Qatar First Bank (QFB) has reported net income of QR158.3m ($43.5m) in 2014, an increase of 13 per cent on the previous year’s results.

The bank reported net income of QR140.5m in 2013.

The growth reflects the strengthening of the wider Qatari banking sector.

According to a QNB report published in March, bank lending in Qatar is expected to rise by 9 per cent in 2015, 10 per cent in 2016 and 11 per cent in 2017, with growth mainly driven by project lending.

Deposits are also projected to grow in the coming years, by 11.3 per cent this year, 11.5 per cent in 2016 and 12.5 per cent in 2017.

QFB will distribute 8 per cent of paid-up share capital to QFB shareholders.

The bank invested QR473m in its businesses last year, specifically expanding its private banking and wealth arm.