Qatari bank sees profits rise by 10 per cent in 2014
Qatar National Bank (QNB) saw its assets grow to a new high over the course of 2014, reaching QR486bn ($133.6bn).
Total assets increased by almost 10 per cent from December 2013. The lender also recorded a close to 9 per cent growth in loans and advances to reach QR338bn.
Net profits also grew, rising by 10.3 per cent on 2013 to reach QR10.5bn.
QNB maintained a low non-performing loan (NPL) ratio of 1.6 per cent, one of the lowest ratios seen across the Middle East and Africa.
During 2014, it expanded its international presence, acquiring a 19.4 stake in Africas EcoBank. The Qatari bank also acquired an additional stake in QNB Indonesia, bringing its total stake to 82.6 per cent.
Ali al-Kuwari, QNBs CEO, told a conference in Doha last November that acquisition is a fundamental strategy used by the lender to drive growth.