QNB Al Ahli reports 36% higher net profits during 2022
The consolidated financial statements of Qatar National Bank Al Ahli (QNB Al Ahli) showed a 36% year-on-year (YoY) increase in consolidated net profits during 2022 increasing by EGP 2.724 billion to record EGP10.350bn. However, separate net profits reached EGP 10.124 billion during 2022.
In a statement the bank revealed that ‘’ Beginning of 2022, the global economy was on the verge of recovering from the pandemic’s repercussions that slowed down growth despite the buildup of unfulfilled demand given the interruption of the supply chain and the lockdowns experienced in large parts of the globe. This recovery couldn’t maintain its course as a result of the Russo-Ukrainian military conflict.’’ Adding that ‘’ QNB Al Ahli has navigated well through such choppy waters to deliver a very strong performance in terms of profitability and growth alike.’’
The Bank added that despite the overwhelming effect of the pandemic slowdown, higher inflation, higher interest rates and the disruption of supply, its asset quality remain solid with Non-performing loan ratio of 5.05% and cushioned by a coverage ratio of 120.6% as its management consciously opted to increase provisioning to safeguard against the increased uncertainty.
Furthermore, QNB’s Efficiency improved to 22.4% with a more prudent cost control that was helped further by revenue growth. Such exceptional performance served the expansion of ROAE and ROAA to 20.6% & 2.46% respectively.
