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
LAS VEGAS, Dec. 21, 2024 /PRNewswire/ -- ASUS is set to debut the world's lightest Copilot+ PC during the AIways Incredible launch event on January 7, 2025. This groundbreaking laptop redefines ultra-light, AI-powered performance and will kick off CES 2025 with a live global stream.
Join the AIways Incredible Launch Event Online:
Date: January 7 at 9:00 AM PST
Event Page: https://asus.click/ces25_teaser
Teaser Video: https://www.youtube.com/watch?v=TLgFyI5jnbQ
This latest solution will be part of the ASUS Zenbook series of laptops and offers several innovative aspects to look forward to.
The Art of Lightness Meets Next-Gen Technology
The ultra-light design of the world's lightest Copilot+ PC is set to redefine possibilities for mobility on AI devices, offering a portable partner and collaborator for the modern user. It is the perfect blend of elegance and functionality, offering a seamless experience for professionals, creators, and everyday users alike. Inspired by minimalism and nature, the design philosophy celebrates quiet luxury without sacrificing innovation.
Intelligent Innovation with Copilot+ AI
The new Zenbook is more than a laptop—it is a smart partner designed to revolutionize productivity. Powered by Copilot+ AI, it delivers intuitive, adaptive workflows, seamless collaboration, and smarter performance tailored to user needs.
Performance Without Compromise
Despite its ultra-light design, the laptop boasts robust performance and an impressive 32-hour battery life, offering continuous productivity that makes it ideal for travelling, remote work, and on-the-go productivity. Full specs, including details of the cutting-edge processor, will be unveiled during the event.
AIways Incredible at CES 2025
The launch marks a key milestone for ASUS in shaping the AI era. Viewers around the world will discover the complete AI-powered capabilities of the revolutionary Zenbook, redefining the future of computing.
Tune in on January 7 to experience AIways Incredible for yourself: https://asus.click/ces25_teaser
About ASUS
ASUS is a global technology leader that provides the world's most innovative and intuitive devices, components, and solutions to deliver incredible experiences that enhance the lives of people everywhere. With its team of 5,000 in-house R&D experts, ASUS is world-renowned for continuously reimagining today's technologies for tomorrow, garners more than 11 awards every day for quality, innovation, and design, and is ranked among Fortune's World's Most Admired Companies.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
The Art of Lightness: ASUS to Unveil World's Lightest Copilot+ PC
