Doha, 09 December 2008 - The Banker, an affiliate publication of the Financial Times, named Qatar National Bank (QNB) “Bank of the Year in Qatar” for 2009.
The announcement came during a ceremony held by “The Banker” at the Intercontinental Hotel in London to honour the winners of the prestigious magazine annual awards.
The Bank of the Year award acknowledges the best overall performance of a Bank in its country. The winners are chosen based on analysis of the latest financial results and performance data, plus a review of strategic developments and the overall achievements of each nominated bank over the assessment year.
This award comes as further attestation to the Bank’s market leadership and the outstanding financial strength and integrity of the Group in all its activities. QNB Group has firmly established a reputation for investment banking through QNB Capital and has commenced expansion of the Islamic banking network in Sudan through QNB Al Islami. Further reach was made over the year with the commencement of full operations in Geneva through QNB Banque Privée Suisse and in Syria through QNB-Syria, established jointly with other Syrian private and public sector institutions with QNB having 49% stake.
The Bank’s consistent performance since inception is proof that the QNB brand is synonymous with strength, integrity, quality, security and innovation. QNB Group is committed to providing superior value to shareholders which is demonstrated by the strong financial results accompanied by growth both domestically and in the global markets where it operates.
A statement issued by The Banker at the awards reads: “More than double the size of its nearest competitor, QNB has not only continued to produce increased results and performances but has also implemented a comprehensive international expansion strategy adding further to its growth potential.”
Even considering the financial turbulence that has affected most parts of the world over the past two years, QNB, at the end of 2008, set a new record by exceeding the $1 billion profit mark (QR3,653 million) for the first time in its history.
The Bank’s performance for the nine months ended 30 September 2009 has been equally impressive with net profit exceeding QR3.1 billion, up 4.1% on the net profit delivered in September 2008. Total assets grew since September 2008 to QR153.2 billion, representing an increase of QR7.5 billion, or 5.2%. Loans and advances and financing activities grew to QR93.8 billion, representing an increase of QR2.7 billion, or 3.0%.
Customer Deposits and unrestricted investment accounts also grew by QR15.3 billion (16.5%) during the period to reach QR108.3 billion.
The bank’s Islamic banking arm QNB Al Islami also recorded excellent results in the first nine months of 2009, with Net profit up by QR27.2 million (10.7%) to reach QR280.5 million. QNB Al Islami’s total assets increased by QR4.5 billion (32.6%) to reach QR18.4 billion. Financing activities increased by QR2.5 billion (40.4%) to reach QR8.6 billion, while Total assets increased by QR4.5 billion (32.6%) to reach QR18.4 billion.
QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. They Bank is constantly striving to provide intelligent banking solutions and its range of products and services, especially the diversity of its delivery channels continues to be unrivalled.
The Banker Awards, in addition to being among the most prestigious in the industry, also provide an opportunity for bank and financial sector officials to meet and network with their compatriots from over 130 countries and celebrate the success and major achievements of the world’s leading financial institutions.
QNB was also recently named Best Bank in Qatar by the equally renowned Global Finance magazine, as well as won the J.P. Morgan Quality Recognition Award for the quality of its US Dollar funds transfers in 2008.