QNB Group, one of the largest financial institutions in the Mena region, recorded a net profit of QR6.2 billion ($1.7 billion) for the first nine months of the year, up by 15 per cent compared with the same period last year.
This demonstrates QNB Group's success across business activities and the ability to achieve strong growth in profitability for the benefit of shareholders.
Total assets increased by 25.3 per cent in the past 12 months to reach $96.4bn, the highest ever achieved by the group.
This was the result of a strong growth rate of 41.9 per cent in loans and advances to reach $65.5 billion.
The bank was able to maintain the ratio of non-performing loans to total loans at 1.2 per cent, a level considered to be the lowest amongst banks in the Mena. Provisions were conservatively managed, as the coverage ratio reached 116 per cent.
Reuters
18 October
