QNB Group: Financial results for the nine months ended 30 September 2022

QNB Group: Financial results for the nine months ended 30 September 2022

DOHA, Qatar/PRNewswire/ -- QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2022.

Net Profit before the impact of hyperinflation for the nine months ended 30 September 2022 reached QAR12.3 billion (USD3.4 billion), an increase of 20% compared to the same period last year.

Net profit after the impact of hyperinflation to reach QAR11.0 billion (USD3.0 billion), an increase of 7% compared to same period last year, despite successfully overcoming the negative impact of hyperinflation accounting adjustment of QAR1.3 billion (USD356 million).

Operating Income increased by 24% to reach QAR25.6 billion (USD7.0 billion) which reflects the Group's success in maintaining growth across a range of revenue sources.

Total Assets as at 30 September 2022 recorded an increase of 5% from 30 September 2021 to reach QAR1,135 billion (USD312 billion), mainly driven by growth in high quality liquid assets. Strong customer deposit campaigns helped to increase customer deposits by 1% to reach QAR794 billion (USD218 billion) from 30 September 2021. As result of strong liquidity position of QNB Group, the loans to deposits ratio reached 96.1% as at 30 September 2022.

The Group's drive for operational efficiency continues to yield cost-savings and