Net consolidated profits of QNB end of June 2019 reach EGP 4.217bn

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QNB’s independent net profit was EGP 4.029bn in June 2019, an increase of 22% compared to the same period last year.

The consolidated net profit amounted to EGP 4.217bn, an increase of 22% compared to June 2018.

The bank said in a statement that the portfolio of loans and advances, after deducting the allocation, amounted to EGP 142bn by the end of June 2019.

The bank’s market share of total loans in the banking sector reached 7.82% in March 2019, according to data available from the Central Bank of Egypt (CBE).

He added that the rate of facilities granted to small and medium-sized enterprises (SMEs) amounted to 22.3% of the total facilities by the end of June 2019.

According to the bank, the ratio of non-performing loans (NPLs) reached 2.76% of the bank’s total loan portfolio at the end of June 2019. It is one of the best ratios in the Egyptian banking sector.

The bank has shown good indicators of asset quality during the implementation of the IFRS 9 standards as of 2019 based on instructions issued by the CBE, while the coverage ratio for loans went below 171%.

The bank’s capital adequacy ratio was 19.5%, with the optimal application of credit policies, with the bank’s investment portfolio free from any risk assets.

The statement noted that the bank’s total consolidated assets stood at EGP 253bn at the end of June 2019.

Customer deposits reached EGP 204bn at the end of June 2019.

The bank’s market share of total deposits in the Egyptian banking sector was 5.17% in March 2019, according to data available from CBE.

The bank has a high deposit-to-deposit ratio of 73%, compared to 47% for the banking sector in March 2019, according to the latest available data from the CBE, with a focus on the growth of core banking operations, while maintaining high liquidity rates in all currencies.

The bank’s positive results confirm the efficiency and flexibility of the operational policies and procedures that helped them develop its operations, overcome crises, address the strong competition in the markets, and take advantage of the opportunities available through its branch network. The branch network has grown to 220 branches, giving excellent geographic coverage to meet the needs of the largest number of customers of all levels.

The bank continues to support SMEs through an integrated programme that, not only provides its premium banking services, but also provides integrated solutions through subsidiaries such as QNB AA Life Insurance, QNB AA Leasing, QNB AA Discounting, and QNB AA Asset Management. This is through its branch network, which has a team of specialists to serve this important segment of customers.

Source: dailynewsegypt