Qatar National Bank (QNB) Group, the largest lender in the Gulf by assets, reported an 8% rise in net profit for 2024, reaching QAR 16.7 billion ($4.6 billion), up from QAR 15.5 billion in 2023.
Earnings per share increased to QAR 1.69 from QAR 1.55 in the previous year. The Board of Directors has recommended a cash dividend of QAR 0.37 per share for the second half of 2024, bringing the total dividend distribution to QAR 0.70 per share for the year, pending approval from the Qatar Central Bank and the General Assembly.
Total assets grew by 5% to QAR 1.29 trillion ($357 billion), primarily driven by a 7% increase in loans and advances to QAR 911 billion ($250 billion). Customer deposits rose by 3% to QAR 887 billion ($244 billion), attributed to successful diversification of deposit generation.
The bank’s cost-to-income ratio stood at 22.3%, reflecting efficient operational management. The non-performing loan ratio improved to 2.8%, with a loan loss coverage ratio maintained at 100%, indicating effective credit risk management. Loan loss charges decreased by 6% to QAR 8.1 billion ($2.2 billion).
Total equity increased by 3% to QAR 114 billion ($31 billion). QNB’s Capital Adequacy Ratio was 19.2%, while Liquidity Coverage Ratio and Net Stable Funding Ratio were 179% and 101%, respectively, all exceeding regulatory requirements set by the Qatar Central Bank and Basel III reforms.
In the fourth quarter, QNB reported a 10% year-on-year increase in net profit to QAR 4 billion ($1.1 billion), slightly surpassing analysts’ estimates of QAR 3.95 billion.
