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Tue 12 Jul 2016 02:55 PM

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Gulf's largest lender says H1 net profit rises by 12% to $1.7bn

QNB Group also announces 36% rise in total assets, the highest ever achieved by the bank

Gulf's largest lender says H1 net profit rises by 12% to $1.7bn

QNB Group, the largest bank in the Middle East and Africa (MEA) region, said on Tuesday that net profit for the first half of 2016 reached QR6.2 billion ($1.7 billion), up by 12 percent compared to the same period last year.

Total assets increased by 36 percent from June 2015 to reach QR692 billion, the highest ever achieved by the Group, the company said in a statement.

The growth in assets was driven by loans and advances which grew by 39 percent to reach QR497 billion while the banks also increased customer funding by 29 percent to QR488 billion.

QNB Group said it was able to maintain the ratio of non-performing loans to gross loans at 1.8 percent, a level considered one of the lowest among large banks in the MEA region.

QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents and its staff exceeds 27,300 serving more than 20 million customers through 1,200 locations and 4,300 ATMs.

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