QNB Records Net Profit of QR4.7 billion in First Half of 2013

Doha , July 10 (QNA) - Qatar National Bank (QNB) recorded net profit of QR4.7 billion in the first half of 2013. The figure represents a 15.1% increase compared to the same period of last year. Total Equity increased by 10.3% from June 2012 to reach QR49 billion. Earnings per Share reached QR6.8, compared to QR5.9 in June 2012. The results include the financial results of NSGB in Egypt, in which the Group concluded the acquisition of a controlling stake amounting to 97.12% in March 2013. Total assets increased by 30.4% from June 2012 to reach QR431 billion, the highest ever for QNB. It was a result of strong growth rate in loans and advances of 26.3%, to reach QR296 billion. The Group was able to maintain the ratio of non-performing loans to gross loans at 1.5%, which is considered one of the lowest rates by any bank in the Middle-East. QNB Group also increased customer funding by 32.7% to QR326 billion. This led to an improvement in the Groups loan to deposit ratio improving to 91%. The capital adequacy ratio stood at 15.0% as at 30 June 2013, higher than the regulatory requirements of Qatar Central Bank and the Basel Committee. QNB Group tops the list in the Bloomberg Markets magazines annual ranking of the Worlds Strongest Banks. The group joined the list for the first time back in 2012, as a result of achieving more than USD100 billion of assets. It was only one of 78 banks that were eligible globally QNB Group received all regulatory approvals to open a representative office in China, and to establish a fully owned subsidiary in India under the name of "QNB (India) Private Limited" which is expected to commence its operations during the third quarter of 2013. With the addition of NSGB, the new subsidiary in India and the new office in China, QNB Groups presence through its subsidiaries and associate companies increased to 26 countries providing a comprehensive range of advanced products and services. The total number of staff is almost 13,500 operating from over 570 locations, with an ATM network of almost 1,200 machines. (END)