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Capital Intelligence affirms QNB rating, raises outlook

Capital Intelligence affirms QNB rating, raises outlook
Capital Intelligence affirmed its rating for Qatar National Bank’s financial strength rating at 'AA-'.
QNB
QNBK
-0.07% 14.20 -0.01

Mubasher: Capital Intelligence (CI) affirmed its rating for Qatar National Bank’s (QNB) financial strength rating (FSR) at 'AA-'.

The Long- and short-term foreign currency ratings (FCRs) were also affirmed at 'AA-' and 'A1+', respectively, at the same level as the sovereign ratings for Qatar.

The international credit rating agency also revised QNB’s outlook to “stable” from “negative”, in line with the recently raised outlook on the sovereign rating.

QNB's ratings will have an additional review by CI in March 2019.

The Qatari lender reported a 5.3% year-on-year profit increase, registering QAR 13.8 billion in 2018 compared to QAR 13.1 billion a year earlier.

Moreover, QNB’s board of directors recommended distributing a cash dividend of QAR 6 per share for 2018.

The Qatar-based lender’s assets surged 6% at the end of December to QAR 862 billion, hitting a new record high.

QNB was named the top lender in the Middle East by market capitalisation and kept its 61st ranking globally with $5.04 billion in 2019, up 19.1% from $4.23 billion in 2018.

By 12:42 Qatar time, QNB’s stock was nearly stable at QAR 197.82.