6% increase in Qatar National profits during 9 months from 2021

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10.37% of the Bank’s loans are acquired by small companies, and 24% is the share of small and medium-sized companies

Today, Monday, QNB Al-Ahly announced the results of its independent and consolidated activities for the financial period ending in September 2021.

The bank said in a statement that its consolidated profits amounted to 6 billion pounds, a growth of 6% compared to the same period in 2020, while the bank’s net independent profits amounted to 5.694 billion Egyptian pounds.

The bank added that the percentage of facilities granted to small and medium-sized companies amounted to 24% of the financing portfolio, close to reaching the target percentage by the Central Bank, which is 25%, after it has already exceeded the first target percentages with regard to the percentage of facilities granted to small companies, which amounted to 10.37%.

The bank stated that the total portfolio of loans and advances amounted to 179 billion pounds, a growth of 3% compared to the end of December 2020, while the bank’s market share of the total loans reached 6.17% in June 2021, according to the latest available data from the Central Bank of Egypt.

As for the ratio of non-performing loans, it was estimated at 3.84% at the end of September 2021, while the coverage ratio of provisions for non-performing loans amounted to 132%, and the capital adequacy ratio reached 22.81%.

The bank said that customer deposits exceeded EGP 276 billion at the end of September 2021, achieving a growth of 18% compared to December 2020, driven by growth in all areas of activities. The bank’s market share of total deposits reached 4.46% in June 2021, according to the latest available data from the Central Bank of Egypt.

He pointed out that the rate of employment of loans for deposits reached 65% at the end of September 2021, compared to an average of 50.5% for the banking sector in June 2021, in light of the focus on the growth of basic banking operations while maintaining high liquidity rates in all currencies.

The total consolidated assets of the bank reached 336 billion Egyptian pounds by the end of September 2021, an increase of 16% compared to December 2020.

The bank affirmed its commitment to the precautionary measures in its network of 231 branches, in addition to urging customers to use electronic banking services, which have proven highly efficient in facilitating the work cycle and limiting branch visits as much as possible.

The article, 6% increase in Qatar National profits during 9 months from 2021, was written in Al Borsa newspaper.