QNB Group Posts QAR 16.7 Billion Net Profit for 2024 as Total Assets Reach $357 Billion

QNB Group reported full-year net profit of QAR 16.7 billion, equivalent to approximately $4.6 billion, for the twelve months ended 31 December 2024, representing an increase of 8% compared with the prior year. The results were announced on 13 January 2025.

Total assets expanded by 5% over the year to reach QAR 1,298 billion, equivalent to approximately $357 billion. Net loans and advances to customers grew 7% to QAR 911 billion, or $250 billion. QNB said asset growth was mainly driven by the 7% increase in loans and advances.

OPERATING INCOME AND EFFICIENCY

Operating income for the full year rose 6% to QAR 41.3 billion, equivalent to $11.4 billion. QNB's cost-to-income ratio for 2024 stood at 22.3%, a level the bank described as one of the best ratios among large financial institutions in the MEA region.

ASSET QUALITY AND CAPITAL

QNB also reported a non-performing loans ratio of 2.8% with 100% loan loss coverage, and a capital adequacy ratio of 19.2%.