Financial Results For The Six Months Ended 30 June 2023

by Editor

QNB Group’s first half-year results for 2023 topped QAR 7.6 billion

Key Highlights

  • Net Profit reached QAR7.6 billion, up by 8% from June 2022.
  • Total Assets up by 7% from June 2022 to reach QAR1,202 billion.
  • Loans and Advances up by 7% from June 2022 to reach QAR819 billion.  
  • Customer Deposits up by 5% from June 2022 to reach QAR836 billion
  • Loans to deposits ratio stood at 97.9%.
  • Cost to income (efficiency) ratio remained strong at 20.4%.
  • Earnings per share up by 9% to reach QAR0.76
  • Total Equity up by 1% from June 2022, to reach QAR104 billion.
  • QNB Group’s presence extends to more than 28 countries across three continents operating from more than 900 locations supported by 29,000 staff and over 4,900 ATMs.

DOHA, QatarJuly 10, 2023 /PRNewswire/ — QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the six months ended 30 June 2023.

Key indicators of the financial results for the first half of 2023 are as follows:

Financial Highlights 

(QAR billion)





Net Profit



8 %

Operating Income



14 %

Total Assets



7 %

Loans and Advances



7 %

Customer Deposits



5 %

Total Equity                             



1 %

Key Performance Indicators







Earnings Per Share (QAR)




Cost to Income Ratio

20.4 %

20.2 %

19.7 %

Loans to Deposits Ratio

97.9 %

96.4 %

95.9 %

NPL Ratio

2.9 %

2.4 %

2.9 %

Coverage Ratio

99 %

123 %

99 %

Capital Adequacy Ratio (CAR)

19 %

18.9 %

19.6 %

Creating long-term shareholder value through sustainable and profitable growth

Income statement results: Net profit for the six months ended 30 June 2023 reached QAR7.6 billion, an increase of 8% compared to same period last year. Operating Income increased by 14% to reach QAR18.5 billion underpins Group’s continued successful efforts in maintaining growth across a range of revenue lines.

Also QNB Group’s operational efficiency continues to provide cost-savings and diversified revenue lines have supported in the efficiency ratio (cost to income) to remain strong at 20.4% which is considered one of the best ratios among large financial institutions in the MEA region.

Balance sheet drivers: Total Assets as at 30 June 2023 reached QAR1,202 billion, an increase of 7% from 30 June 2022, mainly driven by good growth in loans and advances by 7% to reach QAR819 billion. Strong inflow of customer deposits helped to increase deposit base by 5% to reach QAR836 billion from 30 June 2022.

QNB Group’s loans to deposits ratio remained strong at 97.9% as at 30 June 2023, well within the regulatory limits.

Credit quality: The ratio of non-performing loans to gross loans stood at 2.9% as at 30 June 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk. Also during the year, QNB Group set aside QAR4.7 billion as provision for potential loan losses and NPL coverage ratio remained strong at 99%, reflecting a prudent approach adopted by the Group towards non-performing loans.

Regulatory ratios: QNB Group’s Capital Adequacy Ratio (CAR) as at 30 June 2023 amounted to 19%.  Also, Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at 30 Jun 2023 amounted to 146% and 106% respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.

Top-tier credit ratings

QNB remains the highest-rated bank in Qatar and one of the highest-rated banks in the world with ratings of Aa3 from Moody’s, A+ from S&P and A from Fitch.

These ratings are a testament to QNB Group’s capital strength, governance, prudent risk management, business and operating model. This provides QNB Group with a competitive advantage when accessing global capital markets for wholesale funding and enables QNB to continue its growth and expansion plans.

QNB Group’s financial strength reflects its top tier credit ratings, which demonstrates the confidence that institutional, corporate and individual customers have in QNB Group’s performance and long-term strategy, providing assurances to investors and market participants.

Creating and delivering value

Based on QNB Group’s continuous strong performance, driven by its strength and international footprint, the QNB brand remains the most valuable banking brand in the MEA region by Brand Finance, with a brand value of USD7.7 billion, placing the Group in the 45th position globally among the top 50 most valuable banking brands in the world. This reflects the success of the QNB Group’s continued efforts to serve its diverse customer base. QNB’s Brand Strength Index (BSI) increased to 85, up from 83 in 2022.

QNB Group also received a number of prestigious awards during this period:

  • Euromoney Global Private Banking Awards 2023
  • Euromoney Awards for Excellence 2023
  • MEED: MENA Banking Excellence Awards 2023
  • Best SME Bank in Qatar and the Middle East by Global Finance
  • Best Private bank in Qatar and the Middle East by Global Finance
  • Sustainable Finance Awards 2023 by Global Finance


During this quarter, QNB Group published its latest annual Sustainability Report, documenting the continued commitment and progress of our Environmental, Social and Governance (ESG) journey. This includes comprehensive coverage, metrics and case studies across our Sustainable finance, Sustainable operations and Beyond banking activities. The report received an independent limited assurance on its preparation in accordance with the latest Global Reporting Initiative (GRI) Universal Standards.

Following the publication of the market leading QNB Group Sustainable Finance and Product Framework earlier this year and through our continued focus on sustainable financing activities, QNB Group received three prestigious awards from Global Finance Sustainable Finance Awards 2023, including “Best Bank for Sustainable Finance in Qatar“. This is the third consecutive year that the Bank has been recognised through these awards for its commitment and pioneering activities in this regard.

Group statistics

QNB Group supported by 29,000 staff operating from more than 900 locations and over 4,900 ATMs.

Contacts: Hissa Al Sowaidi –

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