DOHA, Qatar--(BUSINESS WIRE)--QNB Group, the largest financial institution in the Middle East and Africa, was recognized once again as the most valuable banking brand in the Middle East and Africa region with brand value worth US $4.2bn, according to The Banker’s 2018 Brand Finance Global 500 report published in its February edition.
QNB’s brand value has grown to US $4.2bn compared to US $3.8bn in 2017, an 11% year-on-year increase, while the Group’s Brand Strength Index (BSI) has increased from 76.4 out of 100 to 78.4 out of 100, driven by its constant strong financial performance and growing international expansion.
QNB also marked a new and significant milestone in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, ranking second most valuable banking brand in Southeast Asia (SEA) ahead of major banks in Malaysia, Indonesia, Thailand, Philippines, and Singapore.
The Group also maintained its AA+ brand strength rating, making it the strongest banking brand in the region and could rank higher in the future as it continues to build its customer base and reinforce its brand. QNB is also the only Qatari brand to be among the top 100 banking brands in the world. The current increase in value means that the Group is now ranked 425 across all global brands, up from 433 last year.
This recognition reflects QNB’s strong and consistent financial performance and growth rates, along with its international presence, which spans many of the world’s leading financial centers, including London, Paris, Geneva, Mumbai and Shanghai.
In addition to its brand engagement, the Group delivered a solid set at the year-end of 2017 with a net profit of QAR13.1 billion (USD3.6 billion), up by 6% compared to the previous year driven by its asset growth by 13% from December 2016 to reach QAR811 billion (USD223 billion), the highest ever achieved by the Group. QNB Group also increased customer deposits by 16% to reach QAR586 billion (USD161 billion) from December 2016.
Mr. Yousef Darwish, General Manager of QNB Group Communications, said: “Being named as the most valuable bank in the Middle East and Africa region in 2018 and ranking second most valuable banking brand in SEA are a true testament to our vision, strategy, execution and strong results.”
“This new achievement also illustrates how far we have progressed in our ambition to be a leading bank in the Middle East, Africa and Southeast Asia (MEASEA) by 2020,” he added.
“The QNB brand has improved as a national modern icon of banking excellence that reflects the bank's long-standing legacy associated with innovation. It also reflects our commitment to offer innovative banking products and services that exceed customer expectations and provide a unique banking experience that has made us the first banking choice," Al Darwish concluded.
For his part, David Haigh, CEO of Brand Finance, commented: “Amidst trying times for the reputation of the banking industry as a whole, QNB manages not only to attract customers in new markets, such as South East Asia, but also to solidify its image among the existing customer base.”
Brand Finance, the world’s leading independent branded business valuation and strategy consultancy, is the company behind the Brand Finance Banking 500, a league table of the world’s biggest banks ranked by their brand value, assesses the dollar value of the reputation, image and intellectual property of the brand, which is published every year in collaboration with The Banker magazine.
The Banker has been providing global financial intelligence since 1926 is the world’s longest running international banking title and the leading monthly title of the Financial Times Group and remain a key source of data and analysis for the industry.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 28,200 operating through more than 1,230 locations, with an ATM network of more than 4,300 machines.