Demonstrating resilience in a challenging environment, QNB Group achieved several milestones last year. QNB strengthend its position as one of the world’s top 40 banks in terms of market capitalisation.
“During 2020, QNB Group demonstrated resilience in times of uncertainty, with a robust net profit of QR12bn and our operating income increased by 1 percent to QR25.4bn. As a result, QNB has been able to consolidate its position as one of the world’s top 40 banks in terms of market capitalisation, reaching QR164.7bn,” Chairman of QNB Group's Board of Directors, H E Ali Shareef Al Emadi said in QNB Group’s Annual Report, released yesterday.
With strong credit ratings from the major international rating agencies such as Moody’s, Standard & Poor’s and Fitch, QNB is the highest-rated bank in Qatar. This is a testament to its capital strength, strategy, governance, prudent risk management, business and operating model.
QNB was also recognised as the most valuable banking brand in the Middle East and Africa, increasing its brand value to more than $6bn in The Banker’s Brand Finance Global 500 2020 report. Its Brand Strength Index (BSI) increased to 82 out of 100, driven by its strong financial performance and growing international footprint.
QNB Group Chief Executive Officer, Abdulla Mubarak Al Khalifa, stated in the report, “Next year, we will continue to operate in a challenging environment. Nevertheless, we are optimistic that we already entered a recovery path. Although the COVID-19 pandemic has accelerated some ongoing trends in banking, we will need to continue to adapt to this 'new normal'. We remain committed to our strategy to become a leading MEASEA bank."
"Our strategy is based on positioning the bank for future growth opportunities by transitioning towards a more fee-rich model with higher margin businesses and focusing on two key pillars: protecting our market-leading position in Qatar and continuing our international growth," he added.
