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Qatar National Bank Reports 7% Profit Growth in Q1
Qatar National Bank
Qatar National Bank (QNB), the largest lender in the Gulf by assets, announced on Monday a 7 percent increase in its first quarter profit, attributing the growth to a rise in revenue from a variety of sources, despite ongoing instability in global markets.
The net profit for the quarter ending 31 March climbed to 3.9 billion riyals (£819 million), up from 3.6 billion riyals (£756 million) in the first quarter of 2022, surpassing the average analysts’ prediction of 3.77 billion riyals (£793 million), according to data from Refinitiv.
As stated in a stock exchange filing, QNB’s total assets reached 1.18 trillion riyals at the end of the quarter, which translates to a 6 percent increase compared to the same period in the previous year.
Loans and advances saw a 6 percent growth, amounting to 810 billion riyals, while QNB’s loan-to-deposit ratio stood at 97.9 percent. Additionally, the non-performing loans ratio rose by 2.9 percent, an increase from 2.3 percent a year earlier.
