QNB Group 2021 net profit jumps 10% to QR13.2bn

QNB Group 2021 net profit jumps 10% to QR13.2bn

QNB, the largest financial institution in the Middle East and Africa (MEA) region, posted a net profit of QR13.2bn in 2021, up 10% on the previous year.

The bank’s operating income increased by 11% to QR28.3bn, driven by strong growth in top line performance. This reflects QNB Group’s success in maintaining sustainable and strong growth across a number of revenue segments.

QNB’s Board of Directors, during its meeting held Tuesday approved the bank’s results for the year that ended in December 2021.

The Board has recommended to the General Assembly the distribution of a cash dividend of 55% of the nominal share value (QR0.55 per share).

The financial results for 2021 along with the proposed profit distribution are subject to Qatar Central Bank (QCB) approval, QNB said Tuesday.

QNB’s total assets reached QR1,093bn, an increase of 7% from December 31, 2020, mainly driven by strong growth in loans and advances by 6% to reach QR764bn.

Robust customer deposits generation helped to increase customer deposits by 6% to reach QR786bn as at December 31, 2021.

QNB Group’s strong asset liability management capabilities enabled it to improve its loans to deposits ratio from 98% to 97.2% (as at December 31, 2021) reflecting the improvement in the Group’s overall