QNB Turkey's Net Profit Reaches 27.231 Billion TL in First Nine Months
QNB Turkey, the joint venture of Qatar National Bank (Q.P.S.C.), the largest bank in Qatar and a leading financial institution in the Middle East and Africa, continued to demonstrate strong financial performance during the first nine months of 2024. Ömür Tan, General Manager of QNB Turkey, stated that the bank would continue to adapt to dynamic market conditions and support its customers with innovative solutions.
Maintaining its stable growth, QNB Turkey consistently contributed to the Turkish economy during the first nine months of 2024. As of September 30, 2024, QNB Turkey's total assets increased by 38% compared to the end of 2023, reaching 1 trillion 363 billion 39 million TL. During the same period, net loans rose by 39% to 795 billion 226 million TL, while customer deposits increased by 27% to 772 billion 744 million TL. The net profit of the bank for the first nine months of 2024 amounted to 27 billion 231 million TL.
Ömür Tan reminded that QNB Turkey would continue its operations under the ‘QNB’ brand in accordance with the “vision of being an international brand” and the “mission of creating an integrated brand architecture” of its main shareholder, QNB Group, stating, “This transformation will enable our brand to be represented under a single name internationally, maintaining a strong voice across all countries. As QNB Turkey, we will continue our activities across a wide range of areas, from corporate and retail banking to digitalization, from sustainability to projects that touch future generations, and we will keep adding value to our customers.”
Tan noted that central banks of major developed countries have entered a phase of interest rate cuts with the decline in global inflation, while emphasizing that the Turkish economy is also taking firm steps in combating inflation. He mentioned that “stability-focused economic policies signal improvements in macroeconomic indicators, and the reduction of dollarization domestically, along with an increase in foreign investor demand for Turkish Lira assets, reinforces this positive process. With the improvement in current account balance, the Central Bank’s foreign exchange reserves are strengthening, and the Turkish Lira is gaining value in real terms.” He also highlighted that the upgrade of Turkey’s credit rating by international rating agencies indicates that this balancing process is viewed positively in foreign markets, and the decline in credit risk premium (CDS) is another factor increasing market confidence.
Commenting on the bank’s activities in the first nine months of the year, Ömür Tan emphasized the leadership of QNB Turkey in sustainability and digitalization. He stated, “Through our collaboration with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), we issued blue and green bonds worth a total of 125 million USD. These issuances support our bank’s environmental objectives and also play a significant role in Turkey’s 2053 net zero emission goals.” The green bonds support renewable energy and low-carbon projects, while the blue bonds, a first in Turkey, provide funding for projects aimed at protecting water resources and marine ecosystems. Tan also touched upon the “Export Academy for Women” project initiated in collaboration with the Exporting Women Association to support female entrepreneurs, stating that the project has helped strengthen the business presence of over 600 women and enhance their export potential. He underscored the significance of their steps taken in digitalization, noting that QNBpay, their newly established subsidiary, represents an innovative achievement in digital payment systems, allowing companies to meet their payment needs securely, quickly, and customer-focused with next-generation payment solutions.