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Tue 14 Jan 2014 03:50 PM

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Gulf's largest lender sees 13% rise in Q4 net profit

Qatar National Bank reports net profit of nearly $660m for the final three months of 2013

Gulf's largest lender sees 13% rise in Q4 net profit

Qatar National Bank (QNB), the largest lender in the Gulf Arab region, posted a 13.7 percent increase in fourth-quarter net profit, slightly trailing analysts' expectations.

The bank, which completed the purchase of a majority stake in Societe Generale's Egyptian arm for $2 billion last March, reported a net profit of QR2.4 billion ($659 million) for the final three months of 2013, according to Reuters calculations based on company data.

This compared with QR2.11 billion in the same period of 2012.

Analysts, on average, had forecast a net profit rise of 17.5 percent to QR2.48 billion.

Full-year profit for 2013 was QR9.5 billion, also up 13.7 percent on the previous year, the company said in a statement on Tuesday.

QNB's board has recommended a cash dividend of 7 riyals per share for 2013, the statement added. This is up from the 6 riyals per share paid for the previous year, according to Reuters data.

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