Qatar National Bank reports profits growth

09 April 2015

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 region’s 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 region’s 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 QNB’s loan to deposit ratio to 94 per cent.

QNB is benefiting from Qatar’s 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.

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