QNB Group’s nine-month net profit surges by 8%

QNB Group’s nine-month net profit surges by 8%

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Qatar National Bank (QNB) posted an 8 per cent jump in nine-month net profit to $3.3bn (QAR11.9bn), driven by loan growth, a surge in operating income and total assets.

The Qatari lender said its operating income, which surged by 13 per cent to reach $8bn (QAR29bn), underpins the banking group’s continued successful efforts in maintaining growth across a range of revenue lines.

QNB’s deposit base rose by 4 per cent year-on-year (YoY) to $226bn (QAR822bn) in the nine months to September 30, thanks to a strong inflow of customer deposits.

The bank’s loan-to-deposit ratio remained strong at 99.2 per cent as at September 2023– well within the regulatory limits.

Meanwhile, the banking group’s cost-to-income ratio stood at 20 per cent during the period under review, “one of the best ratios among large financial institutions in the Middle East and Africa”.

The ratio of non-performing loans (NPL) to gross loans stood at 3 per cent as at September 2023, reflecting the high quality of the banking group’s loan book and the effective management of credit risk.

QNB set aside $1.7bn (QAR6.1bn) as provision for potential loan losses during the period under review and the NPL coverage ratio remained strong at 100