Doha, Qatar – April 22, 2025 – Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, reported a significant rise in profits for the fiscal year 2024, underlining its strong market position and successful growth strategy despite global economic challenges.
QNB announced a net profit of QAR16.7 billion (approximately USD 4.6 billion) for the year ending December 31, 2024. This marks an 8% increase compared to the previous year, reflecting the bank’s continued strength in core banking operations, growing loan portfolio, and effective cost management.
The fourth quarter alone saw a sharp 11% rise in net profit, reaching QAR4 billion. This growth was mainly fueled by a solid 7% increase in net interest income and a significant 22% jump in fee and commission income, signaling a well-diversified income stream.
Strong Asset and Loan Growth
QNB’s total assets expanded to a record QAR1.3 trillion (USD 364 billion) in 2024, solidifying its position as a financial powerhouse in the region. The bank’s loans and advances rose by 7% to QAR911 billion (USD 250.2 billion), reflecting robust credit demand across key sectors.
Customer deposits also grew steadily by 3%, reaching QAR887 billion (USD 243.7 billion), a testament to customer trust and the bank’s strong deposit franchise. The bank has maintained healthy liquidity levels to support this growth, while continuing to manage risk effectively.
Profitability Metrics Show Continued Improvement
QNB’s net interest margin, a key indicator of profitability, improved by 5 basis points, reaching 2.65%—the highest level the bank has achieved since 2020. This increase is largely due to favorable interest rate environments and improved asset yield management.
Operating efficiency remains one of QNB’s strengths, with the cost-to-income ratio maintained at a low 22.7%. This figure places QNB among the most efficient banks not only in the Gulf region but globally. Such strong operational control contributes significantly to its bottom line.
Dividend Growth Rewards Shareholders
Reflecting the bank’s strong performance and solid capital position, QNB’s Board of Directors proposed a cash dividend of QAR0.70 per share for the year 2024. This dividend increase not only rewards shareholders but also demonstrates the bank’s confidence in its continued earnings growth.
The dividend announcement is seen as a positive signal to the market, attracting long-term investors and reinforcing QNB’s image as a reliable and rewarding stock on the Qatar Stock Exchange.
Backed by Strong Ownership and Vision
Qatar National Bank is 50% owned by the Qatar Investment Authority, the sovereign wealth fund of Qatar. This ownership ensures strong backing and strategic alignment with the country’s economic vision.
QNB’s international footprint also continues to grow, with operations in more than 30 countries across three continents. Its global presence helps diversify revenue sources and mitigate risks associated with local economic fluctuations.
Strategic Focus for 2025 and Beyond
Looking ahead, QNB is expected to continue focusing on digital transformation, innovation in financial services, and expansion into high-potential markets. The bank has already made significant investments in AI-driven banking solutions, mobile banking upgrades, and cybersecurity infrastructure to support a seamless and secure customer experience.
In 2025, the bank aims to further integrate ESG (Environmental, Social, and Governance) goals into its operations, aligning with Qatar’s national vision and the global push toward sustainable finance. QNB is also actively supporting local SMEs and green finance initiatives as part of its corporate responsibility.
Analyst Outlook: Positive Momentum to Continue
Analysts remain optimistic about QNB’s performance in the near term. Many point to the bank’s diversified income, strong capital base, and disciplined cost management as key advantages. The Middle East’s economic recovery, rising oil prices, and increasing public and private sector investments are expected to further boost QNB’s lending activities in 2025.
Despite global uncertainties, including inflationary pressures and geopolitical risks, QNB has shown resilience and adaptability. Its consistent growth, solid fundamentals, and regional dominance make it a preferred banking partner for corporates and individuals alike.
Conclusion
Qatar National Bank’s 2024 financial results highlight a successful year marked by solid growth, efficiency, and shareholder value creation. As the bank looks ahead to future opportunities in digital banking, sustainability, and international markets, it remains well-positioned to deliver continued success and support Qatar’s economic ambitions.
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