QNB, the largest financial institution in the Middle East and Africa (MEA) region, has seen a 7% rise in net profit to QR3.9 billion ($1.1 billion) for the first quarter of 2023.
Operating income increased by 20% to reach QR9.3 billion reflecting the group's continued success in maintaining growth across a range of revenue sources amidst turbulence in global markets, a QNB release said.
Total sssets as on March 31, 2023 reached QR1.18 trillion, an increase of 6% from March 31, 2022, mainly driven by good growth in loans and advances by 6% to reach QR810 billion.
New customer deposits
New customer deposits helped to increase customer deposits by 5% to reach QR828 billion. The loans to deposits ratio reached 97.9%.
QNB Group's efficiency (cost to income) ratio reached 21.7% which is considered one of the best ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans stood at 2.9% as on March 31, 2023, one of the lowest amongst financial institutions in the MEA region. Also, during the quarter, QNB Group set aside QR2.5 billion as provision for potential loan losses which resulted in augmenting its NPL coverage ratio to 104%.
Total equity
Total equity increased to QR103 billion, up by 5% from March 2022. Earnings per share reached QR0.39.
QNB Group's Capital Adequacy Ratio (CAR) amounted to 19.3%. Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) amounted to 118% and 106% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.-- TradeArabia News Service
&uuid=(email))