https://thepeninsulaqatar.com/uploads/2019/12/09/post_main_cover_fit//d051eb6d216d8b476b2fb237202ddefc769b572e.jpg — Qatar Central Bank (QCB) Governor, H E Sheikh Abdullah bin Saoud Al Thani (third right) and other dignitaries during the opening of the Euromoney Qatar Conference at St Regis Hotel in Doha, yesterday. Pic: Salim Matramkot/The Peninsula

QNB to embrace digital transformation

09 Dec 2019, 08:32

Abdulla Mubarak Al Khalifa, Acting Group Chief Executive Officer of QNB said yesterday that Qatar’s banking sector is well capitalised, with high asset quality and robust profitability. The capital adequacy ratio stands at 17 percent, well above Basel III guidelines. Asset quality remains high with non-performing loans (NPLs) at 1.9 percent, one of the lowest in the region. Profitability remains solid with returns on equity (RoE) over 15 percent, he said while addressing The Euromoney Qatar Conference.

Al Khalifa noted that the rapid pace of innovation and digital transformation is forcing the financial services sector to change and evolve. He said QNB has accepted this challenge and taken steps to embrace the change to become a part of future of banking even if it means to disrupt ourselves.

“This year, we established QNBeyond, our global innovation centre. QNBeyond is both, a think tank for innovation and an accelerator. By doing this, we ensure we continue to focus on value creation and future-proof our business to be the bank of choice for millions of customers today and into the future.” Leading international rating agencies classify QNB as a top tier credit worthy institution. Moreover, the strength of our capital allows us to grow our balance sheet in a controlled way and capitalise on opportunities within, across and beyond our network, Al Khalifa said.

QNB, he added, the largest banking institution in the Middle East and Africa across all financial metrics, is also one of leading banks in the Middle East and Africa and South-East Asia (MEASEA). The Bank stands out as a strong and highly rated international bank. It operates as a full-service financial institution in our core markets of Qatar, Turkey and Egypt; and as a wholesale commercial bank across a range of frontier and emerging markets in Middle East, Africa and South East Asia.

The Bank has a growing presence in more developed economies, such as UK, France, Switzerland and Singapore.

“We are proud of our Qatari heritage and of the contribution we make as a trusted financial partner to the geographies we serve. As a trusted, global brand, QNB offers valuable market insights and a range of quality products and services that benefit corporate, institutional and retail customers alike.” Leading international rating agencies classify QNB as a top tier credit worthy institution. The strength of QNB capital allows the Bank to grow its balance sheet in a controlled way and capitalise on opportunities within, across and beyond our network.

He noted that QNB’s assets grew to an all-time high of $250bn. This growth was naturally driven by strong loan and deposit growth in Qatar as well as across our international footprint.

“We continue to maintain high asset quality and efficiency. As a result, we have been able to deliver stellar consistent sustainable profitability. Our nine months profits this year stood at $3.1bn and we are on the path to another record year. Our consistent sustainable performance is also demonstrated by our brand value. Brand Finance ranks us as the most valuable banking brand in the Middle East and Africa with a brand value of more than $5bn. Today, we are one of the top 500 global brands across all industries.”

As a full-fledged universal bank in Qatar, QNB assumes a much broader role beyond the financial sector. It is an active contributor to the execution of the 2022 FIFA World Cup and the QNV2030. For the 2022 FIFA World Cup, QNB is supporting developers, contractors and sub-contractors across the entire value chain. For the realization of the QNV 2030, we are acting as a catalyst to incubate the private sector, specifically SMEs. The Bank supports Qatar on its path to self-sufficiency, in areas such as food production, tourism, logistics and manufacturing, he said.

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