This expansion led to a boost in return on average equity to 33.6% from 30.8% and the bank also managed to improve its cost-income ratio to 27.5%.
Strong growth continued into 2007, with third quarter results showing net profits growth of 29.5% and 37% growth in assets. QNB continues to expand in loan syndications and project finance, and plans to develop into a key regional player. Besides considerable domestic expansion, QNB has continued its overseas expansion strategy with the opening of representative offices in Libya and Singapore. By year-end 2007, full-service branches will be operating in Kuwait, Oman and Yemen, strengthening QNB’s regional network.
Ali Shareef Al Emadi, group CEO, says: “Every award is of great symbolic significance to us for two reasons: it recognises and celebrates our constant efforts to stay at the helm of the country’s banking sector and is a source of motivation to boost our performance further.
“The year 2007 has been eventful for QNB as we witnessed the materialisation of our plans to expand in new countries in the region, and our third quarter results have been exemplary. This award is an acknowledgment of that success.”
