QNB

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2010

Posted on : Wed, 07 Apr 2010

QNB Group Financial Highlights

 

Net Profit up by 25.3% to QR1.27 billion

Total Assets up by QR42.5 billion (30.3%) since March 2009 to QR183.2 billion

Total Loans and advances and financing activities up by QR36.1 billion (44.3%) since March 2009 to QR117.7 billion

Total Customer Deposits and unrestricted investment accounts up by QR40.0 billion (43.5%) since March 2009 to QR131.9 billion

Earnings per share increased to QR3.2 compared to QR2.6 in March 2009

Total Equity attributable to the Bank shareholders increased to QR19.9 billion

QNB Al Islami Financial Highlights

 

Net Profit for QNB Al Islami up by 119% to QR204.3 million

Total Assets up by 86.4% since March 2009 to reach QR28.0 billion

Financing activities up by 184% since March 2009 to reach QR22.6 billion

Customer Deposits current accounts and unrestricted investment accounts up by 77.8% since March 2009 to reach QR21.8 billion

H.E. Yousef Hussein Kamal, Chairman of the Board of Directors of Qatar National Bank (QNB), today announced QNB’s financial results for the three months ended 31 March 2010, in which Net Profit reached QR1.27 billion.

This performance demonstrates the Bank's ability to maintain its strong track record of delivering a sustained growth in profitability for the benefit of shareholders.

H.E. Yousef Hussein Kamal added: “These outstanding financial results prove once again QNB’s strong capabilities and its leading position in the area, along with the ability to record a strong and balanced growth across all its activities.

For the three months ended 31 March 2010, net profit reached QR1.27 billion, up 25.3% on the net profit delivered in March 2009. Total assets grew since March 2009 to QR183.2 billion, representing an increase of QR42.5 billion, or 30.3%. Loans and advances and financing activities grew to QR117.7 billion, representing an increase of QR36.1 billion, or 44.3%. Customer Deposits and unrestricted investment accounts also grew by QR40.0 billion (43.5%) during the period to reach QR131.9 billion.

Net operating income increased by QR341.5 million (25.9%) to QR1.7 billion. The increase in net operating income is mainly due to the increase in net interest income and income from financing activities of QR355.9 million (42.7%) to reach QR1.2 billion. Net fees and commission income grew by QR44.6 million (18.8%) to QR281.6 million.

Total equity attributable to the Bank shareholders grew since March 2009 to QR19.9 billion, representing an increase of QR3.2 billion, or 19.4%.

QNB Al Islami also succeeded in achieving excellent results during the three months of 2010, with net profit increasing by 119% to reach QR204.3 million. Financing activities increased by QR14.7 billion (184%) to reach QR22.6 billion.. QNB AL Islami total assets increased by QR13.0 billion (86.4%) to reach QR28.0 billion.

Mr. Ali Shareef Al Emadi, QNB’s Group Chief Executive Officer, said: “These excellent results reaffirm QNB's ability to deliver consistent growth in all activities and across all locations in which it operates. It is also a reflection of the successful implementation of strategic goals with effective risk management. At the same time, these results are a reflection of QNB’s continuous focus on maintaining and enhancing service quality and providing customers with distinctive and innovative products that cater to their growing needs and expectations."

During the first quarter of the year, QNB continued to extend its leadership in the Qatari and regional financial market with a landmark multiple currency term-loan of $275 million to purchase three new container vessels.

In recognition of QNB’s leading role in Qatari IPOs, QNB was appointed the Lead Manager to the first Initial Public Offering (IPO) of Mazaya Qatar, which was successfully concluded in January 2010.

Further evidence of QNB’s leading market position and its ability to deliver sustained growth in all activities is the affirmation by Standard & Poor’s of QNB's credit ratings in March 2010, with a long-term rating of A+ and short-term rating of A1, with a Stable Outlook. QNB’s rating from the leading international ratings agencies including S&P, Capital Intelligence, Fitch and Moody's is the highest and on par with a small group of leading financial institutions in the region.

Testament to the Bank’s growing international reputation, QNB’s was one of the biggest year-on-year gainers in the Banker’s Magazine survey of the Top 500 Banking Brands in the World. QNB’s ranking this year rose to 210, up 39 places from the 2009 survey.

QNB extended its retail banking portfolio by launching Qatar’s first co-branded Titanium MasterCard in partnership with MasterCard International and Qatar Airways. The new Titanium credit card targets the upwardly mobile and financially confident customer, offering a host of benefits, such as superior insurance packages, extended warranty options and a growing airport lounge access program to complement the Qmiles awarded for credit card usage as part of Qatar Airways’ loyalty program.

Also during this quarter, QNB completed the rollout of its Cash Deposit Card for Business Banking customers, which allows for round-the-clock cash deposits at over 45 QNB Cash Deposit ATMs located strategically across the country. The service is designed to complement internet banking solutions already available to all QNB Customers.

QNB Al Islami in February 2010 signed a landmark agreement with the Ministry of Endowments and Islamic Affairs to launch “Thimaar” a new e-payment system that is being distributed in the form of prepaid cards to beneficiaries of the Ministry’s Sandoq Al-Zakat program.

As part of its efforts to help promote the State of Qatar internationally, in the first quarter of 2010, QNB partnered with the Qatar Tourism Authority as a Gold sponsor of the 7th annual Doha Jewellery and Watches Exhibition held in mid-February. The Bank also participated in the Qatar Career Fair organized by the Qatari Embassy in London to highlight national opportunities for Qatari graduates graduating from renowned international universities.

To meet the requirements of its strategic growth, QNB participated in the Qatar Career Fair 2010, the country’s principal entry-level recruitment platform. QNB aimed to recruit 150 top Qatari graduates to fulfill diverse roles within the Group.

As part of its efforts to promote staff training, the Bank hosted an intensive Executive Development Program in the first quarter for the senior management team. This included training sessions conducted by an internationally renowned institution specializing in executive training in order to enhance the Bank’s career advancement programs and ensure the overall development and talents of the senior management team.

The Bank also extended its commitment to staff at all levels by adopting a new medical insurance policy in partnership with a leading insurance & reinsurance company, which extends the coverage offered to employees and their families, both in Qatar and internationally.

As a major patron of sporting events in Qatar, QNB sponsored the Qatar ExxonMobil Tennis tournament in January 2010 as the Official Bank of the championships.