Banking
QNB Group Raises Net Profit by 6% to $2.8b
By Dipo Olowookere
The largest financial institution in the Middle East and Africa (MEA) region, QNB Group, has announced its results for the nine months ended September 30, recording the highest in the history of QNB Group.
For the nine months ended September 30, 2017, net profit increased to QAR10.3 billion ($2.8 billion), up by 6 percent compared to last year, demonstrating QNB Group’s success in maintaining robust growth while controlling costs.
Total assets reached QAR792 billion ($218 billion), up by 11 percent from September 2016, the highest ever achieved by the Group.
This was driven by a growth rate of 14 percent in loans and advances to reach QAR579 billion ($159 billion).
Further, QNB Group’s deposit mobilisation efforts helped increase customer funding by 15 percent to reach QAR574 billion ($158 billion) from September 2016.
This led to the reduction in the Group’s loans to deposits ratio to 100.8 percent, compared with 101.3 percent in September 2016. This clearly demonstrates the success of QNB’s strategy to diversify its funding sources.
QNB Group’s efficiency ratio (cost to income ratio) dropped to 29 percent, from 30.1 percent, due to prudent cost controls and strong revenue generating capabilities.
The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8 percent and coverage ratio reaching 111 percent, which effectively demonstrate high quality of Group’s loan book and robust management of credit risk.
In September 2017, QNB Group successfully completed the issuance of Formosa bonds under its Euro Medium Term Note (EMTN) programme and listed on the Taipei Stock Exchange.
Under this programme, a $630 million tranche was issued with a maturity of 30 years callable every 5 years. The issuance was part of QNB Group’s on-going strategy to ensure diversification of funding in terms of type, tenor and geography.
Also the above is an example of a highly diversified international and local funding base spread across various geographies in terms of currencies, tenors and product mix.
During July, QNB Group commenced its operations in the city of Mumbai, the economic capital of the Republic of India. This network expansion comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.
Total Equity increased by 2 percent from September 2016 to reach QAR77 billion ($21 billion) as at 30 September 2017. Earnings per Share reached QAR10.7 ($2.95) for the nine months ended 30 September 2017, compared to QAR10.3 ($2.83) last year.
Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.4 percent as at 30 September 2017 (18.0 percent including profitability up to 30 September 2017), higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
Also it should be noted that QNB is now the most valuable banking brand in the MEA region, with the value of its brand increased to $3.8 billion, 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.
The total number of staff for the Group is more than 27,800 operating from 1,230 locations and 4,200 ATMs serving more than 21 million customers.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
