QNB Group has announced its results for the nine months ended Sept. 30, 2014.

For the nine months of 2014, net profit was QR8.0 billion ($2.2 billion), up by 12.6 percent compared to last year.

The group said it prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 20.9 percent, which is considered one of the best ratios among financial institutions in the region.

According to a QNB statement, total assets increased by 8.8 percent from September 2013 to reach QR475 billion ($130.6 billion), the highest ever achieved by the group. This was the result of a strong growth rate of 8.1 percent in loans and advances to reach QR329 billion ($90.3 billion).

The group was able to maintain the ratio of non-performing loans to gross loans at 1.6 percent, a level considered one of the lowest amongst banks in the Middle East and Africa, reflecting the high quality of the Group’s loan book and the effective management of credit risk.

The group’s conservative policy in regard to provisioning continued with the coverage ratio reaching 124 percent in September 2014.

At the same time QNB Group increased customer funding by 6.4% to QR352 billion ($96.7 billion). This led to the group’s loan to deposit ratio reaching 93 percent.

Total equity increased by 10.0 percent from September 2013 to reach QR56 billion ($15.4 billion) as at September 30 2014. Earnings per share reached QR11.4 ($3.1), compared to QR10.2 in September 2013.

The group started implementing updated QCB and Basel III requirements for the calculation of the Capital Adequacy Ratio (CAR) from early 2014.

The ratio stood at 15.0 percent as at September 30 2014, higher than the regulatory minimum requirements of the Qatar Central Bank.

The group is keen to maintain a strong capitalization in order to support future strategic plans.

As a result of the group’s high credit ratings and outstanding asset quality, it was selected as one of the world’s 50 safest financial institutions by Global Finance.

Based on the group’s continuous strong performance and the expanding international presence, the group improved its ranking as the most valuable brand in the MENA region, with a world ranking of 101 (brand value: $1.81 billion) from 120 in 2012 (Brand value: $1.31 billion).

In September 2014, QNB acquired a 23.5 percent stake (both ordinary and QNB convertible preference shares) in Ecobank Transnational Incorporated (Ecobank), the leading pan-African bank.

With a network of 1,241 branches, 2,500 ATMs and 16,245 POS terminals servicing over 10.8 million customers and 20,114 employees as at June 30 2014, Ecobank is a strategic partner for QNB and the acquisition of this stake is a fundamental step toward QNB’s strategy of being a MEA Icon by 2017.

QNB Group results for the nine months ended September 30 2014 do not include any share of profit from Ecobank.

QNB Group is present, through its subsidiaries and associate companies, in more than 26 countries and 3 continents providing a comprehensive range of products and services.

The total number of staff is more than 14,000 operating from over 610 locations and with an ATM network of more than 1,300 machines.