The result showed significant growth and resilience despite lingering uncertainties during the period under review.
Major highlights of the impressive earning results include:
The company’s Gross Earnings grew by 96% to N6.65 billion from N3.39 billion.
PBT grew year-on-year by 176%.
Trading and Other Non-Interest Income grew by 47% to N.4.66 billion from N3.17 billion.
A 14% year-on-year decline in Credit Losses and Impairment despite the well documented impact of COVID 19 on the Nigerian economy, and in particular, financial services.
A Total Asset growth of 85% to N81.67 billion from N44.23 billion.
Further details of the report shows that above Gross Earnings performance was driven by significant growth in Interest Income which grew by 90%, while the impressive PBT result was also supported by the business’s ability to keep cost growth lower than revenue growth, as Expenses grew by only 34%.
Razer Blade Stealth 13 im Test: Der schnellste, kleinste Gaming-Laptop der Welt?
pocketpc.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pocketpc.ch Daily Mail and Mail on Sunday newspapers.
QNB’s total assets reach QR1 trillion
13 Jan 2021 - 9:29
A view of QNB Group head office in Doha.
The Peninsula
Doha: For the first time in history of the region, QNB became the first banking institution to record total assets of QR1 trillion ($282bn), representing an increase of 9 percent from last year. QNB’s disciplined approach towards execution of its long-term strategy enabled the Group to achieve QR1 trillion Total Asset milestone after 56 years of successful operation since inception.
QNB announced yesterday its results for the year ended December 31, 2020. The net profit of QNB, the largest financial institution in the Middle East and Africa (MEA) region, for the full year ended December 31, 2020 reached QR12bn ($3.3bn), a decrease of 16 percent compared to last year.