DOHA, Qatar, April 10, 2023 /PRNewswire/ -- QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2023.
Net profit for the three months ended 31 March 2023 reached QAR3.9 billion (USD1.1 billion), an increase of 7% compared to same period last year. Operating Income increased by 20% to reach QAR9.3 billion (USD2.6 billion) reflects the Group's continued success efforts in maintaining growth across a range of revenue sources amidst turbulence in global markets.
Total Assets as at 31 March 2023 reached QAR1,178 billion (USD324 billion), an increase of 6% from 31 March 2022, mainly driven by good growth in loans and advances by 6% to reach QAR810 billion (USD222 billion). New customer deposits helped to increase customer deposits by 5% to reach QAR828 billion (USD227 billion) from 31 March 2022. The loans to deposits ratio reached 97.9% as at 31 March 2023.
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 at 31 March 2023, one of the lowest amongst financial institutions in the MEA region. Also during the quarter, QNB Group set aside QAR2.5 billion (USD 0.7 billion) as provision for potential loan losses which resulted in augmenting its NPL coverage ratio to 104%.
Total Equity increased to QAR103 billion (USD28 billion), up by 5% from March 2022. Earnings per share reached QAR0.39(USD0.11).
QNB Group's Capital Adequacy Ratio (CAR) as at 31 March 2023 amounted to 19.3%. Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 31 March 2023 amounted to 118% and 106% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Group statistics
QNB Group supported by 29,000 staff operating from more than 900 locations and 4,800 ATMs.
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