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QNB FY'19 net profit rises 4% YOY to 14.35B Qatari riyals

Qatar National Bank QPSC reported full-year 2019 profit attributable to equity holders of the bank of 14.35 billion Qatari riyals, up from 13.79 billion riyals a year earlier, but net impairments ticked higher.

Rising income

The largest Middle Eastern bank by assets said its net interest income rose year over year to 20.20 billion riyals from 19.03 billion riyals a year earlier, while net fees and commission income increased on a yearly basis to 3.71 billion riyals from the year-ago 3.64 billion riyals.

Operating income for the period came in at 25.24 billion riyals, up from 24.06 billion riyals a year earlier.

EPS came in at 1.45 riyals, up from 1.44 riyals a year earlier.

Increase in net impairment losses

Net impairment losses on loans and advances to customers increased on a yearly basis to 3.18 billion riyals from 3.04 billion riyals a year earlier.

The bank booked net impairment losses on other financial assets of 139.9 million riyals in the period, compared to net impairment recoveries on other financial assets of 48.1 million riyals a year earlier.

The lender booked Stage 3 impairment on nonperforming loans and advances to customers of 12.84 billion riyals, compared to 12.69 billion riyals at the end of 2018. Stage 1 and 2 expected credit losses on performing loans and advances to customers increased on a yearly basis to 3.94 billion riyals from 3.45 billion riyals.

Under IFRS 9, stage 3 loans are considered nonperforming as opposed to stage 2 and stage 1, which are underperforming and performing loans, respectively.

As of Dec. 31, 2019, QNB's common equity Tier 1 ratio stood at 13.7% versus 13.4% a year earlier. Tier 1 capital ratio came in at 18.0%, compared to 18.1% a year earlier, while total capital ratio amounted to 18.9%, down slightly from 19.0% a year earlier.

Cash dividend

The bank proposed a cash dividend of 60% of the nominal share value for the year ended 2019.

QNB named acting CEO Abdullah Mubarak al-Khalifa group CEO in December 2019.

As of Jan. 13, US$1 was equivalent to 3.64 Qatari riyals.