QNB’s brand value hits $6 bn, continues to top banking brands in MEA

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QNB’s brand value hits $6 bn, continues to top banking brands in MEA

Qatar National Bank (QNB) Group, the largest financial institution in the Middle East and Africa (MEA), has continued to be the most valuable brand in the MEA region in the top 500 banking brands list. It has established its leading position among the top 500 global brands, according to the latest Brand Finance Global 500 report.

 

QNB Group is up nearly 20 percent from last year, with a brand value of $6.028 billion, the bank said in a statement on Monday.

 

QNB’s Brand Strength Index (BSI) has increased to 82 out of 100, up from 79 in 2019, driven by the Group’s strong financial performance and growing international footprint.
In terms of global ranking, QNB’s brand maintained its leadership ranking at 342, up 63 places from the 405th rank among the top 500 global brands, while it is ranked 52 in the top 500 banking brands worldwide, up from the 61st spot in 2019.

 

QNB Group’s brand continued to be market dominant in the MEA and affirmed its AAA- brand strength rating with a positive outlook, making it also the highest rated brand in Qatar.
In 2019, QNB Group’s net profit reached $3.9 billion, an increase of 4 percent compared to the previous year, while its total assets increased by 10 percent from December 2018 to reach $259 billion, one of the best set of results in QNB Group’s history.

 

Yousef Ali Darwish, General Manager, QNB Group Communications, said, “The concentrated efforts and strategic initiatives we have undertaken in 2019 allowed us to improve our brand strength and maintain our leading position in the MEA region.

 

“By embodying QNB’s values, our high-caliber employees have been working to exceed our customers’ expectations by delivering tailored solutions and services at the right time and in the right place, reflecting our commitment to meet our customers’ diverse financial needs.”

 

Darwish added, “This year’s impressive improvement in brand value and financial performance placed us in a strong position to continue to drive growth in Southeast Asia in support of our vision of becoming a leading bank in the Middle East, Africa, and Southeast Asia (MEASEA) in 2020 and a global icon by 2030.”
David Haigh, CEO of Brand Finance, said, “As the biggest lender in the region, QNB is to be commended for the clear lead over its competitors, recording a brand value almost 50 percent higher than its nearest rival.

 

“QNB’s brand value has grown by 20 percent per year since 2018 and it has expanded its portfolio to pursue new markets, with a notable strategic focus on South East Asia. We look forward to monitoring brand QNB as it rises through the ranks in our Brand Finance Banking 500 2020.”

 

Brand Finance, the world’s leading brand valuation and strategy consultancy, is the company behind the Brand Finance Banking 500, a league table of the world’s biggest banks published every year in collaboration with The Banker, a Financial Times publication.

 

Each brand is rated on the basis of benchmarking study of the brand’s strength, risk and future potential relative to its competitors and a summary measures of the businesses’ financial strength and delivery.

 

Source: Qatar Tribune

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