Profits in Q1 2015 up 10 per cent compared to last year
Qatar National Bank (QNB) has posted net profits of QR2.7bn ($735m) for the first quarter, an increase of 10.1 per cent compared with the same period in 2014.
The bank continues to strengthen its position as the regions largest bank, with its total assets reaching QR502bn by the end of March 2015. This is an increase of 9.4 per cent on the same quarter last year and the highest volume ever achieved by the bank.
The bank has been ramping up its lending activity, with its loans and advances rising by 8.9 per cent to reach QR345bn.
Non-performing loan ratio (NPLs) has been maintained at 1.5 per cent, a relatively low ratio among the regions banks.
The bank has increased customer funding by 6.8 per cent to QR369bn by the end of the first quarter, which has pushed up QNBs loan to deposit ratio to 94 per cent.
QNB is benefiting from Qatars continued economic growth which is set to grow at 7 per cent in 2015 and rise to 7.9 per cent in 2017, according to latest forecasts by the Washington-based IMF.
You might also like...
Saudi Arabia seeks K9 PPP project interest
25 April 2024
Kuwait reviews 1.1GW solar prequalifications
25 April 2024
LIVE WEBINAR: Abu Dhabi Oil & Gas 2024
25 April 2024
Qiddiya tenders site office package
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.