Qatar National Bank (QNB) Group’s profits over the first quarter of 2013 are up 6.7 per cent, reaching QR2.1bn ($567m).
Financial results of Societe Generale’s unit in Egypt have not been announced yet, but are due for completion in the second quarter of 2013.
QNB Group acquired a controlling stake of 97.12 per cent in National Societe Generale Bank-Egypt (NSGB-Egypt), the second largest private bank in the country, in March, one of the largest acquisitions in the region’s banking sector.
On 31 March, QNB Group’s total assets increased 22.2 per cent compared to a year ago, reaching QR380bn. The positive trend was the result of a 28.7 per cent growth in loans and advances (reaching QR259bn) and an increase of 28.2 per cent (to QR280bn) in customer deposits.
Its total operating income, including the share of results of associates, increased to QR3bn, up 5.5 per cent compared to March 2012.