QNB Group Discloses Annual Financial Statements for e
Year Ended 31/12/2016
January 16, 2017
QNB Group disclosed its audited financial
statements for the year ended 31.12.2016.
The financial statements show a net profit
of QR 12.4 billion compared to a net profit
of QR 11.3 billion in the previous year.
Earnings Per Share (EPS) amounted to QR 14.4
for the year ended 31 December 2016 compared
to an EPS of QR 13.4 in the previous year.
The Board of Directors have recommended to
the General Assembly the distribution of a
cash dividend of 35% of the nominal share
value (QAR 3.5 per share) and a bonus shares
of 10% of the share capital (1 share for
every 10 shares). The financial results for
2016 along with the profit distribution are
subject to Qatar Central Bank (QCB)
approval.
The Group's
Comment
QNB's operational income rose by 44% to
QR22.9 million in 2016, including QR 17.5
billion as net interest income, and QR3.5
billion fees and commission income. In
contrast, total expenses increased to QR 9.7
billion, including QR3.6 billion as staff
expenses, compared to QR 2.1 billion last
year. Losses incurred as result of decline
in loans jumped to QR2.5 billion, compared
to 433 million in the last year. As result,
net income increased by 12.4% to QR12.4
million.
The bank incurred losses as result of
change in the comprehensive income worth
QR10.5 billion, including QR 9.7 billion as
differences in exchange rates, compared to
QR703 million in the last year. In a
nutshell, QNB's comprehensive income shrunk
to QR 1.9 billion, compared to 9.8 billion
in the previous year.