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Financial Results For The Six Months Ended 30 June 2023

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QNB Group’s first half-year results for 2023 topped QAR 7.6 billion

Key Highlights

  • Net Profit reached QAR7.6 billion, up by 8% from June 2022.
  • Total Assets up by 7% from June 2022 to reach QAR1,202 billion.
  • Loans and Advances up by 7% from June 2022 to reach QAR819 billion.  
  • Customer Deposits up by 5% from June 2022 to reach QAR836 billion
  • Loans to deposits ratio stood at 97.9%.
  • Cost to income (efficiency) ratio remained strong at 20.4%.
  • Earnings per share up by 9% to reach QAR0.76
  • Total Equity up by 1% from June 2022, to reach QAR104 billion.
  • QNB Group’s presence extends to more than 28 countries across three continents operating from more than 900 locations supported by 29,000 staff and over 4,900 ATMs.

DOHA, Qatar, July 10, 2023 /PRNewswire/ — QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six months ended 30 June 2023.

Key indicators of the financial results for the first half of 2023 are as follows:

Financial Highlights 

(QAR billion)

June

2023

 June
2022

Increase

Net Profit

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7.6

7.0

8 %

Operating Income

18.5

16.3

14 %

Total Assets

1,202

1,124

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7 %

Loans and Advances

819

766

7 %

Customer Deposits

836

795

5 %

Total Equity                             

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104

103

1 %

 

Key Performance Indicators

June

2023

June

2022

December 

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2022

Earnings Per Share (QAR)

0.76

0.70

1.44

Cost to Income Ratio

20.4 %

20.2 %

19.7 %

Loans to Deposits Ratio

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97.9 %

96.4 %

95.9 %

NPL Ratio

2.9 %

2.4 %

2.9 %

Coverage Ratio

99 %

123 %

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99 %

Capital Adequacy Ratio (CAR)

19 %

18.9 %

19.6 %

 

Creating long-term shareholder value through sustainable and profitable growth

Income statement results: Net profit for the six months ended 30 June 2023 reached QAR7.6 billion, an increase of 8% compared to same period last year. Operating Income increased by 14% to reach QAR18.5 billion underpins Group’s continued successful efforts in maintaining growth across a range of revenue lines.

Also QNB Group’s operational efficiency continues to provide cost-savings and diversified revenue lines have supported in the efficiency ratio (cost to income) to remain strong at 20.4% which is considered one of the best ratios among large financial institutions in the MEA region.

Balance sheet drivers: Total Assets as at 30 June 2023 reached QAR1,202 billion, an increase of 7% from 30 June 2022, mainly driven by good growth in loans and advances by 7% to reach QAR819 billion. Strong inflow of customer deposits helped to increase deposit base by 5% to reach QAR836 billion from 30 June 2022.

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QNB Group’s loans to deposits ratio remained strong at 97.9% as at 30 June 2023, well within the regulatory limits.

Credit quality: The ratio of non-performing loans to gross loans stood at 2.9% as at 30 June 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Also during the year, QNB Group set aside QAR4.7 billion as provision for potential loan losses and NPL coverage ratio remained strong at 99%, reflecting a prudent approach adopted by the Group towards non-performing loans.         

Regulatory ratios: QNB Group’s Capital Adequacy Ratio (CAR) as at 30 June 2023 amounted to 19%.  Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 Jun 2023 amounted to 146% and 106% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

Top-tier credit ratings

QNB remains the highest-rated bank in Qatar and one of the highest-rated banks in the world with ratings of Aa3 from Moody’s, A+ from S&P and A from Fitch.

These ratings are a testament to QNB Group’s capital strength, governance, prudent risk management, business and operating model. This provides QNB Group with a competitive advantage when accessing global capital markets for wholesale funding and enables QNB to continue its growth and expansion plans.

QNB Group’s financial strength reflects its top tier credit ratings, which demonstrates the confidence that institutional, corporate and individual customers have in QNB Group’s performance and long-term strategy, providing assurances to investors and market participants.

Creating and delivering value

Based on QNB Group’s continuous strong performance, driven by its strength and international footprint, the QNB brand remains the most valuable banking brand in the MEA region by Brand Finance, with a brand value of USD7.7 billion, placing the Group in the 45th position globally among the top 50 most valuable banking brands in the world. This reflects the success of the QNB Group’s continued efforts to serve its diverse customer base. QNB’s Brand Strength Index (BSI) increased to 85, up from 83 in 2022.

QNB Group also received a number of prestigious awards during this period:

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  • Euromoney Global Private Banking Awards 2023
  • Euromoney Awards for Excellence 2023
  • MEED: MENA Banking Excellence Awards 2023
  • Best SME Bank in Qatar and the Middle East by Global Finance
  • Best Private bank in Qatar and the Middle East by Global Finance
  • Sustainable Finance Awards 2023 by Global Finance

Sustainability

During this quarter, QNB Group published its latest annual Sustainability Report, documenting the continued commitment and progress of our Environmental, Social and Governance (ESG) journey. This includes comprehensive coverage, metrics and case studies across our Sustainable finance, Sustainable operations and Beyond banking activities. The report received an independent limited assurance on its preparation in accordance with the latest Global Reporting Initiative (GRI) Universal Standards.

Following the publication of the market leading QNB Group Sustainable Finance and Product Framework earlier this year and through our continued focus on sustainable financing activities, QNB Group received three prestigious awards from Global Finance Sustainable Finance Awards 2023, including “Best Bank for Sustainable Finance in Qatar“. This is the third consecutive year that the Bank has been recognised through these awards for its commitment and pioneering activities in this regard.

Group statistics

QNB Group supported by 29,000 staff operating from more than 900 locations and over 4,900 ATMs.

Contacts: Hissa Al Sowaidi[email protected]

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China’s AIMA brand electric motorbike is now in Bangladesh

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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now. 

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

 

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China Telecom Gulf Officially Launches in Saudi Arabia for Business

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HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving IndiaSingapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of IndiaSingapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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