(MENAFN- The Peninsula) QNB Group's net profit for the first nine months of 2014 hit QR8bn, up by 12.6 percent, compared to same period last year.
The world's strongest bank's total assets increased by 8.8 percent from September 2013 to reach QR475bn, the highest ever achieved by the Group, driven by strong growth rate of loans and advances.
The loans and advances grew at a rate of 8.1 percent to reach QR329bn.
The Group's prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio of 20.9 percent, which is considered one of the best ratios among financial institutions in the region.
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.6 percent, a level considered one of the lowest amongst banks in the Middle East and Africa, reflecting the high quality of the Group's loan book and the effective management of credit risk.
The Group's conservative policy in regard to provisioning continued with the coverage ratio reaching 124 percent in September 2014.
At the same time QNB Group increased customer funding by 6.4 percent to QR352bn. This led to the Group's loan to deposit ratio reaching 93 percent.
Total Equity increased by 10percent from September 2013 to reach QR56bn as on September 30, 2014.
Earnings per Share reached QR11.4, compared to QR10.2 in September 2013.
The Group started implementing updated QCB and Basel III requirements for the calculation of the Capital Adequacy Ratio (CAR) from early 2014.
The ratio stood at 15 percent as on September 30, 2014, higher than the regulatory minimum requirements of the Qatar Central Bank.
The Group is keen to maintain a strong capitalisation in order to support future strategic plans.
As a result of the Group's high credit ratings and outstanding asset quality, it was selected as one of the world's 50 safest financial institutions by Global Finance.
Based on the Group's continuous strong performance and the expanding international presence, the Group improved its ranking as the most valuable brand in the Middle East and the North Africa region, with a world ranking of 101 from 120 in 2012.
In September 2014 QNB acquired a 23.5 percent stake in Ecobank Transnational Incorporated (Ecobank), the leading pan-African bank.
QNB Group results for the nine months do not include any share of profit from Ecobank.
QNB Group is present, through its subsidiaries and associate companies, in more than 26 countries and 3 continents providing a comprehensive range of products and services.
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