QNB Group: Financial Results For The Six Months Ended 30 June 2024

DOHA, Qatar, July 8, 2024 /PRNewswire/ -- QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six month period ended 30 June 2024.

In addition, the Board of Directors of QNB authorised an interim cash dividend distribution of 33% of the nominal share value (QAR0.33 per share), payable to eligible shareholders as at the close of trading on 17 July 2024. The proposed interim cash dividend distribution is subject to approval by the Qatar Central Bank (QCB). This interim dividend proposal is a first ever in QNB's 60-year history and primarily aims to reward QNB's long-term shareholders.

Net profit for the six months ended 30 June 2024 reached QAR8.2 billion (USD2.2 billion), an increase of 7% compared to same period last year. Operating Income increased by 9% to reach QAR20.1 billion (USD5.5 billion) which reflects the Group's ability to maintain growth across a range of revenue sources.

Total Assets as at 30 June 2024 reached QAR1,261 billion (USD346 billion), an increase of 5% from 30 June 2023, mainly driven by good growth in loans and advances by 7% to reach QAR879 billion (USD242 billion). Diversified customer deposits generation helped to increase customer deposits by 6% to reach QAR891 billion (USD245 billion) from 30 June 2023. QNB's loans to deposits ratio stood at 98.7% as at 30 June 2024.

QNB Group's efficiency (cost to income) ratio stood at 22.4%, which is considered one of the best ratios among large financial institutions in the MEA region.

The ratio of non-performing loans to gross loans stood at 3% as at 30 June 2024, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group's loan book and the effective management of credit risk. In addition, loan loss coverage ratio reached 100%, which reflects the prudent approach adopted by the Group towards non-performing loans.  

QNB Group's Capital Adequacy Ratio (CAR) as at 30 June 2024 amounted to 19.2%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 June 2024 amounted to 185% and 105% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.

Total Equity increased to QAR110 billion (USD30 billion), up by 6% from June 2023. Earnings per share reached QAR0.82 (USD0.22).

Group statistics

QNB Group's presence spans more than 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 30,000 staff.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

QNB Group: Financial Results For The Six Months Ended 30 June 2024

RIYADH, Saudi Arabia, Oct. 5, 2024 /PRNewswire/ --The Literature, Publishing & Translation Commission, part of the Saudi Ministry of Culture, has revealed that the Riyadh Book Fair 2024 is its largest edition yet, featuring a diverse range of translated international books. With more than 2,000 local, Arab, and international publishers participating, the Fair has strengthened its position as a leading cultural event in the Arab world. This year's edition promotes Saudi Arabia's cultural openness and supports the spread of cross-border knowledge.

The 2024 Fair edition stands out for hosting renowned thinkers, intellectuals, and global figures in literature, art, and knowledge who share their insights and success stories with the public. Among the key speakers are Fareed Zakaria, acclaimed media personality and author; Walter Isaacson, world-renowned biographer; poet and writer Kwame Alexander; and acclaimed novelist Jonathan Franzen. The Fair also features prominent literary and artistic figures from the Middle East.

Dr Mohammed Hasan Alwan, CEO of the Literature, Publishing & Translation Commission, emphasised the significance of the Fair, stating: "The Riyadh International Book Fair is not only one of the most important book fairs in the Arab region but also a premier platform for publishers and authors to expand their reach in the Arab cultural market. This year's edition is especially notable for its focus on cultural diversity and translation, with an exceptional programme featuring some of the world's leading intellectuals."

During his visit, His Excellency Chang Hua, the Chinese Ambassador to Saudi Arabia, expressed admiration for the Saudi public's enthusiasm for reading. CNN's Fareed Zakaria praised the Kingdom's remarkable transformation and its growing global influence.

This year also marks the return of the popular "Riyadh Reads French" initiative, featuring several French publishers. Al-Saeed Ezz, Communication Officer at the French Embassy, noted that this year's programme has expanded to include children's activities and free French language courses in collaboration with the French Cultural Institute, bringing French culture closer to Saudi visitors.

The Riyadh International Book Fair plays a key role in supporting Saudi Vision 2030's cultural goals, contributing to the Kingdom's cultural economy, projected to reach $9.3 billion. Attracting over one million visitors annually, it ranks among the highest-selling book fairs in the Arab world.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Riyadh International Book Fair 2024: Expanding Global Dialogue through the Largest Collection of Translated Works