Qatar National Bank (QNB) has reported net profits of QR8bn ($2.2bn) for the first nine months of this year, an increase of more than 12 per cent on the same period last year.

The bank’s assets grew by 8.8 per cent in the first nine months of 2014, compared with the same period in 2013, to reach QR475bn, the highest level to date.

The increase maintains QNB’s position as one of the biggest lenders in the Middle East.

Net loans and advances rose by 8.1 per cent from September 2013 to reach QR329bn, while deposits rose by 6.4 per cent to reach QR352bn.

QNB has maintained a low ratio of non-performing loans (NPLs) to gross loans of 1.6 per cent.