Doha, 10 June 2009 - Euromoney, a leading global financial publication, announced that it has selected Qatar National Bank (QNB) as the "Best Bank in Qatar" at the Euromoney Awards for Excellence 2009, held at the Four Seasons Hotel in Doha, Qatar, on 9 June 2009.
This award comes as further recognition of QNB's leading role in the Qatari banking sector, where it has set the pace over the years in various segments of the local financial market. Listed on the Doha Securities Market (DSM) QNB's capital currently accounts for nearly 40% of all banking sector assets.
The annual Euromoney Awards for Excellence are among the most sought after global awards for banks around the world. Selection is based on established performance criteria of past years, in combination with quantitative data collected over the assessment year.
The awards were presented at a dedicated ceremony in Doha which welcomed many regional and international banks and their senior representatives.
QNB's strong financial results for the three months ended 31 March 2009 are evidence of the Bank’s ability to deliver sustained growth. Net profit during the period was up by 10.2% to reach QR1,011 million, while total assets rose by QR10.6 billion (8.2%) since March 2008 to QR140.6 billion. Total loans and advances and financing activities increased by QR4.2 billion (5.4%) since March 2008 to reach QR81.6 billion. Total customer deposits and unrestricted investment accounts were also up by QR12.4 billion (15.6%) since March 2008 to reach QR91.9 billion.
These outstanding financial results at the end of the first quarter of 2009, coupled with sustained performance and growth in 2008 and in prior years were among the primary reasons for QNB's selection as the Best Bank in Qatar. These figures reflect the Bank's success in effectively managing risk and maintaining balanced growth in all areas of its activities.
The Best Bank Award is given only to regulated financial institutions having both commercial and retail banking capabilities, with the shortlist for the award being judged on specific achievements between 1 April 2008 and 31 March 2009. The judges consider criteria such as the volume of business transacted, innovation and leadership, credit ratings, quality of assets and earnings, efficiency ratios and key performance indicators.
The Best Bank Award also takes into account the capabilities of the investment banking arms of the shortlisted banks, and how they complement the commercial banking activities of an institution. The Bank's investment banking arm QNB Capital, which was launched in 2008, therefore also contributed to achieving this recognition.