Company Insights QNB Group Banking & Finance QNB Group Overview Qatar National Bank (QNB Group) is a Qatari multinational commercial bank with headquarters in Doha, Qatar. Founded in 1964, it currently has subsidiaries and associates in 31 countries. With an ownership structure split between the Qatar Investment Authority (50 percent) and the private sector (50 percent), the QNB Group has grown to be the biggest bank in Qatar It is also the largest lender by assets in the GCC, according to S&P Global, with with more than $323 billion in assets. In 1974, QNB’s first branches outside Doha opened in Al Khor and Mesaieed. By 2015, QNB had established 76 branches in Qatar. QNB Group completed the acquisition of a 99.88 percent stake in Turkey’s Finansbank (now known as QNB Finansbank), in 2016. Then in 2013, QNB acquired QNB Alahli (now QNBAA), the second-largest private bank in Egypt. QNB offers corporate and consumer banking, including Islamic finance, credit cards, mortgages and asset management among its services. In July 2024, QNB made a proposal to distribute the first-ever interim dividend in six decades after strong earnings. QNB Group News Finance Qatar replaces chief of its $510bn sovereign fund The Qatari government has appointed Mohammed Al Sowaidi to lead its $510 billion Qatar Investment Authority (QIA). He replaces Mansoor Al Mahmoud who had headed the sovereign wealth fund since 2018. Al Sowaidi joined the fund in 2010 and worked as the Americas region’s chief investment officer. The QIA, set up in 2005, manages revenues […] November 13, 2024 Analysis Banking & Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024 Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024 Finance Qatar National Bank’s Q3 profit rises on loan growth Qatar National Bank (QNB), the largest lender by assets in the GCC, reported a 5 percent year-on-year growth in its net profit for the third quarter of 2024, on higher levels of loans and advances. The bottom line rose to QR4.5 billion ($1.23 billion) from July to September, as net interest income and net fees […] October 9, 2024 Tech Ooredoo secures $552m loan for data centre expansion Qatar’s telecom major Ooredoo has secured a QR2 billion ($552 million) financing deal to accelerate the development of its data centres and artificial intelligence (AI) ventures. The 10-year hybrid facility, comprising both commercial and Islamic tranches, was provided by Qatar National Bank, Doha Bank and Masraf Al Rayan. The company claimed this is the “largest […] September 25, 2024 Finance QIA looks at investments in Australia and Asia Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […] September 20, 2024 Banking & Finance QNB proposes first interim dividend in 60 years Qatar National Bank (QNB), the largest Gulf bank by assets, has proposed to distribute the first-ever interim dividend in six decades after strong retained earnings and sufficient regulatory reserves. The board plans to pay a 33 percent interim dividend, or QR0.33 per share, payable to shareholders on record at the close of trading on July […] July 9, 2024 Analysis Markets Sustained sell-off makes Qatari stocks more attractive Qatari stocks are among the Gulf’s most attractively priced, according to core metrics, after a sustained slump on Doha’s bourse. The decline – the Qatari index is down about 27 percent from its late 2021 peak – comes after a momentous rally that propelled the index to a seven-year high when investors bet on a […] July 1, 2024 Banking & Finance Qatar National Bank reveals 7% increase in Q1 profit Qatar National Bank’s (QNB) net profit increased seven percent year on year to just over QR4 billion ($1 billion) in the first quarter of 2023. Operating income rose 11 percent annually to above QR10 billion, maintaining strong growth across various income streams. The bank’s net interest income increased by 12 percent to QR8 billion. “Overall, […] April 9, 2024 Analysis Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024 Posts navigation 1 2 3 Next
Finance Qatar replaces chief of its $510bn sovereign fund The Qatari government has appointed Mohammed Al Sowaidi to lead its $510 billion Qatar Investment Authority (QIA). He replaces Mansoor Al Mahmoud who had headed the sovereign wealth fund since 2018. Al Sowaidi joined the fund in 2010 and worked as the Americas region’s chief investment officer. The QIA, set up in 2005, manages revenues […] November 13, 2024
Analysis Banking & Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024
Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024
Finance Qatar National Bank’s Q3 profit rises on loan growth Qatar National Bank (QNB), the largest lender by assets in the GCC, reported a 5 percent year-on-year growth in its net profit for the third quarter of 2024, on higher levels of loans and advances. The bottom line rose to QR4.5 billion ($1.23 billion) from July to September, as net interest income and net fees […] October 9, 2024
Tech Ooredoo secures $552m loan for data centre expansion Qatar’s telecom major Ooredoo has secured a QR2 billion ($552 million) financing deal to accelerate the development of its data centres and artificial intelligence (AI) ventures. The 10-year hybrid facility, comprising both commercial and Islamic tranches, was provided by Qatar National Bank, Doha Bank and Masraf Al Rayan. The company claimed this is the “largest […] September 25, 2024
Finance QIA looks at investments in Australia and Asia Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […] September 20, 2024
Banking & Finance QNB proposes first interim dividend in 60 years Qatar National Bank (QNB), the largest Gulf bank by assets, has proposed to distribute the first-ever interim dividend in six decades after strong retained earnings and sufficient regulatory reserves. The board plans to pay a 33 percent interim dividend, or QR0.33 per share, payable to shareholders on record at the close of trading on July […] July 9, 2024
Analysis Markets Sustained sell-off makes Qatari stocks more attractive Qatari stocks are among the Gulf’s most attractively priced, according to core metrics, after a sustained slump on Doha’s bourse. The decline – the Qatari index is down about 27 percent from its late 2021 peak – comes after a momentous rally that propelled the index to a seven-year high when investors bet on a […] July 1, 2024
Banking & Finance Qatar National Bank reveals 7% increase in Q1 profit Qatar National Bank’s (QNB) net profit increased seven percent year on year to just over QR4 billion ($1 billion) in the first quarter of 2023. Operating income rose 11 percent annually to above QR10 billion, maintaining strong growth across various income streams. The bank’s net interest income increased by 12 percent to QR8 billion. “Overall, […] April 9, 2024
Analysis Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024
