QNB Group, the Largest Bank in the Middle East and Africa, Delivers Another Record Results for Q3 2017
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2017, which is the highest in the history of QNB Group.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171011006406/en/
QNB Group Head Office (Photo: AETOSWire)
For the nine months ended 30 September 2017, net profit increased to QAR10.3 billion (USD2.8 billion), up by 6% compared to last year, demonstrating QNB Group’s success in maintaining robust growth while controlling costs.
Total assets reached QAR792 billion (USD218 billion), up by 11% from September 2016, the highest ever achieved by the Group. This was driven by a growth rate of 14% in loans and advances to reach QAR579 billion (USD159 billion). Further, QNB Group’s deposit mobilisation efforts helped increase customer funding by 15% to reach QAR574 billion (USD158 billion) from September 2016. This led to the reduction in the Group’s loans to deposits ratio to 100.8%, compared with 101.3% in September 2016. This clearly demonstrates the success of QNB’s strategy to diversify its funding sources.
QNB Group’s efficiency ratio (cost to income ratio) dropped to 29%, from 30.1%, due to prudent cost controls and strong revenue generating capabilities.
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8% and coverage ratio reaching 111%, which effectively demonstrate high quality of Group’s loan book and robust management of credit risk.
In September 2017 QNB Group successfully completed the issuance of Formosa bonds under its Euro Medium Term Note (EMTN) programme and listed on the Taipei Stock Exchange. Under this programme, a US$ 630 million tranche was issued with a maturity of 30 years callable every 5 years. The issuance was part of QNB Group’s on-going strategy to ensure diversification of funding in terms of type, tenor and geography.
Also the above is an example of a highly diversified international and local funding base spread across various geographies in terms of currencies, tenors and product mix.
During July, QNB Group commenced its operations in the city of Mumbai, the economic capital of the Republic of India. This network expansion comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.
Total Equity increased by 2% from September 2016 to reach QAR77 billion (USD21 billion) as at 30 September 2017. Earnings per Share reached QAR10.7 (USD2.95) for the nine months ended 30 September 2017, compared to QAR10.3 (USD2.83) last year.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.4% as at 30 September 2017 (18.0% including profitability up to 30 September 2017), higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Also it should be noted that QNB is now the most valuable banking brand in the MEA region, with the value of its brand increased to USD3.8 billion, to rise to the 60th place globally, in addition to attaining the highest rating of AA+ in brand strength, making it the only Qatari banking brand among the world’s top 100.
The total number of staff for the Group is more than 27,800 operating from 1,230 locations and 4,200 ATMs serving more than 21 million customers.
*Distributed by: AETOSWire
Maha Mubarak Ali, +97444975704
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Edgewater Networks Announces Event Sponsorship of BroadSoft Connections 201721.10.2017 00:00 | Tiedote
Edgewater Networks, Inc., the industry leader in Network Edge Orchestration, announced today that it is an event sponsor of the BroadSoft Connections 2017 user conference, which takes place October 22-25 at the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, AZ. During the event, Edgewater Networks will feature demonstrations of the latest end-to-end network interoperability capabilities, including Zero Touch Provisioning, UC Analytics from the core to the endpoint, SD-WAN optimized for BroadSoft, and much more. Continuing a long-standing partnership with BroadSoft, Edgewater Networks has completed another level of BroadCloud certification, this time for local survivability which is critical for business continuity for SMB and Enterprise customers. BroadSoft’s PacketSmart is available on all EdgeMarc Intelligent Edges. All elements of the Network Edge Orchestration are
More than 70 Companies to Showcase Top Tech at CES Unveiled Paris20.10.2017 18:08 | Tiedote
The Consumer Technology Association (CTA) today announced that more than 70 exhibitors will showcase their latest innovations at the now sold-out fifth annual CES Unveiled Paris The event will focus on the Internet of Things (IoT), connectivity and smart cities, and draw more than 600 attendees. CES Unveiled Paris will run from 2-7:30 PM on Tuesday, October 24, 2017 at the Palais Brongniart. Regional technology companies, top-tier media outlets, buyers and key industry influencers will come together at CES Unveiled Paris to get a direct look at the latest industry developments. The day kicks off with a CES news conference and CTA market trends presentation. Conference programming is followed by a tabletop exhibition & networking reception. Curated exhibitors will be there to showcase top tech from robotics and audio to smart home and augmented and virtual reality. Notable
Westinghouse Receives Regulatory Approval for Analysis Methodologies20.10.2017 15:15 | Tiedote
Westinghouse Electric Company today announced that it has received approval from the U.S. Nuclear Regulatory Commission (NRC) for two new important analysis methodologies that will be used to upgrade Westinghouse- and Combustion Engineering-based nuclear steam supply system (NSSS) safety analyses. The approvals granted are for the new FULL SPECTRUMTM Loss of Coolant Accident (FSLOCATM) methodology and the Performance Analysis and Design Model software code update, PAD5. FSLOCA is capable of improved modeling of the transient response in a pressurized water reactor to the full spectrum of LOCA break sizes that could occur, and PAD5 is the next generation of the Westinghouse fuel rod design performance code. “These codes were developed to work in concert with each other to maximize analytical margin for nuclear utilities,” said Michele DeWitt, senior vice preside
Gilead Announces Multiple Scientific Presentations Demonstrating High Cure Rates in Difficult-to-Cure HCV Patients and Improved Long-Term Bone and Renal Safety of Vemlidy® in HBV Patients Switched from Viread®20.10.2017 15:03 | Tiedote
Gilead Sciences, Inc. (NASDAQ: GILD) today announced results from Phase 2 and Phase 3 studies of its approved medicines for chronic hepatitis C virus (HCV) and hepatitis B virus (HBV) infection, adding to the body of evidence supporting Gilead’s viral hepatitis therapies in diverse patient populations. These and other data from more than 25 abstracts will be presented this week at The Liver Meeting® 2017, which begins today in Washington, D.C. Positive results from studies of Harvoni® (ledipasvir 90mg/sofosbuvir 400mg) in HCV-infected patients with severe renal impairment, Epclusa® (sofosbuvir 400mg/velpatasvir 100mg) in HCV-infected liver transplant recipients and Vosevi® (sofosbuvir 400mg/velpatasvir 100mg/voxilaprevir 100mg) in NS5A-inhibitor experienced HCV-infected patients will be presented during poster sessions on October 21 and October 22. In addition, updated results f
Schlumberger Announces Third-Quarter 2017 Results20.10.2017 14:00 | Tiedote
Schlumberger Limited (NYSE:SLB) today reported results for the third quarter of 2017. (Stated in millions, except per share amounts) Three Months Ended Change Sept. 30, 2017 Jun. 30, 2017 Sept. 30, 2016 Sequential Year-on-year
SP3H Announces That It Has Obtained a €1.2 Million European Union Grant for Its Intelligent and Clean Vehicle (VIP) Project20.10.2017 13:47 | Tiedote
SP3H is proud to announce joining the very select circle of the 10 French winners of the H2020 SME Instrument Phase 2 program since 2014. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171020005325/en/ Last summer VIP received the very prestigious SME instrument phase 2 H2020 label in the "transport & smart cities mobility" category. With an overall budget of € 1.7 million, VIP is subsidized by the European Union at a rate of 70% or €1.2 million. The framework contract was officially signed early October. VIP is the pre-industrialization program for Fuelbox sensors, the world's first miniaturized scanner capable of analyzing the quality of fuels on board vehicles. The heart of the program remains closely linked to the reduction of CO2 and pollutant emissions from vehicle
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme