Qatar: Best Domestic Bank 2020
Last year was another good one for Qatar National Bank: it reported net profit of QR14.4 billion ($3.96 billion) in 2019, up 4% year on year, with total assets, deposits and loans all increasing 10% over the same period. In the first quarter of 2020, QNB reported a net profit of QR3.57 billion, despite raising loan loss provisions due to coronavirus.
Abdulla Mubarak Al Khalifa, chief executive of QNB Group, has transformed the financial institution into a true powerhouse in its home market and beyond. It serves 25 million customers in 31 countries, including key markets Turkey and Egypt.
When Covid hit, QNB pulled out all the stops, helping leading corporations to raise capital as well as replenishing its own funds. In June 2020, it returned to the offshore renminbi market, raising Rmb1.2 billion ($168 million) with a five-year RegS note. A $600 million formosa bond followed later that month.
In 2019, the bank also published its first sustainability report, became a signatory to the UN’s Global Compact, and was handed an ‘A’ grade sustainability rating by global index provider MSCI, putting it in the same category as HSBC and JPMorgan.
Another feather in its cap during the awards period was the launch of QNBeyond, a financial accelerator founded by Qatar National Bank so it could collaborate with leading Qatari tech startups. QNB’s Simplify e-commerce platform, rolled out last year, enables small and medium-sized enterprises to tap into new markets and find new customers.
The Qatari lender also stepped up its corporate and social responsibility programme. It rolled out financial workshops, working alongside Qatar Development Bank to support entrepreneurs, and uses its considerable financial clout to support local arts, cultural and sporting projects, including the iconic Camel Race Festival.