São Paulo – Qatar National Bank (QNB) had net profit of US$ 1.3 billion in the first half of this year, an increase of 15.1% over the same period in 2012. The information was released in a statement by the institution, which has mixed capital, public and private. The figures include the financial results of NSGB bank of Egypt, of which QNB acquired 97.12% share capital in March.
From June last year to the end of June this year, the bank’s total assets have grown 30.4%, to US$ 118.5 billion, the largest in the institution’s history. "This was the result of a strong growth rate of 26.3% in loans and advances, to reach QR 296 billion (US$ 81.4 billion)," says the press statement.
In the document, QNB Group announces that it has received approval to open a representative office in China and a subsidiary in India, expected to start operating in the third quarter of this year.
On the results of NSBG, the press statement shows that the Egyptian bank had net income of US$ 123.9 million in the first half of 2013, 21.2% more than in the first six months of 2012. NSBG assets grew 17.3% as against June 2012, reaching US$ 10.7 billion.
In the press statement, the bank also highlights the high value of its brand. "Based on the Group’s continuous strong performance and the expanding international presence, the bank is currently ranked as the most valuable brand in the MENA [Middle East and North Africa] region and with a world ranking of 120 (Brand Value: US$ 1.31 billion)."
With NSBG, the subsidiary office in India and China, the press statement said, QNB expands its presence to 26 countries. The bank has 13,500 employees at 570 locations and a network of 1200 ATM machines.
*Translated by Mark Ament
