Fintech PR

QNB Group : Financial Results For The Nine Months Ended 30 September 2024

Published

2 months ago

October 8, 2024

qnb-group-:-financial-results-for-the-nine-months-ended-30-september-2024

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.

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Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

5 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

5 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

18 hours ago

November 23, 2024

CISION (PR Newswire)

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.