Doha, Qatar: QNB Group, the largest financial institution in the Middle East and Africa, in collaboration with Qatar Airways, announced the launch of a special campaign to offer QNB credit cardholders exclusive discount of up to 12% on Qatar Airways Business and Economy tickets to more than 160 destinations worldwide.
The campaign reflects QNB’s keenness to reward its customers and provide them with the most tailored products and services.
With this unique campaign, QNB customers will also earn 5,000 Bonus Avios or 3,000 when purchasing Business or Economy Class return tickets respectively.
This offer is valid in addition to any promotional fares by Qatar Airways.
Commenting on the campaign, Adel Ali Al Malki, Senior Executive Vice President, QNB Group Retail, said: “QNB continues to provide its valued customers with the best privileges and exclusive offers in the market. Our strategic partnership with Qatar Airways, the national flag carrier airline, is a testament of our commitment to enhance our customers’ lifestyle and travel experience, and further enrich QNB Life Rewards, our loyalty program for our customers.
Qatar Airways Group Chief Executive, H E Akbar Al Baker, said: “Today’s announcement further demonstrates Qatar Airways innovation in commercial partnerships and the airline’s commitment to delivering outstanding customer experience and value across our global network of 160 destinations.”
To book the flight and enjoy the promotion, customers can visit www.qatarairways.com/QNB or use the promo code FLYQNB on the Qatar Airways website/app. between 16 October and 30 November 2023 to avail this offer, with travel period until 31 March 2024.
Through its subsidiaries and associate companies, QNB Group is present in more than 28 countries across three continents, providing a comprehensive range of advanced products and services to its customers. The total number of employees is more than 30,000 operating through 900 locations, with an ATM network of more than 4,800 machines.
The Group balance sheet decreased by 7.1% as at 30 September 2023 with total assets at QR159.9bn, compared with QR172.1bn in September 2022. The decrease was mainly due to decrease in loans and advances as well as decrease in cash and balances with central banks.
The Group’s loans and advances to customers decreased by 7.0% to QR91.5bn at 30 September 2023 compared with QR98.4bn in the same period in 2022. The main reason for the decrease was Alternatif bank, whose loans decreased by QR2.8bn, due to the Turkish lira depreciation and focused loan underwriting. Further, acceptances have decreased by QR1.2bn, at domestic bank level.
The Group’s investment securities stood at QR29.8bn at 30 September 2023, which is similar to QR29.9bn at 30 September 2022.
Joseph Abraham, Commercial Bank’s Group Chief Executive Officer, commented, “In the first nine months of 2023, Commercial Bank has sustained its momentum while effectively executing our five-year strategic plan, leading to good financial performance. This achievement is notably highlighted by Fitch’s reconfirmation of our ‘A-’ rating, coupled with a positive outlook for the Bank.
“During the period, the Group reported a consolidated net profit of QR2,365.4m, reflecting an 7.5% growth when compared to the QR2,201.3m achieved in the corresponding period of 2022. This increase is attributable to improved operating income, higher recoveries and improved performance of our associates and subsidiary. The net profit of the Domestic Bank grew by 3.8%, to QR2,094m.
“The Group’s net interest income for the period experienced a marginal 1.3% decline, amounting to QR2,877.2m, as compared to the QR2,914.7m recorded during the corresponding period in 2022. The domestic business reported a positive net interest income, which grew by 3.7%, to QR2,703.7m. The overall decrease is due to Alternatif Bank, our Turkish subsidiary, which has decreased by 43%.
“The overall normalised fees and other income witnessed a notable uptick of 39.0%, reaching QR1,260m, as compared to QR906.4m in the corresponding period of 2022. This increase can be primarily attributed to the higher investment income, alongside a rise in FX and trading income within Alternatif Bank.
“During the period, the Group experienced a rise in its cost-to-income ratio, reaching 24.0% on a normalised basis, in contrast to the 22.6% (normalised) recorded in the first nine months of 2022. This increase can be attributed primarily to the elevated operating expenses incurred at Alternatif Bank. In addition, the domestic costs have increased due to investment in nationals and pension fund changes along with continued investment in wealth management and technology, which is partly set off by decrease in branch cost. Furthermore, the consolidated operating profit showed an increase of 6.3%, totaling QR3,144.1m, compared to QR2,958.9m in the first nine months of 2022.
“Our associates have displayed a solid performance, exemplified by a 36.7% increase in our share of associates, reaching QR227m compared to QR166.1m in the same period of 2022.
“The Group remains in adherence to the International Accounting Standards (IAS) 29, which require the application of hyperinflationary accounting for Alternatif Bank. As a result, a non-cash “net monetary loss” of QR225.5m was recorded in the Group’s income statement for the period as compared to QR98.5m in the corresponding period in 2022.
“During the reporting period, Alternatif Bank witnessed a substantial upturn in net profit, achieving QR79.1m in contrast to a loss of QR15m in the corresponding period last year. This improvement can be attributed to an improved FX and trading income, which experienced an increase of 785.8% to QR388.6m, compared to QR43.9m in the same period last year.
