QNB Group continued to record robust growth in profitability, with net profit for 2014 amounting to QR10.5 billion ($2.9 billion), up by 10.3 percent compared to 2013.

Based on the strong financial results for 2014 and consistent with QNB Group’s aim of maximizing returns to shareholders, the board of directors is recommending to the General Assembly the distribution of a cash dividend of 75 percent of the nominal share value (QR7.5 per share).

The financial results for 2014 along with the profit distribution are subject to Qatar Central Bank (QCB) approval.

The group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 20.8 percent, which is considered one of the best ratios among financial institutions in the region.

Total assets increased by 9.7 percent from December 2013 to reach QR486 billion ($133.6 billion), the highest ever achieved by the Group. This was the result of a strong growth rate of 8.8 percent in loans and advances to reach QR338 billion ($92.9 billion).