QNB Group, the largest banking institution in the Middle East and Africa, announced that the Board of Directors approved the financial statements for the year ending December 31, 2024 during its meeting yesterday. Based on the strong financial performance achieved during the year 2024, the Board of Directors recommends to the General Assembly the distribution of cash dividends for the second half of the year ending on December 31, 2024 at a rate of 37% of the nominal value of the share (at 0.37 Qatari riyals per share), which will raise the total dividends for the year. ending December 31, 2024, becoming 70% of the nominal value of the share (at a rate of 0.70 Qatari riyals per share), Note that the financial statements for the year 2024 and the dividend distribution proposal are subject to the approval of the Qatar Central Bank and the General Assembly.
Net profits for the year ending December 31, 2024 amounted to 16.7 billion Qatari riyals (4.6 billion US dollars), an increase of 8% compared to the previous year. Operating income also increased by 6% to reach 41.3 billion Qatari riyals (11.4 billion US dollars), which reflects the success of QNB Group in maintaining strong and sustainable growth across various sources of income.
Total assets amounted to 1,298 billion Qatari riyals ($357 billion), an increase of 5% over the year ending December 31, 2023. The main source of growth in total assets was loans and advances, which grew by 7% to reach 911 billion Qatari riyals ($250 billion). American). The influx of various deposits helped customer deposits rise to reach 887 billion Qatari riyals (244 billion US dollars), an increase of 3% over the year ending December 31, 2023.
The efficiency ratio (cost to income ratio) reached 22.3%, which is considered one of the best ratios among large financial institutions in the Middle East and Africa region.
The rate of non-performing loans as a percentage of the total loan portfolio decreased to 2.8% as of December 31, 2024. The bank maintained the coverage ratio for non-performing loans at the level of 100%, which reflects the high quality of the loan and advances portfolio and the effectiveness of the credit risk management policy. Provisions for loan losses amounted to 8.1 billion Qatari riyals (2.2 billion US dollars), a decrease of 6% from the year ending December 31, 2023.
Total shareholders’ equity rose to 114 billion Qatari riyals (31 billion US dollars) (a 3% increase over the period ending on December 31, 2023. Earnings per share amounted to 1.69 Qatari riyals (0.46 US dollars).
The capital adequacy ratio (CAR) was 19.2% as of December 31, 2024. The liquidity coverage ratio and net stable financing ratio were 179% and 101%, respectively. These percentages are higher than the minimum regulatory requirements of the Qatar Central Bank and the Basel III Committee.
QNB Group has a presence in more than 28 countries across three continents, employing more than 31,000 employees through 900 locations and 5,000 ATMs.
