QNB, “The World’s Strongest Bank”, has been awarded “The Best Bank in the Middle East” and “The Best Bank in Qatar” Awards by pre-eminent international finance magazine Euromoney.
The prestigious awards were presented at the 2014 Euromoney Awards for Excellence Middle East held recently in Dubai.
“The Best Bank in the Middle East” Award is of special significance, reflecting the continuing progress being made by the QNB Group across the MENA Region. In addition and recognizing domestic achievement, QNB has been awarded “The Best Bank in Qatar Award” by Euromoney and this marks the eleventh occasion that QNB has been given this accolade by the international magazine.
Commenting on the significant achievements, Ali Ahmed Al-Kuwari (Acting Group Chief Executive Officer) said: “This is a notable milestone for the QNB Group and continues the impressive momentum delivered over recent years. Our rapid and sustained domestic and international growth is underpinned by robust financial performance and we are now operating across 26 countries and 3 Continents. Our focus remains to deliver enhanced shareholder returns through the delivery of sound and progressive strategic planning. This will both continue to drive our approach and develop our international footprint. Recognition of our ongoing performance from an esteemed and respected publication of the standing of Euromoney helps continue this momentum and we are especially delighted to have received the prestigious “Best Bank in The Middle East” Award”.
Euromoney is one of the most well respected industry experts on capital markets, investment, foreign exchange and treasury, with a deeper focus on a number of key regional markets. The publication continues to report on and champion market growth as well as analysis on international cross border capital markets.
Since 1992 Euromoney, the world’s leading financial markets magazine, has singled out outstanding institutions in finance. Over the years, the Awards for Excellence have evolved with the markets they cover. The awards now cover more than 20 global product categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world. All the awards have one central theme – they recognize institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel.
Clive Horwood, Editor of Euromoney, said “The regional strength of Qatar National Bank can no longer be ignored. It is by a distance the biggest house in the region on every metric: $2.6 billion net profit in 2013, up 14% year on year; $125.9 billion in assets at the end of the first quarter of 2014, $87.1 billion of loans and $94.9 billion in deposits, each of them up over 20% year on year, and achieved with an NPL of just 1.6%.
” This was the year in which a great deal of acquisitive activity in 2012 was bedded down and turned productive. The bank is taking advantage of the big-spending gumption of its home country and is using its heft to create a regional force,” he added.
QNB Group recorded a net profit of QAR 2.4 billion ($ 668 million) in the 3 months ended 31st March 2014. This represented an increase of 13.7% compared to the same period in 2013 and demonstrates QNB’s ability to generate strong revenue growth across a diverse range of business income streams. Total Assets increased by 20.6% to reach QAR 458 billion ($ 125.9 billion), the highest ever achieved by the Group.
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