On Thursday 23 July 2009, QNB held a meeting with analysts and representatives from the local media. The purpose of the meeting was to discuss and review the financial results for June 2009 that were recently released.
At the meeting, Mr. Ali Al Kuwari, Executive General Manager – Chief Business Officer, provided an extensive overview of developments in regard of Balance Sheet and Income Statement and highlighted major business developments and local and international expansion plans.
QNB’s financial results for the first six months of 2009 indicate an increase in Net Profit of 11.3% to QR2.1 billion, with Total Assets of QR147.1 billion and loans and financing activities at a level of QR82.9 billion.
Mr. Al Kuwari stated: “The first half of 2009 witnessed several achievements in regard of products and services and in its activities in Qatar and in the countries that the Bank operates. These achievements reflect the successful implementation of QNB’s strategy and policies and we look forward to continue on our achievements to further the success for the benefit of our stakeholders.”
An overview of the activities of QNB Al Islami, which started its operation in mid 2005, was provided. QNB Al Islami has witnessed a strong growth with Total Assets reaching QR14.2 billion for the six months ended June 30, 2009, with Financing activities reaching QR7.8 billion as compared to QR5.9 billion for the same period last year.
A highlight of QNB international activities was provided including the latest development in regard of Qatar National Bank – Syria that is currently undergoing an initial public offering of 34% of it share capital, which is progressing successfully.
Meanwhile, an overview of QNB’s credit rating was provided and given the global financial crisis and the close scrutiny by rating agencies, QNB managed to maintain its high credit ratings from leading agencies such as Standard and Poor’s, Fitch and Capital Intelligence.
The issue of tariffs and fees imposed by banks on their products and services was also discussed at the meeting, and in this respect QNB was the leader in initiating the reduction of the fees it charges customers.
QNB has won several awards from leading financial publications including Best Bank in Qatar from Euromoney, Global Finance, and The Asian Banker.
QNB plays an active role in supporting the community and has an active community support program. Mr. Al Kuwari emphasized that the bank will continue its active role in support of educational, social, cultural and sport activities in Qatar as part of its community support.