DOHA, Qatar, July 8, 2024 /PRNewswire/ -- QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six month period ended 30 June 2024.
In addition, the Board of Directors of QNB authorised an interim cash dividend distribution of 33% of the nominal share value (QAR0.33 per share), payable to eligible shareholders as at the close of trading on 17 July 2024. The proposed interim cash dividend distribution is subject to approval by the Qatar Central Bank (QCB). This interim dividend proposal is a first ever in QNB's 60-year history and primarily aims to reward QNB's long-term shareholders.
Net profit for the six months ended 30 June 2024 reached QAR8.2 billion (USD2.2 billion), an increase of 7% compared to same period last year. Operating Income increased by 9% to reach QAR20.1 billion (USD5.5 billion) which reflects the Group's ability to maintain growth across a range of revenue sources.
Total Assets as at 30 June 2024 reached QAR1,261 billion (USD346 billion), an increase of 5% from 30 June 2023, mainly driven by good growth in loans and advances by 7% to reach QAR879 billion (USD242 billion). Diversified customer deposits generation helped to increase customer deposits by 6% to reach QAR891 billion (USD245 billion) from 30 June 2023. QNB's loans to deposits ratio stood at 98.7% as at 30 June 2024.
QNB Group's efficiency (cost to income) ratio stood at 22.4%, 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 3% as at 30 June 2024, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group's loan book and the effective management of credit risk. In addition, loan loss coverage ratio reached 100%, which reflects the prudent approach adopted by the Group towards non-performing loans.
QNB Group's Capital Adequacy Ratio (CAR) as at 30 June 2024 amounted to 19.2%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 June 2024 amounted to 185% and 105% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.
Total Equity increased to QAR110 billion (USD30 billion), up by 6% from June 2023. Earnings per share reached QAR0.82 (USD0.22).
Group statistics
QNB Group's presence spans more than 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 30,000 staff.
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