Qatar National Bank announces financial results for the nine months ended 30 September 2011

QNB Group net profit reached QR5.4 billion for the nine months ended 30 September 2011, up 30.4% on the net profit delivered in September 2010. Total assets grew since September 2010 to QR280.1 billion, representing an increase of QR85.4 billion, or 43.9%. Loans and advances and financing activities grew to QR168.1 billion, representing an increase of QR44.1 billion, or 35.5%. Customer deposits and unrestricted investment accounts also increased by QR46.7 billion (31.4%) during the period to reach QR195.3 billion. 

As part of QNB Group’s international expansion plans, the Bank completed its acquisition of PT Bank Kesawan, having a controlling stake of 70% ownership. This transaction will further enhance the QNB Group’s presence in South East Asia, which already includes a branch in Singapore. Operations in Lebanon were launched following the inauguration of the branch in Beirut in early June. The Group also inaugurated its fifth branch in Oman as part of its expansion strategy in the country to reach out to its customer base and provide dedicated services.

Amongst other achievements so far during 2011 was the completion of the Rights Issue amounting to QR12.7 billion, which was fully subscribed. The Group also continued to diversify the range of products and services offered with the launch of QNB Financial Services (QNB FS) that provides a wide range of services including brokerage, research and financial advisory.  QNB FS is planning to expand its services to include asset management and custody.

Also, QNB Group announced that it plans to develop a Euro Medium Term Note Program (EMTN Program) with a total amount of USD7.5 billion. The proceeds from this program will be utilized in the Bank’s normal operations.

During the first nine months of the year, the Bank’s credit ratings, which are among the highest in the region, were affirmed by Fitch, Standard & Poor’s and Moody’s. Further, in a move that captures the Bank’s strong financial position, high asset quality and leading position in the banking sector, Capital Intelligence upgraded QNB Group's Financial Strength Rating from A+ to AA-, while affirming all other ratings.

The Bank places the highest importance on further enhancing the range of dedicated products and services to its customers along with expanding its network that consists of 60 branches and service centers and over 200 ATMs, which is the largest network in Qatar.