Search QatarPRNetwork.com

Home >> Banking & Investments

Financial Results For The Year Ended 31 December 2023

Friday, January 12, 2024/ Editor -  

Share

Home >> Banking & Investments

Doha, 11 January 2024: QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced that the Board of Directors, during its meeting held today has approved its results for the year ended 31 December 2023.
The Board of Directors of QNB Group have recommended to the General Assembly the distribution of a cash dividend of 65% of the nominal share value (QAR0.65per share) after taking into account the solid financial performance recorded by QNB for the year ended 31 December 2023. The annual financial results for 2023 along with the proposed profit distribution are subject to Qatar Central Bank (QCB) approval.
Net Profit for the year ended 31 December 2023 reached QAR15.5 billion (USD4.3 billion), an increase of 8% compared to the same period last year. Operating Income increased by 11% to reach QAR39.1 billion (USD10.7 billion) which reflects the Group’s continued successful efforts in maintaining growth across a range of revenue sources.


Total Assets reached QAR1,231 billion (USD338 billion), an increase of 4% from 31 December 2022, mainly driven by growth in loans and advances by 6% to reach QAR853 billion (USD234 billion). Good growth in customer deposits contributed to increase customer deposits by 2% to reach QAR857 billion (USD235 billion) from 31 December 2022. This enabled the loans to deposits ratio to reach up to 99.5% as at 31 December 2023 reflecting a steady growth in QNB Group’s loan book.
QNB Group continued to maintain the efficiency (cost to income) ratio at 20%, one of the best ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans reached 3.0% as at 31 December 2023, 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. Also during the year, QNB Group’s provision charge for loan losses decreased by QAR0.1 billion (USD0.03 billion) to reach QAR8.7 billion (USD2.4 billion), representing a decrease of 1% compared with previous year. QNB Group continued to maintain its coverage ratio at 100%.    


Total Equity increased to QAR110 billion (USD30 billion), up by 4% from December 2022. Earnings per share reached QAR1.55 (USD0.42). 
QNB Group Capital Adequacy Ratio (CAR) as at 31 December 2023 amounted to 19.8%. Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 31 December 2023 amounted to 206% and 105% respectively. These prudential ratios were higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. 

Group statistics
QNB Group supported by more than 30,000 staff operating from approximately 900 locations and over 4,800 ATMs.


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Oxford Business Group explores Qatar's economic development in The Report: Qata ...

Msheireb Museums Announces Participation in Major Grant Collaboration with HBKU ...

Pickl Opens its Doors Today!

Education Above All Foundation CEO Fahad Al-Sulaiti highlights education and inn ...

WCM-Q Student Research Forum showcases ingenuity of trainee doctors

Mandarin Oriental, Doha Marks World Bee Day

Msheireb Properties and Schneider Electric to Explore New Smart City Capabilitie ...

What Is Schengen Insurance and How to Get It in Just 2 Minutes with QIC?

A regional partnership advances Open Science for the Arab world

QFZ and Evonik Sign MoU at Qatar Economic Forum, Aiming to Explore Investment Op ...

LG Breezes Into Qatar With Cool And Innovative Products On Display At LG Life's ...

Grand Opening of Salama Doha's new Moroccan seaside restaurant on Al Maha Island

Qatari Investors Group (QIG) selects Rise with SAP for accelerated transition to ...

Successful Conclusion of Finland Healthcare Seminar: Strengthening Collaborative ...

QFZ and FedEx Logistics Sign MoU to Establish a Regional Logistics Facility in Q ...

Alo Yoga debuts in Qatar with flagship opening at the Doha Festival City

WCM-Q launches webinar series on medication safety

MENA Insurtech Summit 2024 Concludes with Success

WCM-Q researchers publish landmark study into proteins

Dukhan Bank announces the first prize winner of QAR 1 Million of its Thara'a Sav ...