Financial Results For The Six Months Ended 30 June 2023

Posted on : Mon, 10 July 2023

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six months ended 30 June 2023.
Net profit for the six months ended 30 June 2023 reached QAR7.6 billion (USD2.1 billion), an increase of 8% compared to same period last year. Operating Income increased by 14% to reach QAR18.5 billion (USD 5.1 billion) underpins Group’s continued successful efforts in maintaining growth across a range of revenue lines.

Total Assets as at 30 June 2023 reached QAR1,202 billion (USD330 billion), an increase of 7% from 30 June 2022, mainly driven by good growth in loans and advances by 7% to reach QAR819 billion (USD225 billion). Strong inflow of customer deposits helped to increase deposit base by 5% to reach QAR836 billion (USD230 billion) from 30 June 2022. QNB Group’s loans to deposits ratio remained strong at 97.9% as at 30 June 2023, well within the regulatory limits. 
Also QNB Group’s efficiency ratio (cost to income) remained strong at 20.4% 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 2.9% as at 30 June 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Also during the year, QNB Group set aside QAR4.7 billion (USD1.3 billion) as provision for potential loan losses and NPL coverage ratio remained strong at 99%, reflecting a prudent approach adopted by the Group towards non-performing loans.    
Total Equity increased to QAR104 billion (USD29 billion), up by 1% from June 2022. Earnings per share increased by 9% to reach QAR0.76 (USD0.21).

QNB Group’s Capital Adequacy Ratio (CAR) as at 30 June 2023 amounted to 19%.  Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 Jun 2023 amounted to 146% and 106% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

QNB Group supported by 29,000 staff operating from more than 900 locations and over 4,900 ATMs.

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