Doha: Qatar National Bank (QNB Group)'s net profits for the year 2024 grew by 8 percent to reach QAR 16.7 billion (USD 4.6 billion), compared to QAR 15.5 billion in 2023. The group revealed in its financial disclosure, published on the Qatar Stock Exchange (QSE) website today, that the Earnings per share (EPS) amounted to QAR 1.69 as of Dec. 31, 2024, versus QAR 1.55 for the same period in 2023.

According to Qatar News Agency, the Board of Directors of QNB Group recommended to the General Assembly the distribution of a cash dividend of 37 percent of the nominal share value (QAR 0.37 per share) for the second half of the year ended Dec. 31, 2024. This recommendation comes after considering the record net profit reported by QNB Group for the financial year 2024.

The total dividend distribution for the year ended Dec. 31, 2024, amounts to 70 percent of the nominal share value (QAR 0.70 per share). The annual financial results for 2024, along with the proposed profit distribution, are subject to the approval of Qatar Central Bank (QCB) and the General Assembly.

Total Assets as of Dec. 31, 2024, reached QAR 1,298 billion (USD 357 billion), an increase of 5 percent from the previous year, mainly driven by growth in loans and advances by 7 percent to reach QAR 911 billion (USD 250 billion). Customer deposits increased by 3 percent to reach QAR 887 billion (USD 244 billion) from the previous year, due to successful diversification of deposit generation.

QNB Group's efficiency (cost to income) ratio stood at 22.3 percent, which is considered one of the best ratios among large financial institutions in the MEA region. The Group indicated that the rate of non-performing loans as a percentage of the total loan portfolio decreased to 2.8 percent as of Dec. 31, 2024.

The Bank maintained a loan loss coverage ratio of 100 percent, reflecting the high quality of the Group's loan book and the effective management of credit risk. Additionally, the loan loss charge for the year ended Dec. 31, 2024, decreased to QAR 8.1 billion (USD 2.2 billion), representing a decrease of 6 percent compared to the previous year.

Total Equity increased to QAR 114 billion (USD 31 billion), up by 3 percent from the previous year, while Earnings per share reached QAR 1.69 (USD 0.46). QNB Group's Capital Adequacy Ratio (CAR) as of Dec. 31, 2024, amounted to 19.2 percent, while the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as of Dec. 31, 2024, amounted to 179 percent and 101 percent respectively. These ratios are higher than the regulatory minimum requirements of the QCB and Basel III reforms requirements.