QNB Al Ahli Reports Strong Financial Performance in 2023 with Increased Profits and Asset Growth

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Qatar National Bank Al Ahli (QNB Al Ahli) has announced robust financial results for the fiscal year 2023, showcasing significant growth in net profits, total assets, and customer deposits. The bank’s consolidated net profits after tax reached EGP 16.22 billion, marking a substantial annual increase from EGP 10.35 billion, including minority interest. The positive performance is attributed to higher net interest income and a surge in standalone net profit.

Net Interest Income and Earnings Per Share:
In 2023, QNB Al Ahli reported a remarkable increase in net interest income, reaching EGP 30.88 billion compared to EGP 19.96 billion in 2022. This impressive growth is indicative of the bank’s effective management of its interest-earning assets. Earnings per share (EPS) for the January-December 2023 period also saw a substantial rise, reaching EGP 6.57 year-on-year, up from EGP 4.20.

Asset Growth:
The bank’s total assets witnessed a significant surge, climbing to EGP 628.75 billion in 2023 from EGP 483.27 billion at the end of December 2022. This noteworthy expansion demonstrates the bank’s ability to attract and manage a substantial portfolio of assets effectively. Moreover, customer deposits recorded a substantial increase, reaching EGP 529.55 billion, up from EGP 406.24 billion, underlining the confidence and trust customers place in QNB Al Ahli.

Standalone Income Results:
QNB Al Ahli’s standalone net profit after tax for the year ending December 31, 2023, amounted to EGP 15.76 billion. This represents a significant year-on-year increase from EGP 10.12 billion, showcasing the bank’s robust financial performance on a standalone basis.

Dividends Proposal:
The board of QNB Al Ahli has proposed cash dividends of EGP 1.50 per share for the fiscal year 2023. However, this proposal is subject to the approval of the ordinary general meeting (OGM). The dividend proposal reflects the bank’s commitment to delivering value to its shareholders and rewarding them for their continued support.

Nine-Month Performance:
For the first nine months of 2023, QNB Al Ahli reported consolidated net profits attributable to shareholders worth EGP 12.52 billion. This represents a remarkable 71% increase from the EGP 7.33 billion reported in the same period in 2022, further highlighting the bank’s consistent and strong financial performance.

QNB Al Ahli’s financial results for 2023 underscore its resilience, strategic management, and ability to navigate challenging economic environments. The substantial growth in net profits, total assets, and customer deposits, coupled with the proposed dividends, positions the bank as a key player in the banking sector, poised for continued success in the years ahead.

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