Doha, Qatar — The profits of Qatar National Bank (QNB) Group increased by 8 percent in 2023 to reach QR 15.5 billion ($4.25 billion) compared to QR 14.3 billion in 2022.
The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
The Board of Directors of QNB Group has recommended to the General Assembly the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share), QNA reported.
Operating Income increased by 11 percent to reach QR 39.1 billion, which reflects the Group’s continued successful efforts in maintaining growth across a range of revenue sources, the bank said.
Total Assets reached QR 1,231 billion, an increase of 4 percent from 31 December 2022, mainly driven by growth in loans and advances by 6 percent to reach QR 853 billion. Good growth in customer deposits contributed to an increase in customer deposits by 2 percent to reach QR 857 billion from 31 December 2022.
This enabled the loans to deposits ratio to reach up to 99.5 percent as of 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 percent, 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 percent as of 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, the bank said, according to QNA.
QNB Group’s provision charge for loan losses decreased by QR 0.1 billion to reach QR 8.7 billion, representing a decrease of 1 percent compared with the previous year. QNB Group continued to maintain its coverage ratio at 100 percent.
Total Equity increased to QR 110 billion, up by 4 percent from December 2022. Earnings per share reached QR 1.55.
QNB Group Capital Adequacy Ratio (CAR) as of 31 December 2023 amounted to 19.8 percent. Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as of 31 December 2023 amounted to 206 percent and 105 percent respectively.