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QNB’s 2019 H1 net profit jumps 4% to QR7.4 billion

QNB’s 2019 H1 net profit jumps 4% to QR7.4 billion

Tribune News Network
Doha
Qatar National Bank (QNB) has reported a net profit of QR7.4 billion in the first half of the year ending June 30, 2019, up by 4 percent compared to the same period of the previous year, the bank announced in a statement on Wednesday.
Total assets reached QR887 billion, up by 5 percent compared to June 2018, the highest ever achieved by the group.
Loans and advances grew by 5 percent to QR634 billion, which contributed to the growth in total assets.
QNB said the growth in the loan book was mainly funded by customer deposits which grew by 5 percent to QR646 billion in six months.
Strong funding sources helped QNB Group to maintain the loans to deposits ratio at 98.3 percent, well within the regulatory limit.
The ratio of non-performing loans to gross loans amounted to 1.9 percent, a level considered one of the lowest amongst financial institutions in the Middle East and Africa (MEA) region, reflecting the strong quality of the Group’s loan book and effective management of credit risk.
The Group’s conservative policy with respect to provisioning resulted in the coverage ratio maintained at 106 percent.
QNB Group capital adequacy ratio (CAR) amounted to 18.4 percent, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
During the first half of 2019, QNB successfully closed the syndication of its EUR2.0 billion three-year senior unsecured term loan facility, successfully completed a $1 billion bond issuance and a $850 million Formosa bond issuances under its Euro Medium Term Note (EMTN) Programme in the international capital markets.
All of the above-mentioned deals attracted strong interest around the world from key global investors, reflecting investors’ confidence in QNB Group’s financial strength and its position as the largest financial institution in the Middle East and Africa region, the bank said.
“It also reflects their trust and confidence in QNB Group’s strategy over the coming years,” the statement added.
QNB continued its outstanding achievements by topping the Middle East and Africa (MEA) region, on the Banker Magazine’s Top 1000 World Banks list.

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