QNB net profit surges 8% to QR16.7bn in 2024
The Peninsula
Doha, Qatar: QNB Group, one of the largest financial institution in the Middle East and Africa (MEA) region, announced that the Board of Directors, du...
Doha, Qatar: QNB Group, one of the largest financial institution in the Middle East and Africa (MEA) region, announced that the Board of Directors, during its meeting held yesterday has approved its results for the year ended December 31, 2024.
The Board of Directors of QNB Group have recommended to the General Assembly the distribution of a cash dividend of 37% of the nominal share value (QR0.37 per share) for the second half of the year ended 31 December 2024, after taking into account the record net profit reported by QNB Group for the financial year 2024. The total dividend distribution for the year ended 31 December 2024 amounts to 70% of the nominal share value (QR0.70 per share). The annual financial results for 2024 along with the proposed profit distribution are subject to Qatar Central Bank (QCB) approval and the General Assembly.
The net profit for the year ended 31 December 2024 grew by 8% to reach QR16.7bn ($4.6bn), compared to previous year. Operating income grew by 6% to reach QR41.3bn ($11.4bn), reflecting a successful growth across a range of revenue sources.
Total assets as at 31 December 2024 reached QR1,298bn ($357bn), an increase of 5% from previous year, mainly driven by growth in loans and advances by 7% to reach QR911bn ($250bn). Customer deposits increased by 3% to reach QR887bn ($244bn) from previous year, due to successful diversification of deposit generation.
QNB Group’s efficiency (cost to income) ratio stood at 22.3%, which is considered one of the best ratios among large financial institutions in the MEA region.
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