QNB record QR6.2 billion profit in 2012

QNB Group made a net profit of QR 6.2 billion in the first nine months of 2012, the Middle-Eastern banking giant said Sunday. The figure is a 15.0% increase in comparison to the same period of 2011. A QNB statement released today said that the total assets increased by 25.3% since September 30 of last year. QNB’s total assets reached QR351.0 billion according to the statement, the highest the group has ever reached. A “strong growth rate of 41.9% in loans and advances” was one of the main reasons for the increase in total assets. Loans and advances reached QR238.6 billion, QNB said in their statement. The increase in customer deposits was another reason for growth as well, they increased by 37.4% to reach QR268.5 billion. The Bank maintained the ratio of non-performing loans to total loans at 1.2%, which it said was at “a level considered to be the lowest amongst banks in the Middle East and North Africa”. The coverage ratio reached 116%, QNB said in their statement. The total shareholders’ equity increased by 13.1% since 30 September 2011 to reach QR46.2 billion. QNB Group maintains a strong capital adequacy ratio higher than the regulatory requirements of Qatar Central Bank and Basel Committee. The Group is keen to maintain a strong capitalization in order to support future strategic plans. Based on the Group’s strong capitalization and high credit ratings, QNB was named by Global Finance in April 2012 one of the World’s 50 Safest Banks based on its strong capitalization and high credit ratings.