Qatar National Bank QPSC Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Olga Veselova - BofA Global Research - Analyst : I have three questions. One question is on asset yield or other asset spread versus the benchmark. What was helping this yield in the fourth quarter? And what would be your outlook for 2025? And if we can separate possibly this discussion for the group and for Qatar operations only, maybe you can remind us what's the share of fixed rate assets and total assets to have a better understanding. My second question is on Turkey. In Turkey, profitability ROE came at 3% for 2024. When I let the Turkish banks, usually profitability last year was 30% plus. I understand that the difference can be IFRS versus BRSA accounting, but were there any other differences? What QNB targeted differently versus local Turkish banks? And my third question is a spin-off of Enpara or potential spin-off of Enpara. Do you consider retaining control after the spin-off? Do you think about IPO private sale? And what's the rationale to spin it off from Turkish operations and from the group? Thank you.

Question: Olga Veselova - BofA Global Research - Analyst : Yes, makes sense. Thank you for this. If I can squeeze in, if I can ask your outlook for 2025 margin cost of risk loan growth, whatever you're comfortable to provide.

Question: Olga Veselova - BofA Global Research - Analyst : Perfect. Thank you very much.

Question: Olga Veselova - BofA Global Research - Analyst : Thank you for the follow-up question. A very quick one. Just to clarify your margin guidance for 2025. You guide flat to slightly down margins for the group for the full year. And this is despite the fact that, for Turkey, you expect a material improvement in NII and margin in 2025 versus 2024. Can we just connect the dots here? Are you being conservative for the group margin outlook? Or do you expect that Turkish margin or Turkish NII improvement will be offset by devaluation? Thank you.