Gulf's largest lender sees Q1 net profit rise to $900m

Qatar National Bank also says total assets increase by 35%, driven by growth in loans
Gulf's largest lender sees Q1 net profit rise to $900m
Qatar National Bank, the Gulfs largest lender.
By Staff writer
Tue 11 Apr 2017 03:30 PM

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has said its first quarter net profit reached QR3.2 billion ($900 million), up by 12 percent on the same period last year.

Qatar National Bank said in a statement that total assets increased by 35 percent to reach QR743 billion, driven by a growth rate of 33 percent in loans and advances.

QNB Group added that it was successful in attracting new customer deposits to comply with the cap on loans to deposit ratio of 100 percent set by the central bank, which is effective from the end of 2017.

The bank 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 best in the region.

Total equity increased by 17 percent to reach QR71 billion, the statement added.

QNB, which has more than 28,000 staff in over 30 countries, is now the most valuable banking brand in the MEA region, with the value of its brand increased to $3.8 billion.

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