Qatar Business: QNB Group Q1 net profit rises 9pc to $1 billion – Gulf Digital News

Qatar Business: QNB Group Q1 net profit rises 9pc to $1 billion – Gulf Digital News

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has posted a net profit for the three months (Q1) ended March 31, 2022 of QR3.6 billion ($1 billion), a rise of 9% on the same period last year.

Operating income was up by 16% to reach QR7.7 billion ($2.1 billion) which reflects the group's success in maintaining growth across a range of revenue sources.

Total assets as of March 31, 2022 reached QR1.108 trillion ($304 billion), an increase of 6% from March 31, 2021, mainly driven by growth in loans and advances by 6% to reach QR763 billion ($210 billion).

Customer deposits

Diversified customer deposits generation helped to increase customer deposits by 5% to reach QR788 billion ($216 billion) from March 31, 2021.

Furthermore, the group's drive for operational efficiency continues to yield cost-savings and enhanced revenue sources that has enabled QNB Group to improve its efficiency (cost to income) ratio to 20.8% from 23.4% last year, which is considered one of the best ratios among large financial institutions in the MEA region.

QNB Group's strong asset liability management helped it in maintaining loans to deposits ratio at 96.8%.

NPL lowest

The ratio of non-performing loans to gross loans stood at 2.3%, one