norms. The liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) were 179% and 101%, respectively, which further ensure QNB’s financial stability and resilience even in uncertain market conditions.

Proposed Dividend

In light of these promising results, the board has recommended a cash dividend distribution of 37% of the nominal share value for the second half of the year, equivalent to 0.37 QAR per share. This brings the total proposed dividend for 2024 to 70%, or 0.70 QAR per share, subject to the approval of the shareholders and regulatory bodies.

QNB Group's Global Reach

QNB Group's presence spans across three continents, operating in 28 countries with over 900 locations, supported by a workforce exceeding 31,000 employees and more than 5,000 ATMs. This extensive network enables the group to cater to a substantial customer base, reinforcing its status as a preeminent financial institution in the region.

In conclusion, 2024 has been a landmark year for QNB Group, marked by significant financial growth and advancements in operational efficiency, ensuring its position as a leader among financial institutions in the MEA region. The announced financial results are poised to further enhance stakeholder confidence and drive sustained growth in the coming years.