The Middle East’s 25 smartest banks-Qatar National Bank
HE Yousef Hussain Kamal, chairman of the Board of Directors of
, was in bullish form when he announced the banks results for the nine months ended September 30, 2009. And with good reason: net profit exceeded QR3.1bn ($851.6m), clearly demonstrating QNB's ability to deliver sustained growth to its shareholders
"These outstanding results reaffirm
's position as Qatar's leading financial institution and its success in achieving balanced growth inside Qatar and overseas," said Kamal.
The net profit figure was up 4.1 percent on the year-earlier period, while total assets have grown 5.2 percent in that period, to a healthy QR153.2bn ($42bn).
's credit ratings from leading agencies continue to be among the highest in the region. In September 2009, Fitch Ratings affirmed QNB's long-term IDR at ‘A+' with a Stable Outlook. S&P earlier this year affirmed the bank's long-term credit rating of ‘A+', short-term rating of ‘A1', and a Stable Outlook.
Such ratings can only be considered a reflection of the bank's strong financial position and its ability to cope effectively with the difficult market conditions witnessed since last year.