QNB Announces Financial Results for H1 of 2019

Doha, July 10 (QNA) - Qatar National Bank Group (QNB) announced its results for the six months ended 30 June 2019. For the six months ended 30 June 2019, Net Profit reached QAR7.4 billion (USD2.0 billion), up by 4 percent compared to previous year. Total Assets reached QAR887 billion (USD244 billion), up by 5 percent from 30 June 2018, the highest ever achieved by the Group, said QNB in a press release today. Loans and advances grew by 5 percent to reach QAR634 billion (USD174 billion), which contributed to the growth in Total Assets. Growth in the loan book was mainly funded by customer deposits which also grew by 5 percent to reach QAR646 billion (USD177 billion) as at 30 June 2019. Strong funding sources helped QNB Group to maintain the loans to deposits ratio at 98.3 percent as at 30 June 2019, well within the regulatory limit. The ratio of non-performing loans to gross loans amounted to 1.9 percent as at 30 June 2019, a level considered one of the lowest amongst financial institutions in the MEA region, reflecting the strong quality of the Group's loan book and effective management of credit risk. The Group's conservative policy with respect to provisioning resulted in the coverage ratio maintained at 106 percent as at 30 June 2019. QNB Group Capital Adequacy Ratio (CAR) as at 30 June 2019 amounted to 18.4 percent, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. During the first half of 2019, QNB successfully closed the syndication of its EUR2.0 billion three-year senior unsecured term loan facility, successful completion of a USD1.0 billion bond issuance and a USD850 million Formosa bond issuances under its Euro Medium Term Note (EMTN) Programme in the international capital markets. All of the above-mentioned deals attracted strong interest around the world from key global investors, reflecting investors' confidence in QNB Group's financial strength and its position as the largest financial institution in the Middle East and Africa region. It also reflects their trust and confidence in QNB Group's strategy over the coming years. (QNA)