QNB Group’s Net profit increased by 8 percent in the first nine months of 2023, reaching QR 11.9 billion, compared to QR 11 billion in the same period last year.

Total Equity increased to QR 109 billion, up by 2 percent from the period ending on Sep. 30, 2022, whereas Earnings per share increased to QR 1.19 per share.

Total Assets reached QR 1.186 trillion, a 4 percent increase compared to the same period last year, mainly driven by good growth in loans and advances by 7 percent to reach QR 815 billion.

Strong inflow of customer deposits helped to increase deposit base by 4 percent to reach QR 822 billion from Sep. 30, 2022.

The QNB Group said that it continues to pursue reducing expenses and finding sustainable sources of income generation.

QNB Groups operational efficiency continues to provide cost-savings and diversified revenue lines have supported in the efficiency ratio (cost to income) to remain strong at 20.0 percent.

The ratio of non-performing loans to gross loans stood at 3.0 percent as a
t 30 September 2023, reflecting the high quality of the Groups loan book and the effective management of credit risk.

Also during the year, QNB Group set aside QR 6.1 billion as provision for potential loan losses and NPL coverage ratio remained strong at 100 percent, reflecting a prudent approach adopted by the Group towards non-performing loans.

Source: Qatar News Agency