QNB Group Financial Results For The Nine Months Ended 30 September 2023.

DOHA, Qatar: QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2023.

Net profit for the nine months ended 30 September 2023 reached QAR11.9 billion (USD3.3 billion), an increase of 8% compared to same period last year. Operating Income increased by 13% to reach QAR29.0 billion (USD8.0 billion) underpins Group's continued successful efforts in maintaining growth across a range of revenue lines.

Total Assets as at 30 September 2023 reached QAR1,186 billion (USD326 billion), an increase of 4% from 30 September 2022, mainly driven by good growth in loans and advances by 7% to reach QAR815 billion (USD224 billion). Strong inflow of customer deposits helped to increase deposit base by 4% to reach QAR822 billion (USD226 billion) from 30 September 2022.

QNB Group's operational efficiency continues to provide cost-savings and diversified revenue lines have supported in the efficiency ratio (cost to income) to remain strong at 20.0% which is considered one of the best ratios among large financial institutions in the MEA region.

Also QNB Group's loans to deposits ratio remained strong at 99.2% as at 30 September 2023, well within the...