QNB Group’s First Quarter 2024 Net Profit reached QAR 4.1 billion

**QNB Group Reports Strong Financial Results for Q1 2024**

Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa (MEA) region, recently disclosed its financial performance for the first quarter ending on March 31, 2024. The results underscore the bank's robust growth and stability amidst evolving market conditions.

**Financial Performance Highlights**

- **Net Profit**: QNB achieved a net profit of QAR 4.1 billion, marking a notable 7% increase compared to the same period in 2023.

- **Operating Income**: The bank's operating income soared by 11%, reaching QAR 10.4 billion, reflecting its diversified revenue streams and resilience.

- **Total Assets**: QNB's total assets surged to QAR 1,237 billion, indicating a 5% increase from March 2023.

- **Loans and Advances**: The bank witnessed a substantial 7% growth in loans and advances, reaching QAR 867 billion.

- **Customer Deposits**: Customer deposits also showed healthy growth, reaching QAR 880 billion, up by 6% from March 2023.

- **Equity and Ratings**: Total equity increased by 3% to QAR 105 billion. Moreover, credit rating agencies Moody’s and Fitch upgraded QNB's credit ratings to Aa2 and A+ respectively, reaffirming its strong financial standing.

**Operational Efficiency and Quality Management**

QNB Group's operational efficiency remained commendable, with a cost-to-income ratio of 21.7%, outperforming many peers in the MEA region. Additionally, the bank maintained a loans-to-deposits ratio of 98.6%, reflecting prudent management practices.

**Credit Quality and Regulatory Compliance**

The bank exhibited robust credit quality metrics, with a non-performing loans ratio of 2.9%, well below industry averages in the region. Furthermore, QNB Group's regulatory ratios, including Capital Adequacy Ratio (CAR), Liquidity Coverage Ratio (LCR), and Net Stable Funding Ratio (NSFR), surpassed regulatory requirements, indicating a strong regulatory compliance framework.

**Global Recognition and Strategic Initiatives**

QNB's top-tier credit ratings and strategic initiatives, such as successful debt issuances, have garnered international acclaim and investor confidence. The bank's recent public bond issuances received significant interest worldwide, showcasing its stature as a premier financial institution.

**Commitment to Sustainability and Recognition**

QNB Group's commitment to sustainability was highlighted through its annual Sustainability Report, reinforcing its role as a regional leader in environmental, social, and governance (ESG) initiatives. The bank's efforts were acknowledged through various prestigious awards, including Best Private Bank and Best Investment Bank in Qatar.

**Continued Growth and Expansion**

Supported by a workforce of 30,000 employees operating across 900 locations and over 5,000 ATMs, QNB Group remains steadfast in its commitment to delivering value to stakeholders while fostering sustainable growth.

In summary, QNB's robust financial performance, coupled with its strategic initiatives and commitment to sustainability, position it as a leading financial institution driving growth and innovation in the MEA region and beyond.