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QNB Group Financial records 2012 net profit of $2.27bn

Qatar National Bank (QNB) has registered a net profit of QAR8.3bn ($2.27bn) for the year ended on 31 December 2012, up by 11.1% compared to the same period a year ago.

Total assets surged by 21.5% to reach QAR367bn ($100.81bn), mainly due to a strong growth rate of 28.9% in loans and advances.

Its customer deposits achieved a growth of 34.9% to QAR270bn ($74.16bn), which resulted in improved liquidity with the loans to deposits ratio reaching 92.6% at year-end 2012.

For the year ended on 31 December 2012, its total operating income including share of results of associates jumped by QAR11.5bn ($3.15bn), with an increase of 12.8% compared to the corresponding period last year.

Total Equity increased by 12.6% to reach QAR48bn ($13.18bn), while capital adequacy ratio reached 21.0% at year-end2012.

QNB Group, which operates in 24 countries across Asia, Europe and Africa, through its network, subsidiaries and associate companies, employs about 8,800 staff operating from 400 branches and offices that are supported by an ATM network that exceeds 800 machines.