QNB Group net profit rises 17.4% to 2bn Qatari riyals 

(MENAFN - Arab News) QNB Group has announced its financial results for the three months ended March 31, 2012. The group recorded a net profit of QR2.0 billion, up by 17.4 percent compared to the same period last year.

Total assets increased by 28.2 percent since March 31, 2011 to reach QR311.1 billion, the highest ever achieved by the group.

This was the result of a strong growth rate of 43.0 percent in loans and advances to reach QR201.2 billion.

Meanwhile, customer deposits recorded solid growth of 21.4 percent to QR218.4 billion.

The bank was able to maintain the ratio of non-performing loans to total loans at 1.1 percent, a level considered to be the lowest amongst banks in the Middle East and North Africa.

Provisions were conservatively managed, as the coverage ratio reached 127 percent.

The efficiency ratio (cost to income ratio) improved to 16.0 percent, compared to 16.2 percent in March 2011, one of the best ratios among financial institutions in the Middle East and North Africa.

Total shareholders' equity increased by 71.3 percent since 31 March 2011 to reach QR42.0 billion.

QNB Group maintains a strong capital adequacy ratio higher than the regulatory requirements of Qatar Central Bank and Basel committee.

The Group is keen to maintain a strong capitalization in order to support future strategic plans.

Based on the group's strong capitalization and high credit ratings, QNB was named one of the world's 50 safest banks and one of the safest banks in the Middle East, according to the latest update published by Global Finance in April 2012.