(AFP Photo)
Qatar National Bank (QNB) Group announced Tuesday that its net 2014 profits surged 10.3% reaching QAR10.5bn ($2.9bn) compared to QAR9.5bn ($2.6bn) in December 2013, according to a QNB statement.
The statement showed the increase was driven by an operating income worth QAR15.8bn ($4.3bn) which increased by 7.3% in 2014 compared to the previous year. Moreover, the bank attributed the profit increase to the group’s success in achieving strong growth across the range of revenue sources.
Prior the QNB statement, financial and market analysts were expecting the jump in the bank’s net profits to 12%, especially with the 13.7% increase in profits in the first quarter of 2014.
QNB total shareholders’ equity reached QAR58bn ($15.9bn), while the Total Assets stood at QAR486bn ($2.7bn). The statement said QNB net loans and Advances inched up by 8.8%, reaching QAR338bn ($92.8bn), while the earnings per share reached QAR14.9 ($4.1), compared to QAR13.5 ($3.7) in December 2013.
The QNB group is a leading bank in the Middle East and North Africa region with acquisition of almost 45% of the total domestic assets of the banking sector in Qatar. Founded in 1964, the bank was first Qatari-owned commercial bank. Its ownership structure splits between the Qatar Investment Authority (QIA) by 50% and the private sector with the other 50%.
In 2013, the Egyptian Financial Supervisory Authority (EFSA) approved QNB’s offer to buy 100% of National Société Générale Bank (NSGB), with the bank now called QNB Al-Ahly. In September 2014, QNB announced the acquisition of a 12.5% stake (both ordinary and convertible preference shares) in African bank Ecobank.
Meanwhile, the statement emphasised that based on the strong financial results for 2014 and consistent with QNB Group’s aim of maximising returns to shareholders. The Board of Directors is recommending to the General Assembly the distribution of a cash dividend of 75% of the nominal share value with QAR7.5 ($2.1) per share.
