QNB reports profit rise for first half of year

09 July 2014

Qatar National Bank assets reach new high for bank

Qatar National Bank (QNB) has reported net profits of QR5.1bn ($1.4bn) for the first half of the year, an increase of 7 per cent compared to the same time period last year.

Assets also increased by 7.9 per cent to reach QR466bn ($127.9bn), the highest asset base achieved by the bank to-date.  This growth was derived by strong lending activity, with its loans and advances portfolio rising by 10.1 per cent to reach QR326bn ($89.6bn).

The group was able to maintain a low ratio of non-performing loans to gross loans at 1.6 per cent, one of the lowest levels among banks in the Middle East and Africa.

The bank’s growth reflects the wider strengthen of the Qatari banking market which enjoys high levels of liquidity.

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