QNB Group first quarter net profit rises 9% to QR3.6bn

QNB Group first quarter net profit rises 9% to QR3.6bn

QNB Group has posted a first-quarter net profit of QR3.6bn, up 9% on the same period last year.

The group’s operating income had gone up by 16% in the first quarter of the year to reach QR7.7bn, which reflects its success in maintaining growth across a range of revenue sources.

Total assets as at March 31, 2022 reached QR1,108bn, an increase of 6% compared to March 2021, mainly driven by growth in loans and advances by 6% to reach QR763bn.

Diversified customer deposits generation helped to increase customer deposits by 5% (compared to Q1, 2021) to reach QR788bn.

Furthermore, QNB Group’s drive for operational efficiency continues to yield cost-savings and enhanced revenue sources that has enabled the Group to improve its efficiency (cost to income) ratio for the three months period ended March 2022 to 20.8% from 23.4% in March 2021, which is considered one of the best ratios among large financial institutions in the MEA region.

QNB Group’s strong asset liability management helped in maintaining loans to deposits ratio at 96.8% in March 2022.

The ratio of non-performing loans to gross loans stood at 2.3% (as at March 31, 2022), one of the lowest amongst financial institutions in the MEA region, reflecting