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Qatar’s QNB announces 7.7% profit growth in 2015

Qatar’s QNB announces 7.7% profit growth in 2015

The lender attributed improved revenues and cost controls for the growth in profit

Qatar National Bank Group reported a 7.7 per cent year-on-year growth in net profit for 2015 on the back of improved revenues and cost controls.

Net profit amounted to QAR 11.3bn ($3.1bn) last year, while total assets increased by 10.7 per cent from December 2014 to reach QAR 539bn, the highest ever achieved by the QNB group.

Loans and advances also grew 14.8 per cent to reach QAR 388bn.

QNB said it increased customer funding by 10.5 per cent while total equity rose by 7.1 per cent year-on-year to reach QAR 62bn as of December 31, 2015.

Earnings per share reached QAR 16.1 compared to QAR 14.9 in December 2014.

The board of directors is recommending the distribution of a cash dividend of 35 per cent of the nominal share value (QAR 3.5 per share), the bank said in a statement.

Meanwhile capital adequacy ratio calculated as per the Qatar Central Bank and Basel III requirements stood at 16.3 per cent as of December 31, 2015, higher than the regulatory minimum requirements.

The board has also agreed to issue Tier 1 additional capital and/or Tier 2 capital instruments and will seek approval from the General Assembly.

“The group is keen to maintain a strong capitalisation in order to support future strategic plans,” it said.

QNB is currently present in over 27 countries through its subsidiaries and associate companies.

In December 2015, the lender also signed an agreement with the National Bank of Greece to acquire its entire (99.81 per cent) stake in Finansbank in Turkey.

QNB said it expects to finalise the transaction during the first half of 2016.

The group, which received approval from the Saudi Cabinet to open a branch in the kingdom last year, is also in the process of launching the new unit, it added.

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