Qatar National Bank (QNB) made profits of QR8.3bn ($2.3bn) in 2012, an 11 per cent rise, as the bank continues its rapid pace of expansion.

The bank said that loans and advances rose by almost 30 per cent to QR249.9bn, while deposits rose by 35 per cent to QR270bn. Assets hit QR366.9bn, cementing the bank’s position as the largest in the Middle East.

During 2012, the bank significantly expanded its international operations with an agreement to acquire Egypt’s National Societe Generale Bank, a 49 per cent stake in Bank of Commerce and Development in Libya, and increasing its stake in the UAE’s Commercial Bank International to 40 per cent from 24 per cent, and Iraq’s Mansour Bank to 51 per cent from 23 per cent.