Qatar National Bank (QNB) reported profits of QR7.5bn ($2.05bn) in 2011, an increase of 32 per cent.

Total assets increased by 35 per cent to QR302bn on the back of a 47 per cent growth in loans and advances, which reached QR194bn and a 21 per cent increase in customer deposits at QR200bn.

In 2011, QNB completed the acquisition of a 70 per cent stake in Indonesia’s Bank Kesawan and also expanded to Lebanon and South Sudan. QNB now has operations in 24 countries.

The bank is now focusing on a new five-year strategy to expand further across the Middle East and Africa.

Average shareholder’s equity reached 24.8 per cent at the end of 2011 and the capital adequacy ratio increased to 22 per cent.