DOHA, Qatar, Oct. 8, 2024 /PRNewswire/ -- QNB Group, the largest financial institution in the Middle East and Africa (MEA) region announced its results for the nine months period ended 30 September 2024.
Net profit for the nine months ended 30 September 2024 reached QAR12.7 billion (USD3.5 billion), an increase of 7% compared to same period last year. Operating Income increased by 5% to reach QAR30.5 billion (USD8.4 billion) which reflects the Group's ability to maintain successful growth across a range of revenue sources.
Total Assets as at 30 September 2024 reached QAR1,279 billion (USD351 billion), an increase of 8% from 30 September 2023, mainly driven by growth in loans and advances by 11% to reach QAR905 billion (USD249 billion). Customer deposits increased by 11% to reach QAR909 billion (USD250 billion) from 30 September 2023, due to successful deposit mobilization. QNB's loans to deposits ratio stood at 99.5% as at 30 September 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 September 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 stood at 100%, which reflects the prudent approach adopted by the Group towards non-performing loans.
QNB Group's Capital Adequacy Ratio (CAR) as at 30 September 2024 amounted to 19.5%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 September 2024 amounted to 154% and 104% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.
Total Equity increased to QAR113 billion (USD31 billion), up by 4% from September 2023. Earnings per share reached QAR1.28 (USD0.35).
Group statistics
QNB Group's presence spans more than 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 31,000 staff.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
QNB Group : Financial Results For The Nine Months Ended 30 September 2024
HONG KONG, Oct. 9, 2024 /PRNewswire/ -- AECOM, the world's trusted infrastructure consulting firm, proudly participated as a sponsor and exhibitor at ReThink Hong Kong 2024, the premier sustainability expo which was held at the Hong Kong Convention and Exhibition Centre, Hong Kong from September 12-13, 2024. At the event, AECOM showcased its dedication to a net zero environment, inspired by its Scope Xâ„¢ approach to decarbonization. This included its "Playbook for Nature-Positive Infrastructure Development" (the Playbook), developed in collaboration with the World Wildlife Fund (WWF) and the International Federation of Consulting Engineers (FIDIC). The Playbook includes nearly 200 case studies spanning transport, water energy, buildings and coastal projects.
AECOM welcomed hundreds of visitors to its booth, engaging in meaningful discussions, sharing learnings from its ESG and climate advisory services, and explored potential collaborations with the shared goal of advancing sustainability. AECOM's exhibits also featured a selection of 15 ESG projects across Asia and low-carbon construction materials and applications in civil infrastructure, including the most recent example of the first global application of S960 ultra-high strength steel in the Footbridge under Fanling Bypass Eastern Section as part of the Kwu Tung North and Fanling North New Development Areas in the Northern Metropolis.
Leveraging their ESG knowledge and diverse infrastructure specialties, leading industry professionals from AECOM delivered insightful perspectives on creating livable cities, enhancing mobility, and building nature-positive built environments. The discussions covered catalyzing green building technology for sustainable development and transforming built spaces into vibrant, community-centric neighborhoods through urban and landscape planning and design. They also explored the opportunities and challenges associated with the Northern Metropolis, introduced by city planning and infrastructure advancements, and delved into enhancing the user experience of Hong Kong's public transportation to achieve people-centric mobility. Additionally, valuable insights were exchanged from global initiatives and best practices in implementing nature-based solutions, with an exploration of their applicability in the Greater Bay Area and Hong Kong.
"As one of the first consultants in Hong Kong to assist clients adopting the Taskforce on Nature-related Financial Disclosures (TNFD), AECOM has helped organizations to identify, assess, manage and disclose, their evolving nature-related dependencies, impacts, risks and opportunities," said David Gallacher, executive director of environment at AECOM. "We are also working with clients to design, build and manage nature-based solutions, another crucial tool in the goal of achieving a nature-positive future."
Recognized as the top Environmental Consulting Firm by Engineering News-Record, AECOM is committed to delivering lasting positive impacts through its Sustainable Legacies strategy. The Company aims to advance towards a nature-positive future through its expertise and innovative solutions that enable development and nature to thrive together.
Learn more about the event here and explore the Playbook here.
ReThink Sessions featuring AECOM speakers
Topic
Speaker
Mainstreaming the Business Case for Nature with TNFD and Policy Drivers
David Gallacher
Executive Director, Environment
Catalyzing Green Building Technology in Hong Kong and beyond the Borders
Rosaline Lau
Executive Director, Building Engineering (Structural)
Transforming Built Spaces into Community-Centric Neighbourhoods
Shirley Chen
Vice President, Buildings+Places
The Opportunities and Challenges of Building the Northern Metropolis as Hong Kong's Silicon Valley
Eva Huang
Director, Urban Design
Navigating People-Centric Smart Mobility
Andy Chan
Executive Director, Traffic and Transport Planning
Nature-Positive Development: Harnessing the Power of Nature for Sustainable Growth
Freeman Cheung
Senior Vice President, Environment
About AECOM
AECOM is the world's trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of US$14.4 billion in fiscal year 2023. See how we are delivering sustainable legacies for generations to come at www.aecom.com/hk/.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
AECOM promotes nature-positive infrastructure at ReThink Hong Kong 2024
