Doha, Qatar National Bank (QNB) Group has maintained its ranking of the most valuable banking brand in the Middle East and Africa region, according to the annual survey carried out by Brand Finance and published by The Banker magazine, an affiliate to the internationally acclaimed Financial Times newspaper, confirming the QNB brand among the World's Top 500 Banking Brands.
Highlighting the extent of its top performance in 2017, QNB witnessed the value of its brand increase to USD3.826 billion compared to last year, representing an increase of 56% to rise to the 60th place globally, in addition to attaining the highest rating of AA+ in brand strength, making it the only Qatari banking brand among the world's top 100.
This milestone is testament to the combination of continuing robust financial performance and successful international expansion of a brand that now operates in more than 30 countries across three continents.
This year is also the first time that QNB appears in the Brand Finance Global 500 which covers the world's most valuable brands from across all countries and sectors. QNB Group is the only financial brand from the Middle East and Africa to be included among the top 500 and is the only Qatari brand from any sector to make the list.
The Group's financial results and its strong performance during 2016 had also a positive impact on its brand value ranking. Net Profit reached QAR12.4 billion (USD 3.4 billion), up by 10% from the previous year. Total assets reached QAR720 billion (USD198 billion), up by 34% from December 2015, the best absolute results in QNB Group's history, and credit ratings remained amongst the highest experienced across the Middle East and Africa region.
Of particular significance to brand value and reach in 2017 was QNB Group's strategic acquisition of a 99.88% stake in Finansbank A.S (now rebranded as QNB Finansbank), the fifth-largest privately owned universal bank in Turkey by total assets, customer deposits and loans.
Commenting on the Bank's brand value achievement, General Manager, QNB Group Communications Yousef Darwish said: "The accomplishment of this ranking is the result of the steps that the Group has followed during the last years and until the end of this year, and we are proud to be one of the leading banking brands today," explaining that these steps have contributed a great deal in the ranking of a brand that is now valued at USD3.826 million, exceeding any other bank in the sector.
He stressed that the outstanding performance and strong growth in 2016 had helped QNB realise its vision of becoming a 2017 MEA Icon, and that building on QNB's continued success, QNB Group has embarked on the aspiration of becoming "a leading bank in the Middle East, Africa and Southeast Asia (MEASEA) by 2020".
In conclusion, Darwish said: "We are proud of being the only Qatari brand in the financial sector among the world's 100 best brands in the world today, and this is a strong motivation for all who belong to the Group to continue achieving prestigious recognitions of our brand in the near future to reach new global levels." For his part CEO of Brand Finance David Haigh said: "In recent years QNB Group has worked diligently, determined to become an iconic brand in the Middle East and Africa by 2017. The results of this year's Brand Finance brand value league table's show that this hard work has paid off. QNB is now among the world's 100 most valuable banking brands, a claim that no other MEA brand can boast. But perhaps even more significantly, for the first time QNB features in the Brand Finance Global 500, our list of the world's 500 most valuable brands from all sectors and countries. This list a benchmark of status as an iconic, global brand. With this ambition fulfilled, QNB can look to newer goals such as expansion in South East Asia with confidence." It is worth noting that stringent judging criteria are used by Brand Finance in the value assessment process of banking brands. The factors considered include: size of operations, geographical presence, global and regional reputation, and brand classification.
The Group has maintained its position as one of the highest rated regional banks from leading credit rating agencies including Standard & Poor's (A+), Moody's (Aa3), Fitch (AA-), and Capital Intelligence (AA-). The Bank has also been the recipient of many awards from leading international specialised financial publications.
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group staff exceeds 28,000 through 1,200 locations and 4,300 ATMs.
Source: Qatar News Agency