Bank expected to support Qatars World Cup infrastructure building programme
QNB Bank has reported a profit increase of almost 14 per cent in the first three months of 2014, continuing the strong growth trend seen last year.
Qatars largest bank has reported a net profit of QR2.4bn ($659m) for the first quarter of 2014 compared to QR2.1bn recorded in Q1 in 2013.
The bank posted profits of QR9.5bn for the full year 2013, which was a 14 per cent increase on the previous year. The increase in Q1 profits this year suggests QNB could be capable once again of achieving year-on-year profit growth.
The banks results also show a 22.5 per cent in net loans and advances for the first quarter reaching QR317bn. Total customer deposits grew at a similar rate of 23.4 per cent in the first quarter.
Qatar is planning to increase its spending on infrastructure in the coming years as it prepares to host the Fifa World Cup in 2022. The countrys banking sector is expected to play an important role supporting the expansion of the countrys infrastructure.