Fitch confidence upgrades QNB credit ratings
QNB has consolidated its position as one of the leading financial institutions in the MENA region with the Fitch Ratings announcement
Following their recent report on the positive outlook of Qatar and in particular, the “healthy condition” of the banking sector, Fitch Ratings has upgraded QNB’s Group’s long term rating to ‘AA-‘ from ‘A+’.
Within the Fitch Report, QNB was singled out as ‘The Flagship Bank’ in the sector with its impressive market performance and strong public and private sector business relationships. Fitch stated that local banks were highly capitalised and that asset quality was solid.
At the heart of the strong QNB credit ratings is a robust and growing financial performance. Profits for financial year 2014 were QR 10.5bn (up 10.3% on 2013) and total assets increased to a record high level of QR 486bn (up 9.7% on 2013). In addition, QNB confirmed its position as ‘One of the top 50 world’s safest banks’ in The Global Finance Annual Survey 2014.
QNB currently operates in more than 26 countries across three continents, which complements its strong financial performance.