Doha: QNB, one of the largest financial institution in the Middle East and Africa (MEA) region, announced that the Board of Directors, during its meeting held on Wednesday has approved its results for the year ended 31 December 2022.
Net Profit before the impact of hyperinflation for the year ended December 31, 2022 reached QR16.1bn ($4.4bn), an increase of 22% compared to the same period last year.
The net profit after the impact of hyperinflation reached QR14.3bn ($3.9bn), an increase of 9% compared to same period last year, QNB announced.
Earnings per share reached QR1.44 ($0.40) versus QR1.32 ($0.36) for the same period last year.
The Board of Directors of QNB Group have recommended to the General Assembly the distribution of a cash dividend of 60% of the nominal share value (QR0.60 per share) after taking into account of the solid financial performance recorded by QNB for the year ended December 31, 2022.
Operating Income increased by 24% to reach QR35.1bn ($9.6bn) which reflects the Groups continued successful efforts in maintaining growth across a range of revenue sources.
Total Assets reached QR1,189bn ($327bn), an increase of 9% from 31 December 2021, mainly driven by growth in loans and advances by 6% to reach QR808bn ($222bn).
Strong customer deposits helped to increase customer deposits by 7% to reach QR842bn ($231bn) from 31 December 2021. The above helped to improve the loans to deposits ratio to 95.9% as at 31 December 2022 reflecting the improvement in QNB Groups liquidity.
QNB Group continues to drive operational efficiency to reap cost-savings and enhanced revenue sources helped QNB Group to improve the efficiency (cost to income) ratio to 19.7%% from 22.2%, which is considered one of the best ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans reached 2.9% as at 31 December 2022, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Groups loan book and the effective management of credit risk.
Also during the year, QNB Group set aside QR8.8bn ($2.4bn) as a precaution for potential loan losses. This helped the Group to maintain its coverage ratio at 99%, which reflects the prudent approach adopted by the Group towards non-performing loans.
Total Equity increased to QR106bn ($29bn), up by 6% from December 2021.
Group Capital Adequacy Ratio (CAR) as at December 31, 2022 amounted to 19.6% higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
