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QNB Posts Net Profit of QR3.6Bn for 1Q 2020

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QNB Posts Net Profit of QR3.6Bn for 1Q 2020 BUSINESS BUSINESS | 04 BUSINESS | 05 Qatar Steel becomes Malpass upbeat first Mideast company on prospects for to achieve “1 Rosette” progress on rating from UK CARES debt relief MONDAY 13 APRIL 2020 QNB posts net profit of QR3.6bn GIS optimistic for 1Q 2020; total assets up 9% about 2020 growth MOHAMMAD SHOEB THE PENINSULA THE PENINSULA — DOHA MEA region, reflecting the high Total Assets reached quality of the Group’s loan Gulf International Services (GIS), QNB Group, the largest financial QR964bn ($265bn), an book and the effective man- one of the largest services groups institution in the Middle East agement of credit risk. in Qatar, is well-placed to and Africa (MEA) region, increase of 9 percent Also during this quarter improve its performance in reported a net profit of QR3.6bn from 31 March 2019. QNB Group increased its loan terms of revenue and profita- ($1.0bn) for the three months Strong growth in loss provisioning by QR272m bility in 2020 on the back of ended March 31, 2020, in line ($75m), as a precautionary public-sector initiatives such as with March 2019 profitability. Loans and advances measure in light of the recent Qatar’s North Field Expansion Total Assets reached by 13 percent to turmoil due to covid-19 pan- (NFE) project, the 2022 FIFA QR964bn ($265bn), an increase reach QR708bn demic and the associated World Cup and Qatar’s 2030 of 9 percent from March 31, ($194bn), contributed issues arising from lockdown National Vision plan, all of which 2019. Strong growth in Loans and slowdown in the key are supporting the positive and advances by 13 percent to to the growth in Total markets where QNB Group outlook for Group, noted the Sheikh Khalid bin Khalifa Al Thani, reach QR708bn ($194bn), con- Assets. operates. Chairman of GIS, Sheikh Khalid Chairman of GIS tributed to the growth in Total Total Equity increased by 4 bin Khalifa Al Thani, yesterday. Assets. Strong customer QNB Group improved efficiency (cost to income) percent to reach QR89bn Sheikh Khalid, in his address drive and its performance is on deposits generation helped to ratio from 25.9 percent to 25.6 percent, which ($24bn) as at 31 March 2020. to the Group’s shareholders also the right track as a result of initi- increase customer deposits by Earnings per Share maintained noted that GIS as a key service atives taken over the past years 11 percent to reach QR706bn is considered one of the best ratios among large at QR0.36 ($0.10), in line with supplier to the oil and gas sector, as part of key pillars of strategy ($194bn) from 31 March 2019. financial institutions in the MEA region. last year. the demand for its services will and improving efficiency.“2019 This helped QNB Group to Group Capital Adequacy improve its market share across was a strong year for GIS, a year maintain its loans to deposits Ratio (CAR) as at 31 March 2020 all the segments despite the out- of growth, improved efficiency, ratio at 100 percent as at 31 protect the well-being of its efficiency (cost to income) ratio amounted to 18.4 percent break of COVID-19 disease our return to profitability from March 2020. employees, customers and from 25.9 percent to 25.6 higher than the regulatory which caused worldwide losses in previous year, and our Thanks to QNB Group’s shareholders. In addition, the percent, which is considered minimum requirements of the lockdown.. strategic expansion into new robust risk management prac- Group opted to build more one of the best ratios among Qatar Central Bank and Basel “As we enter the year 2020, markets. tices, the first quarter results loan loss provisions during the large financial institutions in the Committee. despite of the current pandemic GIS improved set of financial of QNB Group were not mate- first quarter of 2020 as a pre- MEA region. QNB Group serves a cus- situation due to the spread of and operational result was led rially impacted by the sudden cautionary measure, QNB NPL ratio amounted to 1.9 tomer base of approximately 25 coronavirus (COVID-19), where by the Group’s focus on high uti- onset of the covid-19 pan- Group said in a statement percent as at 31 March 2020, million customers supported by currently work is in progress to lisation of assets and continuous demic. QNB Group has taken yesterday. one of the lowest amongst 29,000 staff resources oper- assess its business impacts, but efforts to rationalise operational all the necessary actions to QNB Group improved financial institutions in the ating from 1,100 locations. what I can assure you is that the costs. Overall, the Group saw net Group will continue to pursue its income surge 144 percent during core objectives of reducing oper- the year from 2018 levels, US economy may ating and financing costs, better