Qatar’s QNB reports 5.4% jump in third-quarter net profit

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Qatar National Bank (QNB), the Gulf region’s biggest lender by assets, made a net profit of $1.23bn (QAR4.5bn) in the third quarter, up 5.4 per cent from a year earlier, Reuters calculated, beating analyst estimates.

The lender reported a nine-month net profit of QAR12.7bn to September 30, up 7 per cent from the previous year, it said in a statement on Tuesday.

It posted a net profit of QAR8.2bn for the first six months of the year. Reuters calculated the third-quarter net profit from previous financial statements.

Analysts were expecting a quarterly profit of QAR3.9bn, according to LSEG data.

QNB Group’s highlights for the financial statements for the 9 months ended September 2024

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— QNBGroup (@QNBGroup) October 8, 2024

QNB said loans and advances reached QAR905bn in the nine months to September 30, up 11 per cent from the same period of last year.

The growth in QNB’s loan portfolio helped the bank’s total assets to almost QAR1.3tn, up 8 per cent year on year.

Deposits at the lender, which is 50 per cent-owned by sovereign wealth fund Qatar Investment Authority, grew 11 per cent in the period to QAR909bn.

Shares of QNB are up over 3 per cent year to date, according to LSEG data.

Last month, QNB Group said it had received regulatory approval for a share buyback of up to QAR2.9bn, which will be funded by existing cash resources. On Tuesday, the bank said it had started the buyback process.

“QNB Group will continue to hold robust capital buffers … and does not anticipate any material impact on its capital and other ratios because of its intended share buyback,” it said on Tuesday.

 Read: QNB board approves QAR2.9bn share buyback program