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QNB's first-half profit climbs 7% to $1.4b

July 9, 2014



Total assets increased by 7.9 per cent from June 2013 to reach QR466 billion, the highest ever achieved by the group.



The QNB Group, one of the world's strongest banks, announced its results for the six months ended June 30, 2014, showing that net profit was at QR5.1 billion ($1.4 billion), up seven per cent compared to last year.







The group's prudent cost-control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost-to-income ratio) of 21.5 per cent, which is considered one of the best ratios among financial institutions in the region.







Total assets increased by 7.9 per cent from June 2013 to reach QR466 billion, the highest ever achieved by the group. This was the result of a strong growth rate of 10.1 per cent in loans and advances to reach QR326 billion.







Compiled from Wam and staff report


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Source: Khaleej Times (United Arab Emirates)


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