allowing GIS to return to a full- utilisation of assets, increase our year net profit in 2019 of face 18 months market share in Qatar and enter QR44m”, Sheikh Khalid said. new international markets,” said Mohammed Jaber Al Sulaiti, of rolling the Chairman addressing the Manager Privatised Companies Company’s Ordinary General Affair, at Qatar Petroleum (QP), shutdowns Assembly Meeting, yesterday. a major shareholder of GIS, He added: “Our top priority delivered the Board of Directors BLOOMBERG — NEW YORK would be to reposition the speech, highlighting key per- Group’s core oil and gas services formances of the Group in 2019. Without an effective therapy business, by minimising costs “Revenues in our aviation or a vaccine for the novel and maximizing asset utilisation, segment rose 8 percent during coronavirus, the US economy in order to become more effi- 2019 compared to last year to could face 18 months of rolling cient and better able to leverage reach QR586m, and net profit shutdowns as the outbreak our domestic and international rose 2 percent to QR143m. Some recedes and flares up again, strengths to increase market of the key performance highlights Federal Reserve Bank of share and shareholder value.” of 2019 for the aviation segment Minneapolis President Neel The AGM, which was conducted included the winning of a short- Kashkari said. electronically through a con- term contracts in Africa, Europe “We’re looking around the ference call, approved all the and Middle East; improved per- world. As they relax the eco- items on the agenda of the formance of Turkish subsidiary; nomic controls, the virus flares meeting, including the Board’s the domestic aviation business, back up again,” Kashkari said recommendation for no dividend continued its positive business yesterday on CBS’s “Face the payment for the financial year trajectory; and acquired 49 Nation.” Kashkari is a voter in Morocco to increase mask production ended December 31, 2019. percent stake in Air Ocean Maroc, 2020 on the Fed’s policy- The Chairman said that GIS, which is currently looking at setting Federal Open Market Moulay Hafid Elalamy (centre), Morocco’s Industry Minister, visits a disposable protective mask despite facing the macro-eco- opportunities in Morocco, Committee. production line at a factory Casablanca, as the North African country increases mask production nomic headwinds and other chal- Western Africa and South of “We could have these due to the coronavirus pandemic. lenges, is on the repositioning Europe,” said Al Sulaiti. `P4 waves of flareups, controls, flareups and controls until we actually get a therapy or a vaccine. I think we should all Commercial Bank launches ‘CB Household Worker PayCard’ be focusing on an 18-month strategy for our health care SATISH KANADY Commercial Bank’s award winning the banking behaviour of customers, as system and our economy.” THE PENINSULA digital 60 Second Remittance solution. they no longer need to handle cash or Unemployment has sky- All without leaving home, enabling visit banks and exchange houses to send rocketed in the U.S. over the Commercial Bank, Qatar’s first private everyone to stay safe, money to overseas. last few weeks as state and bank, has launched “CB Household Like the normal CB PayCards, the “These are unprecedented times local governments have Worker PayCard”, the country’s first Household PayCard by Commercial and it calls for some decisive actions. ordered businesses to close digital solution offered to manage Bank, enables the domestic employee In fact Commercial Bank is moving in their doors in a bid to contain household workers’ salaries and remit- to withdraw cash from the ATM, make line with the nation’s vision to the spread of the virus. tance. This innovative new service cashless payments and make transac- transform the country into a digital Dr Anthony Fauci, director immediately follows after the launch of tions for themselves. Additionally, by á Have a Bank PayCard account economy”, he said. of the National Institute of CB Smart Payroll for company workers using their own dedicated CB PayCard áDedicated Mobile App in native languages “We are pleased to launch “CB Allergy and Infectious Dis- payments and remittance. Mobile Banking App, more workers and áSend money overseas within minutes Household Worker PayCard” service and eases, said yesterday on CNN’s “CB Household Worker PayCard” is household employees can benefit from áTrack your spending know that this will answer the needs of “State of the Union” that a a digital solution offered to manage the ability to control their money from áReceive SMS alerts many of our customers and their staff at partial reopening of the household workers’ salaries and remit- their phone and send money overseas, Use in stores without the need for cash home and in farms. Being able to extend economy could possibly begin tances.
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